Digital Competency Maturity Model For Professional Accounting Firms – Version 2.0 And Implementation Guide
This is an era of exponential changes powered by innovative combinations of emerging technologies with unprecedented pace, scope and depth of impact. Governments and regulators across the globe are recognizing the potential of emerging technologies for creating positive implications on almost every aspect of sustainable development. The future of accounting profession will be largely impacted by capability to visualize and harness the potential benefits of emerging technologies, and proactively facilitating organizations to implement technology enabled solutions for delivering value added services.
The Institute of Chartered Accountants of India has set up Digital Accounting and Assurance Board (DAAB) as a thought leadership forum so as to address the accounting and auditing issues arising out of impact of digitization to the business eco-system. DAAB has released “Digital Competency Maturity Model for Professional Accounting Firms – Version 2.0 and Implementation Guide” which enhances and builds upon on the framework of DCMM Version 1.0. It provides discipline specific categorization – Audit, Tax and Compliances, Accounting and Support Function, Other Management Consulting Services – for assessing digital competency with respect to level of automation. Apart from earlier three sections, DCMM Version 2.0 includes a new section on “Adaptation of Advanced and Emerging Technologies” for encouraging firms to embrace emerging technologies. The most useful enhancement is that DCMM Version 2.0 includes detailed Implementation Guide to help accounting firms with practical tips on moving to the next level of digital competency.