ACCOUNTING HORIZONS American Accounting Association

Vol. 35, No. 2 DOI: 10.2308/HORIZONS-19-020

June 2021
pp. 129–144

Act or Be Acted Upon: Revolutionizing Accounting

Curriculums with Data Analytics
Vernon J. Richardson
University of Arkansas
Baruch College

Marcia Weidenmier Watson

Trinity University
SYNOPSIS: Technology is revolutionizing accounting. To survive, accountants must focus on areas where they can
complement technology and carve out a competitive advantage where the expertise of accountants is uniquely
needed. To do so, we highlight the new core competencies emphasizing the use of data analytics. We propose a
new, revolutionized curriculum focusing on (1) providing students with a step-by-step framework/approach for
analyzing the data that includes the use of statistics; (2) using data analytics across the accounting curriculum to
build data analytics skills; and (3) incorporating the use of real-world data for its analysis. This new curriculum
combines business acumen to provide context as well as technological adeptness to analyze the data, and prepares
the CPA professional for the future. We conclude by arguing that the accounting profession faces a choice: either
master technology or be mastered by technology. The choice is ours. Act or be acted upon.
Keywords: data analytics; accounting curriculum; analytics mindset; critical thinking.

I. INTRODUCTION

D
igital disruption is upon us. By us, we mean the accounting profession. Research estimates that there is a 94 percent
probability that computerization will lead to job losses in the accounting profession within the next two decades (Frey and
Osborne 2017). Moreover, while some claimed that ‘‘technology would only replace repetitive tasks for workers on the
lower end of the job market . . . [w]hat we are actually seeing is that [artificial intelligence] is being aggressively deployed by . . .
accounting firms . . . and major corporations to displace white-collar professionals’’ (Kelly 2019). This is not surprising as technology
can eliminate (40 percent of ) transaction-based accounting work; automate data entry, accounts receivable, and accounts payable;
interpret documents; count inventory; and provide cloud bookkeeping solutions (Chandi 2017, Fagella 2020, IMA 2018). At the
same time technology is disrupting the profession, Figure 1 shows a recent surge in non-accounting graduates performing the
accounting/finance functions (AICPA 2019a) potentially indicating that accountants need to retool or others (or computers) will
increasingly perform traditional accounting tasks.1
While the accuracy of these doomsday scenarios is unknown, what is clear is that accounting professionals must ‘‘bridge the
digital divide’’ by ‘‘upskilling’’ (PwC 2020a). In other words, the role and related skillset of accounting professionals (as well as the
skills imparted by accounting education) must continually change to complement technology and to analyze the mounds of
unstructured data that are increasingly at the accountant’s finger tips. PwC believes that upskilling is so important that the firm has

An early version of this paper was presented as part of the Emanuel Saxe Lecture in October 2018 at Baruch College titled ‘‘Act or Be Acted Upon:
Revolutionizing the Accounting Curriculum Using Experimental Data Analytics.’’
Vernon J. Richardson, University of Arkansas, Sam M. Walton College of Business, Fayetteville, AR, USA and Baruch College, The Stan Ross
Department of Accountancy, Zicklin School of Business, New York, NY, USA; Marcia Weidenmier Watson, Trinity University, School of Business,
Accounting Department, San Antonio, TX, USA.
Editor’s note: Accepted by Ray J. Pfeiffer.
Submitted: February 2019
Accepted: September 2020
Published Online: October 2020

1
We recognize that there may be additional possible explanations for the increase in non-accounting hires.
129
130 Richardson and Watson

FIGURE 1
Trends in Accounting Graduate Hires

Source: AICPA (2019b, 22).

spent $3 billion on upskilling its global workforce by providing leadership, training, and implementation opportunities to help
increase firm efficiencies (PwC 2020b).2 Likewise, the AICPA believes that accountants need to upskill. To help with this endeavor,
the AICPA is: (1) revising the BEC and AUD 2021 CPA Exam content to reflect the impact of technology, (2) adding Excel task-
based simulations to the CPA Exam in October 2020 (AICPA 2019b), and (3) proposing a new 2024 licensure model with
technology as a core component and information systems and control as a (separately tested) discipline (CPA Evolution 2020).
While some worry about accounting’s demise from digital disruption, some view this digital disruption as an opportunity.
For example, PwC Chief Executive Luke Sayers believes ‘‘these technological innovations not only make audits more secure,
but free up our skilled workforce to provide more insight and analysis that benefits our clients’’ (Masterman 2015), suggesting
that technology and data analytics will create incremental value.3 Likewise, we argue that if accountants embrace data analytics
(as well as other new technologies), accountants can continue to play a significant role in organizations. As data analytics
becomes more prevalent and computer abilities more powerful, businesses will still need individuals with accounting
knowledge to improve the quality of available data, decide which questions to address with data analytics, analyze and interpret
the output of those analytics, and help automate manual tasks.
Accountants clearly possess a unique skillset to improve an organization’s data analytics. In other words, ‘‘Your Data
Won’t Speak Unless You Ask It the Right Data Analysis Questions’’ (Lebied 2019). Given accountants’ knowledge of business
processes and how information flows through the organization, accountants can help management create specific questions that
get to the heart of the analysis at hand. Moreover, accountants should have a thorough knowledge of an organization’s data to
determine what internal data answers the question and what additional (external) information should be gathered. Accountants
also possess unique accounting domain knowledge that helps interpret and communicate the results of data analytics (IMA
2018). Specifically, accountants ensure that the answers to the questions make sense within the organization’s business model;

2
Note, PwC (2020b) calls these three stages: up-knowledge, up-skill, and up-perform. For more information, see https://www.pwc.com/us/en/about-us/
workforce-strategy.html
3
Sayers agrees that accounting jobs are at risk (Masterman 2015).

