1. Introduction The aim of this report is to highlight the importance of Web 2.0 based applications to a modern day accounting firm. It firstly introduces the main concept of Web 2.0 and its applications with relevant accounting examples. The advantages, disadvantages, how it could be beneficial to Nolan & Associates and questioning whether the introduction of a Web 2.0 based website with applications would be a competitive advantage or merely just a survival technique in this current highly competitive market of accounting and auditing services will be explained below. In addition to these, risk assessment, defenses as well as managing tools effectively within the organization will be described. Furthermore, recommendations will be put in place as a conclusive point of this report followed by bibliography and appendices. 2. Objectives 1) Create an underlying understanding of the concept of Web 2.0 to the organization 2) Introduce and establish a purpose for the use of Web 2.0 technologies in an accounting and auditing practice. 3) Outline applications and tools that would benefit the organisation to compete more efficiently in today’s competitive environment. 3. History of Web 2.0 Web 2.0 is a relatively new concept made popular by Tim O’Reilly in the early 00’s, it is a predecessor of the old passive and static websites of the 80’s and 90’s (Web 1.0) whereby most websites were based on a read-only format and interactivity was minimal, if existent. It is known as the new generation of the World Wide Web. Spanning from the burst of the dot com bubble, some believe it to be a marketing buzzword and many an evolutionary step in the progression of internet usage. O’Reilly himself describes it as: "The network as platform, spanning all connected devices; Web 2.0 applications are those that make the most of the intrinsic advantages of that platform: delivering software as a continually-updated service that gets better the more people use it, consuming and remixing data from multiple sources, including individual users, while providing their own data and services in a form that allows remixing by others, creating network effects through an "architec