In pursuit of enhancing the academic journey for its students, Miva Open University consistently endeavors to furnish a diverse array of resources and opportunities. Notably, Miva Open University hosted a masterclass titled “Accounting Fundamentals for Business Management,” featuring Uyi Akpata, the Immediate Past Regional Senior Partner for PwC West Africa.
Uyi Akpata shared invaluable insights into the realm of financial accounting during the masterclass, skillfully moderated by Aniekeme Umoh, the Vice President of Operations at Miva Open University. He illuminated various facets of the accounting profession, spanning from comprehending clients and embracing innovation to addressing challenges and recognizing opportunities within the industry.
Uyi underscored the pivotal role of understanding clients and their distinctive needs in delivering effective solutions. Advocating for accountants to immerse themselves in the client’s perspective and gain insights into their environment, he emphasized how this approach enables professionals to navigate specific situations more adeptly. Furthermore, Uyi advocated for fostering innovation within accounting organizations, driven by shifts in the business landscape and evolving client demands. He expounded on PwC’s response to societal needs through investments in an experience center, providing enticing career opportunities for aspiring accountants and professionals.
The masterclass delved into the day-to-day responsibilities and challenges encountered by auditors and forensic accountants. Uyi highlighted the use of both digital and physical forensic labs and the significance of experience centers that unite scientists and business professionals. Despite the pressures faced by auditors, he stressed the importance of finding enjoyment in the job to effectively overcome challenges. Continuous learning and staying abreast of the latest technological advancements were also underscored as imperative.
Addressing students preparing for a career in accounting, Uyi emphasized the significance of deriving enjoyment and meaning from their work. Recognizing the influence of supportive educators or supervisors in shaping one’s career, he shared personal experiences dealing with challenging clients and difficult situations. Trust and candid conversations were stressed as pivotal in overcoming challenges, alongside the importance of continuous learning and maintaining a balanced work environment.
As the conversation shifted towards fraud detection, Uyi elucidated the importance of conducting Know Your Customer (KYC) checks and researching company records to identify potential money laundering activities. Red flags in transactions should be meticulously examined to assess their alignment with reasonable business practices. Understanding basic accounting principles and control breakdowns, according to Uyi, equips auditors to effectively detect and prevent fraud. He also underscored the evolving role of technology, such as digital labs and analytics, in detecting exceptional transactions and fraud.
Ultimately, the Miva masterclass with Uyi Akpata offered Miva students valuable insights into the dynamic realm of financial accounting. Aspiring accountants and professionals gleaned inspiration and guidance from his wealth of experience and expert advice.