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can be implemented in the organization; and are aligned with the forecasts, budgets, and key performance indicators of the
organization (CGMA 2013). Given that accountants have prepared internal and external reports for multiple constituents, they
also understand the best modes of presentation for the intended audience.
At the same time that the accounting profession refocuses its traditional skillset, accounting educators need to refocus the
accounting curriculum. Specifically, accounting educators need to help students develop an analytics mindset. This new
mindset does not rely on rote memorization of formulas and journal entries, but takes a broader, more insightful approach to
accounting that includes asking questions, manipulating data, analyzing data, and interpreting/communicating results.
The objective of this paper is twofold. Our first goal is to help all accountants understand how an analytics mindset can help
accountants upskill (i.e., address the deficiencies in their skillsets). Our second goal is to provide accounting educators with resources
that can help revise the accounting curriculum to meet the needs of today’s marketplace. Therefore, we structure the rest of the paper
as follows: Section II describes the talent/skills gap plaguing accounting today and provides examples on how accounting can be
refocused to complement technology. Section III addresses the changing core competencies needed for accountants. We consider
specific frameworks outlining what technology skills are needed. Section IV discusses how educators can prepare a new generation
of accountants with an analytics mindset necessary for our evolving role. Section V presents our conclusions.

II. REFOCUSING ACCOUNTING TO COMPLEMENT TECHNOLOGY

The Skills Gap

The accounting profession has called unsuccessfully for changes in the accounting curriculum for over a hundred years, because
the profession believes that academia has/is not preparing students for the (future) profession (Chu and Man 2012). For example, as
far back as 1986, the American Accounting Association’s Bedford Report, ‘‘Future Accounting Education: Preparing for the
Expanding Profession,’’ found a ‘‘growing gap between what accountants do and what accounting educators teach’’ (American
Accounting Association 1986). In 2014, the Institute of Management Accountants (IMA) surveyed managers and directors, finding
that ‘‘entry-level management accounting and finance colleagues have substantial deficiencies in many areas’’ (IMA 2015, 6). To
help bridge this lingering skills gap, the IMA released its Management Accountant Competency Framework in 2016—on the 30th
anniversary of the Bedford Report (Sheridan 2016). More recently, a 2019 survey of 3,000 accountants across the globe describe
accounting programs as ‘‘increasingly inadequate’’ (Sage 2019, 9) with 62 percent feeling that ‘‘traditional accountancy training
programs will not be enough to run a successful practice by 2030’’ (Sage 2019, 6). So, unfortunately, the skills/talent gap between
what academia teaches and what the profession needs persists today.4
This skills gap, however, is not limited to entry-level accountants. Rather, many seasoned accountants are ‘‘finding that
they are ill-equipped to meet the changing needs of accountancy firms and their clients, especially with the arrival of Big Data,
automation, and artificial intelligence’’ (Lavis 2019). Likewise, 85 percent of the Sage survey respondents felt that the (entire)
accounting profession needs to adopt technology quicker to stay competitive (Sage 2019).
The skills gap ultimately reflects a cultural shift in the accounting profession (Sage 2019). This cultural shift includes
changing business processes on how accounting and audit work are accomplished, expanding offerings, and hiring non-
accountants. The cultural shift is the result of digital disruption, allowing analytics to be at ‘‘the heart of every business’’ (Hyde
Park Angels 2017). To remain competitive, accountants need to not only embrace technology, but also ‘‘develop higher-level
skillsets that aren’t easily automated’’ (Lavis 2019).
For example, accounting has been traditionally defined as a systematic process of identifying, recording, measuring,
classifying, verifying, summarizing, interpreting, and communicating financial information with the ultimate purpose of
permitting informed judgments and decisions by users (Kumarasiri 2017). Computer systems are arguably more efficient and
effective at identifying, recording, classifying, and summarizing. However, accountants possess unique skills in the remaining
areas (i.e., measuring, verifying, interpreting, and communicating). These are among the skills that accountants should focus on
moving forward as described in each subsection below.

Measuring: How Accountants’ Judgment is Still Needed

While computers do a good job of recording basic transactions, there is still much judgment left to the accountant. Here are
just a set of complicated estimates accountants make in their work:

4
The skills gap is exacerbated by the fact that the profession is no longer attracting the best and brightest students. In 2015, only 29 percent of accounting
majors were meeting college readiness benchmarks for English, Math, Reading, and Science based on ACT scores (versus 46 for computer science and
programming and 63 for chemical engineering) (Bergin 2015). Many potential accounting students are selecting a Management Information Systems
degree as the starting pay is almost $80,000 versus (typically less than) $60,000 in accounting even for the Big 4 audit firms (Study.com 2018; Welker
2020).

