ABSTRACT
The 21st century is sometimes referred to as the Digital Age because so much of what we do is done digitally. This includes accessing our news, information, and entertainment on mobile devices like smartphones and tablets. Digitalization is transforming companies and other organizations more fundamentally than the business world has ever seen. As companies are transformed, so too are their financial and accounting functions, and in turn, their financial statement audits. At the Institute of Chartered Accountants of India (ICAI), the council constituted the Digital Accounting and Assurance Board (DAAB) as an enabling board to proactively assess the impact of digitalization on accounting and audit. To help firms to assess the current digital competence of their firms and to build their competencies for their own growth and profession at large, the DAAB has provided the instant toolkit “Digital Competency Maturity Model (DCMM)”. To stay competitive, the firms will now have to be open to change and adopt an agile mindset. The making of the paperless office by Digitalization of accounting and administrative process, involves four solutions that can be combined to suit the particular business needs. Along with updating the business firms with the new and improved technology, in the area of financial accounting, another most important factor that needs to be simultaneously upgraded and automated is the Finance and Accounting professionals. As valued advisers to the organizations they work with and for, accountants must maintain a watching brief across a broad range of technologies and trends. Some of the recent advancements popular within the world of accounting are cloud accounting, artificial intelligence, digital service delivery, etc. More and more industries are shifting into the digital age and it is time that we embrace these changes.
Keywords: Digitization, Technology, Digital Competency, Accountants, Artificial Intelligence.
Received : 08st October 2019
Accepted : 15th October 2019
Published : 15th November 2019
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