Opportunities, challenges and development areas of chartered accountants in the Fourth Industrial Revolution

Abstract

Orientation: The Fourth Industrial Revolution (4IR) marks a period of tremendous technological progress, altering professions across industries, including chartered accountancy.

Research purpose: The purpose of the study was to explore the opportunities and challenges, for chartered accountants (CA) in the 4IR, emphasising the changing roles, competencies and problems they confront in this transitional era.

Motivation for the study: Scholars have recently issued numerous calls towards the understanding of subjective perceptions and in situ responses to 4IR in professionals and organisational realities.

Research approach/design and method: The research followed a qualitative approach to data collection and obtained the data through 14 semi-structured interviews. This research provides an in-depth insight into the 4IR’s implications for CAs and their profession.

Main findings: The findings reveal that the 4IR offers opportunities for enhanced work–life balance, risk reduction and increased productivity. Challenges raised by CAs included privacy issues, the need for updated training and competencies and the stress of job redundancy.

Practical/managerial implications: Recommendations are made to meet the 4IR’s opportunities and challenges. Chartered accountancies are expected to embrace continuous learning, work closely with professional organisations, match technological goals with client demands, cultivate a culture of curiosity and keep informed through collective awareness. Training needs to address these aspects.

Contributions/value-add: Policymakers and regulatory organisations should encourage professional bodies to become aware of opportunities and challenges of the 4IR and use this for future development.