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 Accounts Receivable. How much cash will ultimately be received? What is the true cash realizable value?
 FIN 48 Uncertain Tax Positions. What is the extent of tax reserves for additional taxes managers expect to pay if and
when uncertain tax positions are challenged by tax authorities?
 Inventory. What will be the (actual) selling price? What is the extent of product obsolescence?
 Auditing Accounting Estimates: What is the appropriate fair value measurement of Level 3 financial instruments?
 Property, Plant, and Equipment. Does the net book value actually represent true value? Does the date of original
purchase and the depreciation method chosen really estimate the underlying asset value reported on the balance sheet?
 Intangible Assets. What is the best way to approximate the value? Is it sufficient to only evaluate the possibility of an
impairment?
 Cost Driver. The most appropriate cost driver to allocate overhead and the rate it should be allocated.
 Sales Returns. What is the amount of returns that might occur in future periods that are related to current period sales?
 Tax Liability. What is the tax liability? How can it be minimized?
Measurement is definitely an area where accountants have a competitive advantage over computers alone! However, the
real power comes when accountants leverage technology and data to complement their measurement acuity. For example,
Allowance for Doubtful Accounts, estimated by the aging of receivables, assumes only one thing—that they are late. But with
Customer Relationship Management systems and other data, accountants could:
 determine whether the customer has a dispute with the items received (causing the non-payment).
 determine whether the customer is continuing to purchase from the company.
 develop statistical models that predict allowances and collections based on all available data.
Moreover, accountants could combine data that are available either internally or externally to help them measure many
accounting elements. For example, a large oil company is constantly changing its company (and tax reporting) structure as tax
laws change to minimize taxes, revealing that tax accountants must stay informed about constantly changing local and global
tax laws to not only ensure compliance, but also minimize current and future tax expense/liability. In addition, was it really a
surprise that GE recently had a $23 billion goodwill write-down when there has been so much press about their recent struggles
with its energy unit due to the 2015 purchase of Alstom SA? While many regard social media as just noise, social media might
be helpful in valuation and measurement when used to complement other information. Managerial accountants as well as
internal and external auditors could monitor the press, and social media blogs and posts (e.g., Facebook, Stocktwits, Twitter,
etc.) for emerging issues and the sentiment associated with them that may ultimately affect their company or audit client to help
them predict the likelihood of adverse outcomes (e.g., goodwill impairments, inventory obsolescence, employee satisfaction,
customer satisfaction, product obsolescence, new competitors).
In addition to social media, technology as well as other sources of unstructured information can be used in accounting
judgments. For example, drones can be used to collect video evidence to count inventory or track hours worked by employees.
Sales calls videos/recordings could be used in conjunction with recorded revenue numbers to ensure that sales are recorded
properly. GPS data can be used to verify shipping activity. Audit committee emails, phone calls, and meetings can be analyzed
to identify any links or patterns related to financial data. External data (e.g., news) can be used to look for related parties that
may pose a risk to company operations and/or reporting.5 Accountants’ ability to help (more) accurately measure internal data
(i.e., assets, liabilities, revenues, and expenses) as well as assess the trustworthiness of external data will help improve the
veracity of the information. A higher quality of data (input) should improve the quality of the data analytics (output) as well as
the actionable intelligence generated.

Verifying—How Auditors Complement Machines

Accountants also can bring expertise in verifying, or using procedures to ensure the accuracy of the information (a key
component of Big Data veracity). Procedures include accounts receivable confirmations, equipment location confirmations, and
tracing source documents through the accounting system to the financial statement balances. Historically, these procedures
were labor intensive. Today, computer systems are making great strides in helping accountants and auditors with the task of
verifying. We describe two advancements, Robotic Process Automation and Blockchain, which automate much of the routine
work, allowing accountants to focus on exceptions or suspicious areas which may impact the accuracy of the data.
One advancement, Robotic Process Automation (RPA), is writing computer scripts that access accounting systems, extract
data, process/reconcile it, and then report ‘‘All is well’’ or ‘‘Here are some exceptions to investigate further.’’ For example, RPA
tools can calculate whether price and quantity are different across sales orders, sales invoices, and shipping documents on a

5
With the exception of the drone example, all of the examples are from Tang and Karim (2017).

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daily (or regular) basis, and generate alerts for sales transactions that contain differences in price and quantity. Similarly, RPA
can compare prices and quantities across purchase requisitions, purchase orders, receiving reports, and vendor invoices as well
as payroll paid to hours worked for hourly employees. RPA can evaluate travel and entertainment expenditures against
company policies to ensure employee compliance. It can also calculate price and quantity variances. While the computer does a
large portion of the work, the accountant’s expertise is needed to evaluate and potentially address any exceptions or alerts
(Vasarhelyi and Rozario 2018).
For audit, the value of RPA should be enhanced by universal Audit Data Standards (AICPA 2018), which provide a
framework for commonly used data fields and files used by internal and external auditors. The standards cover the general
ledger as well as subledgers. The goal of the standards is to make data collection consistent across companies so auditors/
accountants can shift their focus from data collection and normalization to data analysis and interpretation. Thus, a real-time
feed from the audit client could be set up for the external auditor to run their control testing and the substantive audit tests on a
continuous basis.
For internal company operations, RPA can assist in many areas. RPA can help with supply chain planning, transport
planning, order management, customer returns/complaints, and predictive maintenance of equipment (Lawson 2020). For
example, RPA can automatically select a logistics partner based on the location of the product, let a customer know about a
shipping delay, or initiate a response to a customer return/complaint. RPA can also assist with product costing, order
fulfillment, bill of materials, and inventory tracking.
Tax is another area where RPA can make an impact. Historically, the tax function was a labor-intensive, manual process.
Now, RPA can automatically read, extract, and enter data into a computerized system—all more accurately than a human can.
RPA can verify that taxes paid match the taxes on the tax returns. RPA can also prepare and file returns. RPA frees the tax
accountant to spend more time reviewing, analyzing, and examining exceptions (Grant Thornton 2020).
A second technological advancement, Blockchain, combines peer-to-peer networking technology and cryptography to
create a distributed ledger that automatically confirms and records transactions, virtually in real time, and is very difficult to
change. The distributed ledger allows (a chain of ) transactions between business partners to be viewed by all authorized
participants.6 For example, a Blockchain can be used to track items (e.g., diamonds or vegetables) from source to the final
consumer to ensure that a genuine item is sold (think diamonds) while it is still viable (think vegetables).
Blockchain is such a disruptive technology that people are asking if Blockchain means the end of accounting (Lebrau
2017). We think not. While some think that Blockchain ‘‘verifies’’ transactions, in actuality, Blockchain miners solve complex
math problems to add ‘‘verified’’ blocks to the Blockchain (Acheson 2018). The miner verification process does not audit the
underlying data for accuracy, but rather that the block is a valid block submitted by a valid member of the Blockchain. So,
Blockchain verification is different from auditor verification. Thus, while it sounds enticing for computers to do the verifying,
the Blockchain content is still potentially (Tysiac 2018a):
 Inaccurate (i.e., includes mistakes and errors).
 Unauthorized, fraudulent, or illegal.
 Executed between related parties.
 Linked to side agreements that are not included in the ‘‘chain.’’
 Incorrectly reported, summarized, and classified in the financial statements.
This new technology creates an important role for accountants’ expertise to verify that data within each block is accurate
(Deloitte 2018) as well as conforms to the business rules specified in the smart contracts.

