 Digitalization and the Challenges for the Accounting Profession : Gulin, D.

,
Hladika, M., & Valenta, I. (2019). Digitalization and the Challenges for the
Accounting Profession. ENTRENOVA-ENTerprise REsearch InNOVAtion, 5(1),
428-437.
https://hrcak.srce.hr/251037

 Twomey, A. M., Linehan, M., & Walsh, J. S. (2002). Career progression of

young female accountants: evidence from the accountancy profession in
Ireland. Journal of European Industrial Training.
https://doi.org/10.1108/03090590210421996

 King, R., & Fitzgerald, L. (2016). Challenges facing the accounting profession:
Maintaining relevance in a changing environment. In Perspectives on
contemporary professional work (pp. 187-210). Edward Elgar Publishing.

https://www.emerald.com/insight/content/doi/10.1108/MRR-10-2014-0233/full/html

 Jackson, D., Michelson, G., & Munir, R. (2022). Developing accountants for the
future: New technology, skills, and the role of stakeholders. Accounting
Education, 1-28.

https://doi.org/10.1080/09639284.2022.2057195

https://www.cgma.org/content/dam/cgma/resources/reports/downloadabledocuments/
future-re-inventing-finance-for-a-digital-world.pdf

https://www.cgma.org/content/dam/cgma/resources/reports/downloadabledocuments/
future-re-inventing-finance-for-a-digital-world.pdf

https://www.accaglobal.com/sg/en/professional-insights/pro-accountants-the-future/
gen-z.html

Local Studies

 The Reyes, M. F. (2002). The Greening of Accounting: Putting the Environment

onto the agenda of the Accountancy Profession in the Philippines.
In Environmental Management Accounting: Informational and Institutional
Developments (pp. 215-220). Springer, Dordrecht.

https://link.springer.com/chapter/10.1007/0-306-48022-0_16

 Butac, D. M. D. (2019). How do CPAs think? Thinking styles of certified public

accountants in the Philippines using a structural equation model.
 Rufino, H., Payabyab, R. G., & Lim, G. T. (2017). Competency requirements for
professional accountants: Basis for accounting curriculum enhancement. Review
of Integrative Business and Economics Research, 7.

https://deliverypdf.ssrn.com/delivery.php

 Mendoza, R. R. (2013). Continuing Professional Development in Public

Accountancy Practice: The Philippine Experience. South East Asia Journal of
Contemporary Business, Economics and Law, 2(1).

https://deliverypdf.ssrn.com/delivery.php

 Calixto, R. C., & Ferrer, R. C. (2020). Determining the Effectiveness of

Continuing Professional Development Seminars in Enhancing Certified Public
Accountants’ Competences Using Partial Least Squares–Structural Equation
Modelling. Editorial Policy, 50.

https://www.nacpae.com/_files/ugd/
Foreign Studies
To enrich and broaden the researchers’ perception of the area under study and
to successfully evaluate the study, the following foreign studies were reviewed.

1. These global trends are transforming the world of work and also reshaping the
future of the accounting profession. The key question is how professional
accounting careers will adapt, how the skills will transform, and how learning in
the profession will evolve as the profession takes on a central role in building and
protecting organizations in a sustainable future global economy. The ACCA and
Price waterhouse Coopers (PwC) (2019) predict that career paths will continue to
evolve in line with the “macro” trends that are occurring globally (for example,
flexible work, increased life expectancy, and lifelong learning). Career paths will
be difficult to predict more than two to three years in advance. They will
increasingly depart from the formal path and will contain mechanisms to enable
people to “enter” and “exit” their career paths (ACCA & PwC, 2019). 
 

2. Accounting is a traditional profession, and its rules and concepts have been in
place for many years and still haven't changed. However, the accounting industry
is also being impacted by economic globalization, stricter regulations, and
numerous technological advancements. The necessity for quick adaptation and
transformation of company practices and business processes without deviating
from fundamental accounting laws and principles reflects challenges for the
accounting profession. Findings indicate that the accounting profession faces
several difficulties in the age of digitization. The utilization of big data in
accounting and reporting, cloud computing and continuous accounting, artificial
intelligence, and block chain technology are some of the key issues that may be
systematized. The study's conclusion is that, in the near future, the accounting
profession will be significantly impacted by advances in technology and
digitalization. Also, users of accounting information in digital era are changing;
they want accounting information right away when a business event occurs, not
with time lag. Those changes will influence on the way accountants carry out
their job, it will be necessary the knowledge of new skills especially in
engineering, and, finally, that will lead to new types of the accounting
professionals ( Gulin et al., 2019).

3. According to the study of (Twomeyet al., 2002) shows that young female
accountants encounter obstacles in their careers because of their gender. The
female accountants in this study suggest that male dominance will persist in
accountancy practices.The findings also suggest that an important challenge for
managers today is managing generation Xers, who work to live and do not live to
work. Finally, the research findings from this study contribute primarily to the
extant research on women in the accountancy profession. Also contributes to the
corpus of knowledge on women in management, career development, and the
development and management of generation X.
4. According to the study of (King & Fitzgerald, 2016) show that most women
classified their social skills and professional expertise as the key factors leading
to their successful advancement; however, they also highlighted that ambition
 and luck played important roles. The authors found that support from both life
partners and superiors was essential for these women in reaching their current
positions and in handling difficulties when in a leadership position. Further
difficulties include working time, work-life balance and motherhood.

