Financial Technology and Accountancy Profession: Stakeholders’ Perspective in Akwa Ibom State, Nigeria

Abstract

The study examined the influence of financial technologies (FinTech) on the accounting profession. It surveyed the perspectives of experts on the impacts of digital technologies on the accounting profession. The impacts on skills, tasks and work environment as well as the challenges of adoption of digital technologies by accountants in Akwa ibom state were studied. The descriptive survey research design was employed for the study. 127 certified accounting experts in Akwa ibom state were sampled for the survey. The researcher developed instrument titled “Digital technologies and Accounting professionals Questionnaire” was used for data collection. The study made use of primary data. Frequencies and descriptive statistics were used for answering the research questions while simple linear regression was used to test the hypothesis at .05 level of significance. Findings of the study showed that the digital technologies impacting the accounting professions are artificial intelligence, enterprise resource planning, internet of things (IoT), blockchain technology, cloud accounting technology and big data analysis. It was also established that audit technology has a significant positive effect on the accountancy profession. Also, disruptive technologies has a significant positive effect on the accountancy profession. It was recommended that in order to keep adding value for the company, accountants need to developed new skills and acquire new knowledge regarding the use of artificial intelligence and other digital solutions in modern business environment. Audit technologies should be increasingly embraced by accountants and accounting firms.