Interpreting—Developing an Analytics Mindset

Data analytics is ‘‘the heart of every business’’ (Hyde Park Angels 2017). Therefore, to remain relevant, accounting
professionals need to develop an analytics mindset. EYARC (2017) states that an analytics mindset is the ability to: (1) ask the
right questions; (2) extract, transform, and load relevant data; (3) apply appropriate data analytic techniques; and (4) interpret
and share the results with stakeholders. While the last step specifically mentions interpretation, accountants can play several
interpretation roles throughout the analytics mindset.
Specifically, accountants can serve a critical role as interpreter between management and data scientists/analysts/
administrators, helping these technicians understand what information the decision makers (i.e., management) need/want.
While financial accountants and auditors must have a solid understanding of accounting principles and practices, management
accountants must have a solid understanding of their company’s internal practices, and tax accountants must have a solid

6
Permissions must be set up properly for everyone to view the transactions. In addition, it could be a public or private Blockchain depending on the
permissions.

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understanding of tax rules and regulations. All accountants must have a ‘‘baseline understanding’’ of available data and data
analytics technology (Drew 2018). Accountants can help guide the analysis by determining which questions might be
addressed by data, identifying relevant data to answer the questions, using appropriate analytic techniques, and interpreting the
results by giving them context and meaning within the organization. Thus, not only do accountants help prepare the accounting
data, but also they help perform data analytics to allow decision makers to make informed decisions (Newton 2019). If
accountants choose not to fill this role, audit firms as well as companies will hire data analysts and data scientists, and then
teach them accounting (Drew 2018).

Communicating—Dashboards, Understanding: What is Relevant to Decision Makers?

Communicating is the last step of an analytics mindset (i.e., share results with stakeholders). While accountants
traditionally communicated results using financial statements and spreadsheet tables, technology now allows non-programmers
to easily create data visualizations, or graphical representations of information, allowing users to see and understand patterns,
trends, and outliers in the data (Tableau 2018) that may otherwise not be detected. Data visualizations are increasingly
important as data grows bigger, because data visualizations present data in story format, making it easier for users to understand
and focus on important information (Tableau 2018). Visualizations that report balanced scorecard KPIs (key performance
indicators) or identify outliers from the RPA process might also be useful.
Dashboards combine multiple visualizations, provide continuous ‘‘total visibility’’ into a business, and allow managers
to quickly identify what is working and not working (Anonymous 2018). For example, dashboards that summarize volume
variances, production levels, or defect rates may help manufacturers gain an overview of operations and then drill down into
the data to examine the details of outliers. Internal auditors and external auditors use audit dashboards to monitor risk, audit
status, and audit results (Lloyd 2016). Tax professionals use dashboards to monitor tax provisions, effective tax rates, and
deferred tax details. Other benefits include increased efficiency and effectiveness because the dashboard can be automatically
updated and what gets measured generally improves, leading to higher productivity and profitability (Anonymous 2018).
While computers can facilitate the development of dashboards, accountants are still needed to help figure out what needs to
be communicated, how it needs to be communicated, and then to help design the dashboards for more continuous
communication.

III. CHANGING CORE COMPETENCIES

To help assess what skillsets accountants now need, we first examine newly released, core competencies related to data
analytics as identified by a variety of accounting organizations. We then examine how certification exams for accountants are
now incorporating data analytics.

Core Competencies for Accountants

The AICPA (2020) identifies a list of six core competencies for accountants including Technology and Tools, which
expects that accountants: ‘‘Identify and utilize relevant technology and tools to analyze data, efficiently and effectively perform
assigned tasks as well as support other competencies.’’7 The importance of technology is highlighted as it is the only
competency defined as supporting other competencies. The role of technology is further developed in the AICPA Competency
Framework: Assurance Services (AICPA 2016, 21) in the area of engagement analysis and testing. The use and interpretation
of data analytics are categorized as intermediate skills, executing analytics as an advanced skill, and development of strategies
and new models as an expert skill.
The management accounting organizations have well-defined competency frameworks. Figure 2, Panel A shows the
IMA’s Management Accountant Competency Framework (IMA 2018), which (as described above) was created to help close
the skills gap. The pertinent competency for this manuscript is ‘‘Technology & Analytics,’’ which requires management
accountants to have skills to manage technology and analyze data. Similarly, Figure 2 Panel B shows the Chartered Global
Management Accountant’s (CGMA’s) Competency Framework (CGMA 2019). The CGMA considers digital skills
‘‘essential’’ which permeate the other four knowledge areas. Moreover, ‘‘if financial professionals are to remain relevant,
they need to keep pace with advances in technology and be able to manage and guide the finance function in a digital world’’
(CGMA 2019, 4).
Both the IMA and CGMA Frameworks further break down competencies by skill level. Table 1 presents the skill levels
included in both the IMA and CGMA Frameworks for data analytics. The CGMA Framework provides a higher level

7
The other AICPA core competencies are: Risk Assessment, Analysis, and Management; Measurement Analysis and Interpretation; Reporting;
Research; and Systems and Process Management.