5. The use of new accounting technologies is widely viewed as essential to

achieving organizational success. They have had and still have an impact on the
necessary abilities for newly graduated and early-career accountants. The study
of (Jackson et al., 2022 ) entitled “ Developing accountants for the future: New
technology, skills, and the role of stakeholders” focuses on the future routes for
developing technology-related abilities as well as how well colleges, employers,
and professional associations are preparing early career accountants for new
technology. The study found that these two groups have different attitudes based
on a mixed-method study using 315 early career accountants and 175
managers/recruiters in Australia. Managers/recruiters indicated stronger trust in
universities' ability to develop accountants to meet emerging skill demands,
whereas early career accountants were typically more favorable in their
assessments of how well organizations' training systems prepared them for new
technology. On the other hand contend that stakeholders (universities, employing
organizations, and professional associations) play a significant, complementary,
and yet significantly varied role in developing technology-related abilities to
support collectively the development of early career accountant talent.

Local studies

To enrich and broaden the researchers’ perception of the area under study and
to successfully evaluate the study, the following local studies were reviewed.

1. The study of (Reyes, 2002) entitled “The greening of accounting” is a challenge

ably taken on by the accounting profession in the Philippines through the efforts of
the Philippines Institute of Certified Public Accountants (PICPA). The organization
promotes environmental accounting which is a part of a larger universe of accounting
tools that are necessary for good decision-making. Environmental accounting just like
conventional accounting, is only a tool, and one which is only as good as those who
use it. It should be remembered that the greening of the accounting professional does
not end with environment accounting. What is more important is to ensure the
formation of holistic values and a green ethic that would enable current and future
accountants, and the decision-makers who rely on their work, to count the
environment as a legitimate stakeholder in the choices made in society.

2. The research of (Butac, 2019)this study presented statistical evidence on the impact
of thinking styles on the individual work performance of the CPA's in the Philippines.
It showed that thinking preferences have a significant influence on individual work
performance. Thinking styles predict the quantity and quality of individual work
performance, hence, using different thinking styles on different types of tasks are
more beneficial than others in certain situations or for particular tasks. Furthermore,
the demographic factors such as age, gender, ethnicity, educational attainment, work
position, and tenure show a significant moderating effect on the relationship between
dimensions of thinking styles and individual work performance.
3. Competency requirements for professional accountants: Basis for accounting
curriculum enhancement (Rufino, H., Payabyab, R. G., & Lim, 2017). As to skills,
intellectual skills, interpersonal and communication skills were almost always used by
the professional accountants in their respective works. This was true even when the
professional accountants were grouped according to different profiles. Interpersonal
skills deemed to be most crucial among competency skills. Working independently
and cooperatively with the colleagues, other employees or client in a team
environment was highly observed in the workplace. Communication skills such as
explaining reports, financial and or audit results verbally and in writing at a level
appropriate to their audience were expected in the workplace. Critical thinking,
problem solving and critical analysis such as reviewing, interpreting and evaluating
financial data, business systems and operational data and controls were also practiced
in the workplace by the professional accountants.

Most of the activities participated by the professional accountants were attending

training, seminars and workshop on different topics from mostly from professional
skills and technical competence. Professional skills include professional development
activities that enhance the CPA's intellectual, interpersonal, communication, personal
and organizational skills such as but not limited on leadership, personality, teamwork
and social graces, communication skills, supervision and management (Rufino, H.,
Payabyab, R. G., & Lim, 2017).

4. Continuing Professional Development in Public Accountancy Practice: The

Philippine Experience (Mendoza, 2013). The number of providers should be
expanded to include more of those in the provinces. Relatedly, provincial colleges,
universities, and training centers are qualified and ready to undertake the tasks of
offering CPD programs. This will address the issue of time and cost among the
practitioners. In the same vein, the CPD providers should enlarge their program
offerings to include online courses, graduate studies, research and publication. In that
way, the CPA's will have more choices and could minimize time and cost problems.
There is a need to enhance the value of CPD in the workplace. The providers could
offer new approaches to training, such as experiential learning processes and learning
on the job. In addition, they could offer more useful subject matters such as computer
software, work improvements, and performance enhancement. Providers should also
conduct training needs analysis to ensure that training offerings are aligned with the
competency requirements in the market. One policy recommendation of the study is
to establish mechanisms towards output-based CPD. A rudiment in training programs
is an assessment of the competency of the public practitioners by way of testing. This
output-based CPD measures learning and not the inputs to learning. In addition, there
is a need to develop a national framework for CPD. This should be geared towards
reinventing the CPD perspective from a matter of requirement to that of capacity
building and competency enhancement. The framework shall define the long-term
goals of CPD, the thrusts and priority areas, the competency maps, and shift towards
output-based measurement.
5. Determining the Effectiveness of Continuing Professional Development Seminars
in Enhancing Certified Public Accountants’ Competences Using Partial Least
Squares–Structural Equation Modelling (Calixto & Ferrer, 2020). Experiential
Learning, and Situated Learning Theory which puts emphasis on the person’s actual
experience and exposure to real-world scenarios as well as social interactions as the
main driver for learning. There may be a need to tailor the way of conducting CPD
seminars to make it more interactive and make it less of a classroom setting. At the
end of the day, the accountants’ CPD engagement is strongly related to how
committed the individual is to his/her profession. Apart from the demands of the
professional bodies, the clients, the employers, and the public for continuous
professional development, the commitment to life-long learning shall be driven by the
person’s passion and self-motivation. However, the learning process is not just driven
by the inputs that the person receives but it is formed by how the person accept,
reflect, and transform that concrete information to action that will eventually to
expertise.

Additional in SOP:
Significant relationship between demographic profile of the respondents and the
challenges they faced in creating their name in accounting industry.

Additional in Objectives of the study:

 Impact of age and gender differences in identifying challenges faced by
accountant’s in creating their name in accounting industry.
 Contribution of work experience in creating the accountant’s name in accounting
industry.
 Reliability of current job in creating the accountant’s name in accounting
industry.