TECHNOLOGY-ENABLED COMPLIANCE SOLUTIONS FOR FIDUCIARY ACCOUNTANTS
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TECHNOLOGY-ENABLED COMPLIANCE SOLUTIONS FOR FIDUCIARY ACCOUNTANTS
Abstract: Technology-enabled compliance solutions are revolutionizing the way fiduciary accountants manage regulatory requirements, ensuring greater accuracy and efficiency. This study aims to (1) investigate the effectiveness of technology-enabled compliance solutions in fiduciary accounting, (2) assess the challenges faced in implementing these solutions, and (3) identify best practices for successful technology integration. A survey research design was employed to gather data from fiduciary accountants on their use of compliance technologies. The sample size of 200 participants, derived using Taro Yamane’s formula, ensures a representative and statistically significant dataset with a 95% confidence level and a 5% margin of error. The case study selected is a leading compliance consulting firm in Abuja, known for its innovative use of technology in regulatory compliance. The reliability coefficient score for the survey was 0.91, indicating excellent reliability. Findings reveal that technology-enabled compliance solutions significantly improve the efficiency and accuracy of compliance processes, but challenges such as high implementation costs and data security concerns persist. The study recommends that fiduciary accounting firms invest in scalable compliance technologies and establish robust data security measures to fully leverage the benefits of technology.
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