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FIGURE 2
Competency Frameworks

Panel A: IMA Management Accounting Competency Framework

(continued on next page)

description of four levels. The IMA Framework provides a more detailed description of five analytic levels—so we will
primarily focus on this Framework. Examining the IMA Framework, beginning with the Basic Knowledge level, the skillsets
loosely map from different skill levels, (i.e., Basic Knowledge, Applied Knowledge, Skilled, and Expert) to the different types
of data analytics (descriptive, diagnostic, predictive, and prescriptive analytics). The IMA Framework indicates that
accountants should be able to not only interpret and use statistics, but also create models, and generate results themselves. The
IMA Framework also identifies specific technology tools including spreadsheets, SQL, Python, and R. It is interesting to note
that there is not complete agreement between the two frameworks. For example, the IMA Framework has SQL as a lower level,
Applied Knowledge skillset, while the CGMA framework identifies SQL as an Advanced level skill. So, while the necessary
skillsets required of accountants at each level are still not completely agreed upon, what is clear is that management accountants
need more developed technology skills than just Excel as well as stronger analytical skills.

Certification Exams
We now turn to the changing content of the CPA and CMA exams. Beginning in 2019, the CPA exam began incorporating
data analytics as part of the Audit and Attestation (AUD) as well as the Business Environment and Concepts (BEC) sections of
the exam. In the AUD section, the CPA exam includes questions about data analytics in relation to risk assessment and

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FIGURE 2 (continued)

Panel B: CGMA Competency Framework

planning of further procedures; analytical procedures; and determining underlying relationships between variables. In the BEC
section, the CPA exam now has an entire section called: Recognize the role of Big Data/data analytics and statistics in
supporting business decisions. This section includes using business intelligence (e.g., data analytics) to support business
decisions. While this is a step in the right direction, these contents have a low weight and the remaining two sections, Financial
Accounting and Reporting (FAR) and Regulation (REG), do not mention data analytics.
However, the CPA exam will change further consistent with the new model for CPA licensure launching in 2024, which
includes the core topics of accounting, tax, and technology. Each candidate will choose a discipline in which to demonstrate
deeper skills and knowledge including tax compliance and planning, business reporting and analysis, as well as information
systems and controls. This new format explicitly recognizes the deeper critical thinking, problem-solving, professional
judgment, data management, and analysis skills required of today’s CPAs (NASBA-AICPA 2020).
In addition to changes in the CPA Exam, beginning in 2020, the CMA exam has been completely transformed. Part 1
which used to be called Financial Reporting, Planning, Performance, and Control has been retooled to Financial Planning,
Performance, and Analytics. The CMA exam completely eliminated internal auditing in favor of technology, analytics, and
integrated reporting. Technology and analytics now account for 15 percent of Part 1’s content (up from 0 percent), which was
made possible by reducing the weight on other topics. Topics in this new section include business intelligence, data mining,
analytic tools, and data visualization. The complete transformation of the CPA and CMA exams clearly indicates that the
desired skillset for accountants has changed with data analytics becoming increasingly important.

IV. HOW TO FOSTER AN ANALYTICS MINDSET IN ACCOUNTING STUDENTS

Informed by the needed competencies for an accountant in data analytics, this section discusses ways to instill an analytics
mindset and analytics skills in accounting students using a revised accounting curriculum.

Analytics Mindset
Given the changing nature of accounting described above, we argue that to remain competitive and employable, an
accounting graduate needs to develop an analytics mindset. In support of this argument, EY (EYARC 2017) expects their new
accountant hires to have an analytics mindset with the ability to:
 Ask the right questions and formulate hypotheses.
 Construct experiments, gather and analyze data needed to make evidence-based decisions.
 Extract, transform, and load relevant data (i.e., the ETL process).
 Apply appropriate data analytics techniques.

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TABLE 1
Data Analytics Levels of Competency by Framework
IMA Level IMA Description
Limited Knowledge  Limited knowledge of data analytics.
Basic Knowledge  Create spreadsheets and manipulate data using
basic functions and formulas such as graphs,
filtering and sorting data, importing data.
 Calculate basic descriptive statistics such as
ratios and basic averages to reveal trends.
 Demonstrate an understanding of the
importance of using data to make business
decisions.
Applied Knowledge  Extract, transform, and query data using tools
such as SQL. Interpret information needs and
translate into actionable requests for data
analysis.
 Use descriptive analytics to evaluate efficiency
and effectiveness of business initiatives.
 Use simple linear regression to predict
business outcomes and interpret results.
 Determine and report cause and effect using
diagnostic techniques.
 Perform ad hoc exploratory data analysis
using query languages.
Skilled  Utilize specialized reporting tools (e.g.,
XBRL), and interpret results.
 Design organizational templates for use by
others.
 Mine large datasets to reveal patterns and
provide insights.
 Use predictive analytics techniques to interpret
results, draw insights, and make
recommendations.
 Apply statistics to a dataset using specialized
statistical software and/or business intelligence
software.
 Use multiple regression for predictive and
prescriptive purposes, and interpret results.
 Transform raw, unstructured data into a form
more appropriate for analysis (e.g., data
wrangling).
Expert  Implement solutions using multiple query,
scripted, or interpreted languages (e.g., SQL,
Python, R).
 Build prescriptive models to optimize
organizational performance (e.g., goal
seeking).
 Use advanced statistical tools for exploratory
data analysis to reveal patterns and discover
insights to achieve business outcomes (e.g.,
cluster analysis, time-series analysis, Monte
Carlo analysis).
IMA five levels, CGMA four levels.
SQL Applied Knowledge level for IMA, Advanced for CGMA.
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137
CGMA Level CGMA Description
—
Foundational  Understand and be able to select an approach
to analyzing selected datasets.
 Collect data from multiple sources.
 Apply data quality checks.
Intermediate  Demonstrate an understanding of and ability
to perform statistical hypothesis testing.
 Use corresponding APIs (Application
Programming Interfaces) to access different
data sources.
 Define necessary transformations and data
preparation procedures.
 Develop analytics solutions for specific tasks
and predefined datasets.
 Ensure interaction with other components of
analytics applications.
Advanced  Apply designated quantitative techniques
including statistics, time series analysis,
optimization, and simulation to deploy
appropriate models for analysis and prediction.
 Write SQL and ETL scripts.
 Identify existing and suggest new data
required for organizational analytics tasks to
deliver maximum insight.
 Develop organizational analytics applications
that support the whole organizational data life
cycle.
 Integrate analytics applications with the
enterprise information system.
Expert  Develop and plan required data analytics for
organizational tasks, e.g. evaluating
requirements and specifications of problems to
recommend possible analytics-based solutions.
 Verify data quality and veracity.
 Define policy and manage intellectual property
rights issues.
 Plan, design, develop, and implement analytics
for organizational tasks.
 Develop whole data processing workflows and
integrate them into the organizational
workflow.
138 Richardson and Watson

