TITLE:
Impact of Digitalisation on Accounting and Auditing in a Developing Country Context
AUTHORS:
Maqbool Kader Quraishi, Nushrat Jahan, Md. Mamun Habib, Yousuf Hossain Shafeen, Efteker Aziz Badhon
KEYWORDS:
Digitalisation, Accounting, Auditing, Transparency, Efficiency, Knowledge Gap, Bangladesh
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.13 No.2,
February
26,
2025
ABSTRACT: Objective: The study explores the transformative consequences of digitalization on accounting and auditing practices, with a particular focus on the context of Bangladesh. This research offers a comprehensive analysis of how digital tools and technologies have revolutionized traditional accounting and auditing processes, enhancing efficiency, accuracy, and transparency, while also introducing new challenges, such as cybersecurity risks and the need for new competencies among professionals. Theoretical Framework: This research is grounded in the theoretical framework of critical dialogic accounting, which emphasizes the significance of diverse ideological orientations and the inclusion of multiple stakeholders in the digital transformation process. Method: The study utilized a qualitative methodology, employing semi-structured interviews with professionals from various backgrounds to gain insights into the practical implications of digitalization. Results and Discussion: The findings of the research indicate that while digitalization has significantly enhanced the operational aspects of accounting and auditing, including the automation of processes and improved transparency, it has also highlighted significant challenges. These include financial and technical constraints, a knowledge gap between IT professionals and accountants, and concerns over cybersecurity. The research underscores the necessity for ongoing education and training, governmental support, and robust security measures to fully realize the benefits of digitalization in developing countries like Bangladesh. Research Implications: The study asserts that despite the inherent challenges, the advantages of digitalization in accounting and auditing such as increased efficiency, improved transparency, and better financial management outweigh the disadvantages. It advocates for a balanced approach that addresses these challenges through strategic investments in training, technology, and security, thereby enabling a successful transition to digital accounting and auditing practices in emerging economies. Originality/Value: The study contributes to the growing body of literature of the transition of accounting and auditing practices in emerging economies and the adaptability of technological roles.