Each year, members of the AICPA’s Information Technology Task Forces meet to evaluate and select the Top 10 technologies that will impact your firm. In addition, the panel rates promising technologies they feel will change the way we do business in the future. This article will discuss those Top 5 Emerging issues and how they could impact your firm over the next few years. Remember, the Internet was almost considered a joke by CPAs three years ago, and it is now seen as one of the most powerful communication mediums available.

1. Voice Applications/Systems identify your voice to invoke commands or transcribe information into your computer. Products from Dragon Systems, IBM, and Lernout and Hauspie, combined with today’s ultra powerful computers (300Mhz with 64Mb RAM) and a good microphone, allow you to dictate letters into word processing software. These products work well in a closed environment without too much background noise offering hope to those "digitally impaired" in your firm who hate to type. Voice recognition is being built into next generation productivity suites (Office 2000) so you can "tell" your computer to load applications and eventually "read" you your email. Microsoft has incorporated voice capabilities into their CE operating system as evidenced by the Clarion automobile computer that controls radio and cellular phone commands. identify your voice to invoke commands or transcribe information into your computer. Products from Dragon Systems, IBM, and Lernout and Hauspie, combined with today’s ultra powerful computers (300Mhz with 64Mb RAM) and a good microphone, allow you to dictate letters into word processing software. These products work well in a closed environment without too much background noise offering hope to those "digitally impaired" in your firm who hate to type. Voice recognition is being built into next generation productivity suites (Office 2000) so you can "tell" your computer to load applications and eventually "read" you your email. Microsoft has incorporated voice capabilities into their CE operating system as evidenced by the Clarion automobile computer that controls radio and cellular phone commands. identify your voice to invoke commands or transcribe information into your computer. Products from Dragon Systems, IBM, and Lernout and Hauspie, combined with today’s ultra powerful computers (300Mhz with 64Mb RAM) and a good microphone, allow you to dictate letters into word processing software. These products work well in a closed environment without too much background noise offering hope to those "digitally impaired" in your firm who hate to type. Voice recognition is being built into next generation productivity suites (Office 2000) so you can "tell" your computer to load applications and eventually "read" you your email. Microsoft has incorporated voice capabilities into their CE operating system as evidenced by the Clarion automobile computer that controls radio and cellular phone commands. identify your voice to invoke commands or transcribe information into your computer. Products from Dragon Systems, IBM, and Lernout and Hauspie, combined with today’s ultra powerful computers (300Mhz with 64Mb RAM) and a good microphone, allow you to dictate letters into word processing software. These products work well in a closed environment without too much background noise offering hope to those "digitally impaired" in your firm who hate to type. Voice recognition is being built into next generation productivity suites (Office 2000) so you can "tell" your computer to load applications and eventually "read" you your email. Microsoft has incorporated voice capabilities into their CE operating system as evidenced by the Clarion automobile computer that controls radio and cellular phone commands.
2. Smart Cards are similar to plastic credit cards with an embedded integrated circuit for storing information. These cards are in use in other parts of the world to carry a person’s medical history or to substitute carrying change. Tests are being conducted in many parts of the United States to use these cards for purchasing gas, convenience store food, or to make phone calls. A major test occurred during the Atlanta Olympic games and was reasonably successful. Some of these systems are "re-chargeable" through ATM-like machines or via your computer through a portable card reader. In fact, some people believe that smart cards with personal readers will be the way that consumers will be able to make small, anonymous purchases over the Internet, which will greatly accelerate their acceptance. are similar to plastic credit cards with an embedded integrated circuit for storing information. These cards are in use in other parts of the world to carry a person’s medical history or to substitute carrying change. Tests are being conducted in many parts of the United States to use these cards for purchasing gas, convenience store food, or to make phone calls. A major test occurred during the Atlanta Olympic games and was reasonably successful. Some of these systems are "re-chargeable" through ATM-like machines or via your computer through a portable card reader. In fact, some people believe that smart cards with personal readers will be the way that consumers will be able to make small, anonymous purchases over the Internet, which will greatly accelerate their acceptance. are similar to plastic credit cards with an embedded integrated circuit for storing information. These cards are in use in other parts of the world to carry a person’s medical history or to substitute carrying change. Tests are being conducted in many parts of the United States to use these cards for purchasing gas, convenience store food, or to make phone calls. A major test occurred during the Atlanta Olympic games and was reasonably successful. Some of these systems are "re-chargeable" through ATM-like machines or via your computer through a portable card reader. In fact, some people believe that smart cards with personal readers will be the way that consumers will be able to make small, anonymous purchases over the Internet, which will greatly accelerate their acceptance. are similar to plastic credit cards with an embedded integrated circuit for storing information. These cards are in use in other parts of the world to carry a person’s medical history or to substitute carrying change. Tests are being conducted in many parts of the United States to use these cards for purchasing gas, convenience store food, or to make phone calls. A major test occurred during the Atlanta Olympic games and was reasonably successful. Some of these systems are "re-chargeable" through ATM-like machines or via your computer through a portable card reader. In fact, some people believe that smart cards with personal readers will be the way that consumers will be able to make small, anonymous purchases over the Internet, which will greatly accelerate their acceptance.
3. XML XML XML XML is Extensible Markup Language which is an electronic communication standard representing information in a structured way that can be understood by both humans and computers. It goes well beyond HTML (Hypertext Markup Language), which simply allows for the displaying of data, by allowing the interaction of applications such as entering data into a spreadsheet or databases and getting real-time updates incorporating the data your entered. Eventually, XML could replace/augment HTML and become the universal format for business transactions, files, and data on the Internet.
4. Knowledge Systems and Knowledge Management Knowledge Systems and Knowledge Management consist of databases of business knowledge that can effectively used, appended, and accessed by all intended users. Many of the largest CPA firms have used Lotus Notes to house research, studies, forms, and spreadsheets in a universal, searchable format that allows anyone in the organization to see the work that has been previously done by another person in the organization without "recreating the wheel." Currently, the cost to implement knowledge systems is very high and reserved only for the largest firms. Many smaller firms are developing intranets to house information which would be a very simple knowledge system. As Microsoft continues to challenge Lotus Notes for the top "knowledgeware", costs will drop and products will get easier and cheaper to use making the consumer the ultimate winner. Knowledge management and knowledge managers will arise as a need in all businesses as the amount of data that firms want to control increases geometrically.
5. Continuous Auditing Continuous Auditing defines the technologies and processes that allow an on-going review and analysis of business information on a real time basis. Continuous auditing will require specialized skills of audit personnel to monitor information electronically and incorporate the use of intelligent agents, computer modeling and other software tools. Continuous auditing will give end users of information more timely assurance that the information is correct and may eventually lead to continuous reporting where financial information is updated and published as events occur.