 Possess strong quantitative skills in statistical analysis, visual analytics, machine learning, and ability to analyze
unstructured data.
 Code and understand Big Data technology structures.
 Interpret and share the results with stakeholders.
 Possess strong (oral) communication skills.
Not only is EY expressing a desire for students to have these skillsets, but also other accounting firms (e.g., PwC 2018) are
expressing the same desire.
Despite the job market’s demand for students with an analytics mindset, the accounting curriculum has not changed to
prepare students. In fact, as recently as April 2019, Roger O’Donnell, KPMG’s Global Head of Data and Analytics, stated,
‘‘Traditional accounting and audit classes in many universities have been unchanged for many years’’ (ForbesInsights 2019).8
While some universities and instructors have made great strides, looking at the accounting curriculum over the last 30 years
(generally) reveals support for O’Donnell’s claim as follows:
 Textbooks haven’t changed much (Wells 2018). Yes, there is more color and homework is now automatically graded,
but has the material really changed much (except for perhaps in the Accounting Information Systems class)?
 Courses haven’t changed much. Except for some recently added data analytics courses, as an academy, have we offered
any other new courses? Have we changed how we teach traditional courses? Are curriculum changes limited by state
mandated requirements for the Certified Public Accountant (CPA)?
 The CPA exam content hasn’t changed much. While there have recently been a few modifications as noted above, an
overall change is not scheduled until 2024. A working group was formed in 2018 to decide how to modify the
requirements for licensure to include technology and data analytics (Tysiac 2018b). The AUD and BEC portions of the
exam just recently requires candidates to use and interpret data analytics output as of July 2019 (Roger CPA Review
2019; emphasis added), but these changes ‘‘do not mean a large shift in how these concepts are being tested’’ (Wiley
CPAexcel 2019).9 So, it took six years after a working group was formed to implement substantial changes to the CPA
license requirements and CPA exam, which is ironic given that both the AICPA and NASBA agree: ‘‘The environment
in which CPAs operate is changing at a rapid pace’’ (AICPA and NASBA 2019).
 Instructors do not consistently use data (or Excel) in the classroom, for homework, or to answer questions across the
curriculum (see Watty, McKay, and Ngo [2016] for a discussion of accounting educator resistance to using
technology).10 And, when they do, instructors focus on basic Excel functions (Rackliffe and Ragland 2016).
For example, let’s consider a typical current CPA multiple-choice exam question, one that requires calculating allowance
for doubtful accounts using the Sales Method. To answer that question, all the student needs to do is memorize the following
relationships to come up with the correct allowance for doubtful accounts:
Allowance f or Doubtful Accounts ¼ Estimated Bad Debt %  Sales Revenue
Is that what we should test in our classes and on the CPA exam? Something that can just be memorized (and readily done
by computers) and doesn’t take any further analysis? What can we do? We can start by refocusing the accounting curriculum to
prepare students for the profession and future licensure requirements by instilling critical-thinking skills.

Refocusing the Accounting Curriculum

When discussing ways to embrace the automation of accounting, Keenoy (1958, 236) stated that ‘‘the accountant and the
teacher must go down this road together.’’ Sixty years later those words still ring true. Accounting educators can alter the
trajectory of the accounting profession by instilling an analytics mindset in students. Instilling such a mindset can be part of
complying with the new Association to Advance Collegiate Schools of Business (AACSB 2018) Standard A5, which requires
(1) faculty and students to adapt to emerging technologies and master current technology and (2) the use of technology
throughout the accounting curriculum. Based on recent surveys, the academy still has a way to go to meet these criteria as:
 Forty-three percent of academics do not incorporate data analytics into their classes (Dzuranin, Jones, and Olvera 2018).

8
Anecdotal evidence suggests that instructors are also resisting simple Tableau assignments added to an Intermediate Accounting textbook, supporting
O’Donnell’s claim.
9
Please see Roger CPA Review (2019) for specific objectives being tested using data analytics.
10
Rackliffe and Ragland (2016, Table 7) survey accounting instructors about their Excel usage in different classes in the accounting curriculum. Excel
usage rates vary from 8 percent to 100 percent.

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Act or Be Acted Upon: Revolutionizing Accounting Curriculums with Data Analytics 139

 Eighty-one percent of instructors rated their knowledge of data analytics as moderately knowledgeable or worse
(Dzuranin et al. 2018).
 Only 51 percent of instructors that use Excel in their class use the Data Analysis Add-In (Rackliffe and Ragland 2016).
 Instructors rate student data analytics ability as a 2 and the ability to handle unstructured problems as a 3.1 (with 1
meaning limited and 5 meaning high) (Ballou, Heitger, and Stoel 2018).

