Application of Industry 4.0 Technologies in Accounting Profession: Evidence from Sri Lanka

Abstract

The world of technology is rapidly changing and evolving. It has positive and negative consequences on every sector of the world, directly or indirectly. The aim of this paper is to examine the impact of Industry 4.0 technologies on accounting and auditing professionals in Sri Lanka and the study examines the perception of professionals. The concept of Industry 4.0 can be identified as a synthesis of various technologies, including artificial intelligence, big data, cloud computing, and robotic process automation etc. This study focuses on four major technological innovations and examines how the major technological changes in Industry 4.0 are affecting the accounting and auditing profession in Sri Lanka. These include artificial intelligence, big data, cloud computing, and robotics. Data was collected through a survey questionnaire which is shared among the professionals using an online survey method. A mean value analysis was conducted using SPSS analytical software. Findings of the study revealed that Industry 4.0 has a significant impact on the development of the accounting and auditing process and on the auditing and accounting profession. In addition, the study reveals that accounting and auditing professionals need to develop their skills and competencies to work with new technologies. The researcher expected that this will enable future accounting professionals to develop a keen interest in developing the skills and competencies they will need to successfully meet these challenges.