The Future of Accounting Profession in Libya in Light of Digital Transformation

Abstract

This study aims to explore the future of the accounting profession in Libya in light of digital transformation. The study employed a descriptive-analytical methodology and relied on a questionnaire to collect data from a sample of certified public accountants in the city of AL-Bayda and faculty members in the accounting departments of Derna and Omar-Al-mukhtar Universities. A total of (50) questionnaires were submitted, but only (40) deemed valid. The study utilized SPSS software for data analysis, results extraction, and hypothesis testing. The study reached to several conclusions, most notably: the study sample possesses awareness of the concept and importance of using digital transformation in accounting as well as they have the experience and academic qualifications to deal with digital transformation technologies. Digital transformation technologies contribute to the speed of completing routine accounting operations and also, they redound to automating traditional accounting processes as well as they subscribe to reducing accounting errors, in addition to improving the quality of control systems and accounting risk management which positively impacts the quality of accounting outputs. However, digital transformation technologies are accompanied by security concerns related to the protection of financial data and the possibility of its breach, in addition to the existence of legal and regulatory challenges that limit the adoption of   digital transformation technologies in the accounting profession. The study recommended raising awareness among accountants and accounting professors at Libyan universities about the importance of digital transformation technologies in the field of accounting by organizing workshops, seminars, and scientific conferences to advance the profession and keep pace with technological developments. The study also recommended integrating digital transformation technologies into accounting curricula this would contribute to developing accounting education in line with current market demands as well as enacting regulations and laws to govern the use of digital transformation technologies in accounting.