Provide a Framework for an Analytics Mindset: The IMPACT Model

An effective approach to develop critical-thinking skills as part of an analytics mindset is to provide students with a step-
by-step framework that helps students understand how to link data analytics with accounting. Specifically, we recommend the
IMPACT model developed by Provost and Fawcett (2013). IMPACT stands for:
 Identify the Question
 Master the Data
 Perform Analysis
 Address and Refine Results
 Communicate
 Track Outcomes
Here is an example of how to use the IMPACT model in the classroom in the context of loan loss reserve. We first provide
background information before discussing the IMPACT components.
 Background. At the end of the period, accountants make estimates so the financial statements reflect the economic reality
of the company. One important estimate is allowance for doubtful accounts or a loan loss reserve. Auditors carefully
scrutinize this account as they are concerned that management may manipulate the allowance for doubtful accounts for
earnings management to meet earnings targets. To explore this concept, students analyze data provided by Lending
Club, which provides personal loans to people over the Internet.11 Thus, the loans represent an asset for Lending Club.
Similar to (traditional) accounts receivable, the loans may not be repaid. Students are to calculate the allowance for
uncollectible loans ( just like the allowance for uncollectible accounts receivable).
 Identify the Question: Why are some loans not collected? Why are some customers granted credit but others not? Why
are some borrowers given a higher interest rate than others? Students should think about the underlying economics and
hypothesize:
 Is it possible to go beyond aging loans to estimate an Allowance for Uncollectible Loans? If we only know that loans
are late in being repaid, does that really help us predict the right amount of allowance?
 Which customers will not be able to pay their balance? How can we predict this?
 Master the Data. Provide students with data.12 For example, Lending Club provides data to analyze why loans were
rejected and why loans were accepted.
 By analyzing who receives a loan and who does not (i.e., demographic profiles) as well as the interest rate given to
borrowers, we can learn a lot about lenders, borrowers, and the way the debt market works.
 Perform Analysis. Students use theory to develop models of predicting loan loss provision. This step allows students to use
statistics to evaluate models that affect accounting outcomes (here, loan loss) and requires them to use statistical packages
like Alteryx, Excel (Analysis tool pack add-in), SAS, and/or SPSS. For the Lending Club problem, we suggest either a
correlation, classification (LOGIT), or regression approach. Students can also perform additional analyses. For example,
using Excel, students determine if debt-to-income ratio is significantly correlated with the loan interest rate; using a
statistical package, students could run a LOGIT model to determine if there is a relationship between reject/accept the loans
and hypothesized independent variables (e.g., credit score, debt-to-income ratio, employment length); and using Excel,
students can plot the data and then run a regression to determine which independent variables (e.g., use of loan proceeds,
credit score, income, employment length) are statistically significant predictors of the interest rate for an accepted loan.
 Address and Refine Results. Students should continue to refine the model(s) to determine whether their expectations of
what predicts loan losses holds. This would entail trying different independent variables to see what variable is
significant and provides a better fitted model. This trial-and-error step is important to arrive at the best model.
 Communicate. Students practice how to communicate their findings to decision makers and improve decision making.

11
Lending Club matches borrowers with investors for loans, but this concept is beyond the scope of our example.
12
Janvrin and Weidenmier Watson (2017) provide a list of available (free) datasets as well as data analytics resources.

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140 Richardson and Watson

 We suggest having students develop data visualizations to present their results. This requires students learning
packages like Tableau and/or Microsoft’s Power BI.
 We also suggest that students deliver a short presentation to the class to improve their oral communication skills.
 Track Outcomes. In the real world, accountants continue to iterate the analysis and ask new questions beginning the
cycle anew. If accounting educators want to simulate this step, we suggest that they initially withhold a year or two of
the data provided in the ‘‘Master the Data’’ step. For example, in the ‘‘Master the Data’’ step provide data for all but the
last two years. Then, after the students have analyzed the data, provide them with the last two years to determine whether
the analysis holds.13
We have used this IMPACT example in several classes at several different universities with great success. Students are
amazed at the amount of information available on the Internet and enjoyed using a different approach of determining the
allowance for uncollectible loans. This exercise provides students with practice in measuring, verifying, interpreting, and
communicating information to stakeholders.
End-of-semester student evaluations rate our data analytics classes highly among many dimensions including ‘‘they learned
a lot’’ and ‘‘the instructor was very effective.’’14 We also asked students for verbal feedback about the class. The feedback
varied based on students’ level of technical experience prior to the accounting data analytics class. Students without strong
technical skills found the class more difficult, but the step-by-step approach of the IMPACT model helpful. However, students
who had a tremendous amount of prior technical experience found the step-by-step approach tedious. Thus, the IMPACT
model appears to be especially helpful for students with weaker technical skills. Instructors may wish to tailor the extent of use
of the IMPACT model based on their students’ technical skills level.
The biggest takeaway from the students, regardless of technical background, was how much the students appreciated
having data analytics taught in an accounting context. One of the most technically skilled students stated that he was thrilled to
have the opportunity to relearn data analytic skills and tools through the lens of accounting, because even though he had learned
them before, he wasn’t sure how it would apply to his professional accounting career.

Use Data Analytics Across the Accounting Curriculum

To really have an accounting analytics mindset (as well as comply with AACSB A5), data analytics needs to be
incorporated throughout the accounting curriculum. The example we discussed above to estimate the amount of loan losses is a
financial accounting topic. Here are examples of questions in an audit class that are answerable with data, using recent CPA
exam changes to objectives (AICPA 2019c) focusing on the data analytics areas.
1. Assess risks using audit data analytics outputs to determine relationships among variables and interpret results to
provide a basis for developing planned audit procedures.
 What is the relationship between A/P clerks and transactions with vendors?
 What is the relationship between related parties and transactions with customers?
 Does Benford’s Law hold in the amounts of sales refunds given to customers?
 Who approved the largest transactions? Who entered the largest transactions?
 Which large transactions were approved by management and not approved by management and why?
2. Perform analytics procedures using outputs from audit data analytic techniques to determine relationships among
variables and interpret results to meet objectives of planned procedures.
 Did the auditor find fraud when determining that Benford’s Law was violated for the amounts of sales refunds given
to customers?
 Where a significant relationship was found between the A/P clerk and the vendor, was there evidence of favorable
treatment or kickbacks?
3. Determine the attributes, structure, and sources of data needed to complete audit data analytic procedures.
 What data are needed to assess the allowance for loan losses?
 What data are needed to assess the going concern assumption?
 What data are needed to find appropriate cost drivers for activity-based costing?

