Fintech and Beyond

Over the years, I’ve received countless inquiries from professionals in small and medium practices (SMPs) who want to know how to effectively implement the International Standard on Quality Management 1 (ISQM 1). These conversations often revolve around the same questions: “How do we align our limited resources with ISQM requirements?”  or  “How can we make the transition from International Standard on Quality Control 1 (ISQC 1) to ISQM 1 without overwhelming our team?” The challenges are real, especially for SMPs where resources and capacity are often stretched thin. At Auditor Training Institute, we have a deep understanding of the challenges that SMPs face when implementing ISQM 1. Our extensive experience has allowed us to guide many firms through this process successfully. In this article, I’ll share  practical strategies for implementing ISQM 1 , focusing on how SMPs can tailor the system to their specific needs. While this piece focuses on setting up ISQM 1 effect...

On January 22, 2025, Ghana introduced new thresholds for Small and Medium-sized Enterprises (SMEs) under the Companies Act, 2019 (Act 992). These thresholds, which define revenue and asset limits for small, medium, and large companies, mark a significant shift in the regulatory landscape. Designed to simplify compliance and encourage business formalization, the changes are a welcome development for entrepreneurs and smaller businesses. However, they also carry implications for audit firms and the broader economy. Historically, the definition of SMEs in Ghana has been a contentious issue, especially in the context of applying the International Financial Reporting Standard (IFRS) for SMEs. The ambiguity surrounding SME classifications often led to inconsistencies in reporting and confusion about regulatory obligations. Compounding these challenges was the requirement for micro-entities to file audited financial statements, which imposed substantial administrative and financial burdens on...

The rapid pace of technological innovation has left no industry untouched, and the accounting profession is no exception. Artificial intelligence (AI) and blockchain technology are often at the forefront of discussions about the future of accounting. However, while AI is frequently viewed as the existential threat that might replace accountants, I argue that it is not AI but rather the disruptive forces of cryptocurrency and blockchain that pose the real challenge to our roles and relevance. In this article, we will explore how AI and cryptocurrency are influencing the accounting profession, why crypto is the bigger threat, and how we as accountants can adapt to secure our future in an increasingly decentralized financial landscape. THE AI MYTH: A TOOL, NOT A REPLACEMENT AI IN ACCOUNTING: A TRANSFORMATIVE TOOL AI has already revolutionized accounting processes. From automating repetitive tasks like data entry and bank reconciliations to leveraging predictive analytics for financial for...

How blockchain technology is reshaping transparency, efficiency, and trust in the accounting profession. Accounting at a Crossroads For centuries, double-entry bookkeeping has been the foundation of modern accounting. First developed in the 15th century by Luca Pacioli, this method revolutionized financial recordkeeping by introducing a system of checks and balances. Yet, even this historic innovation is not immune to the pressures of the digital age. Enter blockchain technology—a disruptive force reshaping how we think about trust, accuracy, and transparency in financial transactions. Much like double-entry bookkeeping transformed accounting, blockchain introduces a paradigm shift: triple-entry accounting. This system incorporates blockchain’s immutable ledger as a single source of truth, enabling a new level of accountability and efficiency. This article explores how blockchain technology is driving the evolution of accounting, the challenges it poses, and how accountants can ...