The traditional view of the insolvency skillset as being a combination of solid accounting know-how combined with commercial savvy is in its dotage. As the recording and storage of accounting data becomes increasingly digitised and the reservoirs of gigabytes this generates are uploaded to the cloud, insolvency practitioners lacking information technology (IT) expertise will struggle. As one forensic professional told the Journal, today, IT is where the risk resides.
Why being a good Accountant is no longer enough
‘In most cases when we talk about “day one” the IT is the risk,’ Darren Hopkins, a director and senior member of McGrathNicol’s forensic technology team told the Journal. ‘IT is your books and records and it’s your ability to trade, so it’s everything.’
This article was first published in the Australian Restructuring Insolvency & Turnaround Association Journal, March 2017 (Summer Edition), pg 14-17.