To help generate ideas about how data analytics labs could be incorporated across the curriculum, Table 2 presents some
sample topics used in accounting courses across the accounting curriculum and how they are implemented using the steps of the

13
Alternatively, indicate in the instructions for students to present separate analysis—one not using the last two years, and one using the last two years.
14
One of the authors had average ratings for ‘‘learned a lot from the class’’ from 4.83 to 5 (five-point scale, over multiple years) and for ‘‘effective
teaching’’ from 4.5 to 4.67. The other author had similar ratings of 4.4 and 4.7, respectively.

Accounting Horizons
Volume 35, Number 2, 2021

Illustrations of Data Analytics Skill Levels in Accounting Curriculums Using the IMPACT Model
Cost Accounting
Identify the Question What is the appropriate cost driver
Accounting Horizons
to allocate overhead?
Volume 35, Number 2, 2021
Master the Data Extract standard costing data from
enterprise system using SQL
Server.
Perform Analysis Use regression analysis to identify
those cost drivers that are
significantly related to overhead
costs.
Address and Refine Remove those cost driver
Results candidates that are not significant
predictors of overhead costs and
rerun analysis.
Communicate Update overhead allocation
application rate to job costs.
Track Outcomes Regularly analyze potential cost
drivers.
TABLE 2
Intermediate
Accounting
Which potential companies will go
bankrupt?
Extract financial statement data via
XBRL or Compustat (WRDS).
Use Altman’s Z analysis to assess
companies for bankruptcy.
Find and use updated analysis
techniques to assess bankruptcy.
Communicate those companies that
are in the safe zone, gray zone,
or distress zone, based on
probability of bankruptcy.
Track probability of bankruptcy
based on changing financial
reporting outcomes.
Taxation (from the
IRS perspective)
What is the typical profile of tax
evader?
Access prior tax returns and current
financial information for
potential tax evaders.
Perform profile analysis on tax
evaders.
Update profile model for
identifying tax evaders.
Communicate list of potential
evaders to field agents for
additional investigation to see if
those profiled tax evaders are
actually tax evaders.
Track potential tax evaders based
on their profile score.
Auditing
Are there some addresses of
accounts payable vendors that
are similar to addresses of
company employees?
Extract contact information for all
current and former vendors and
employees.
Run fuzzy matching algorithm to
assess likelihood similarity
between vendor names and
addresses and employee names
and addresses.
Assess likelihood of type 1 and
type 2 errors associated with
fuzzy matching algorithm. Rerun
analysis as needed to minimize
these errors.
After receiving list of potential
matches between vendors and
employees, conduct further
investigation to assess whether
fraud occurred.
Act or Be Acted Upon: Revolutionizing Accounting Curriculums with Data Analytics
Conduct real-time analysis to
identify similar contact
information or financial details
between vendors and employees.
141
142 Richardson and Watson

IMPACT model. The skills include extracting data from big databases, using regression to determine and estimate cost drivers,
profiling taxpayers to help identify tax evaders, and using fuzzy matching to assess the potential for fraud.

Create Realism
One way to make the accounting curriculum more realistic is to provide students with messy datasets. Traditionally,
homework and projects provided ‘‘clean’’ data, so students could focus on the analysis. Real world data, however, is messy. It
must be cleaned before it can be analyzed. In other words, it needs to be verified. Cleaning involves removing duplicates,
outliers, missing or invalid data, and data outside the studied period as well as standardizing variable formats. Data scientists
spend 19 percent of their time collecting data and another 60 percent of their time cleaning data, or approximately 80 percent of
their time on managing or preparing the data (Press 2016). Thus, data scientists only spend 20 percent of their time on data
analysis. To make the classroom experience real, sometimes accounting educators must give students experience with the
messiest dataset possible.
Accounting educators also need to allow students to develop their own data analytics projects. Data analytics tools and
available datasets are constantly changing in the real world. Assigning open-ended projects allows students to identify
appropriate data, questions, tools, analyses, and presentation formats—just as they will in the real world. These projects will
also help students to learn on their own, a skillset becoming increasingly more important in today’s rapidly changing world.
While open-ended projects require more time to grade, they are an effective way to instill critical-thinking skills.

V. CONCLUDING THOUGHTS
There is no question that technology is revolutionizing accounting. Changes are happening to the accounting profession
whether accountants like it or not. To survive, accountants must focus on areas where they have a unique competitive
advantage that can complement computer systems. We should focus on preparing the accounting profession and accounting
students to develop the new core competencies in the profession.
As Keenoy (1958, 236) stated, ‘‘[T]he accountant and the teacher must go down this road together.’’ Hence, accounting
educators must revolutionize the accounting curriculum to produce accounting graduates with an analytics mindset. This new
curriculum should focus on (1) providing students with a step-by-step framework/approach for analyzing the data that includes
the use of statistics, (2) using data analytics across the accounting curriculum that build data analytics skills, and (3)
incorporating the use of real-world data for its analysis. This new curriculum will require business acumen to provide context as
well as technological adeptness to analyze the data.
Sixty years ago, Keenoy (1958, 236) warned that ‘‘if the accountant is found inadequate in knowledge, or capacity to
adjust to new techniques, there is a very real danger that his traditional functions will be usurped by the technician.’’ If the
profession chooses not to heed this now, some argue that the accounting profession’s future is in doubt. Will the profession
survive? Or, will a technician, perhaps the data scientist, completely subsume accounting? Thus, the accounting profession
faces a choice: either master technology or be mastered by technology. The choice is ours. Act or be acted upon.

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Accounting Horizons
Volume 35, Number 2, 2021
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