3.1.1|4IR reshaping the accounting profession

4IR will undoubtedly have a significant and positive influence on accounting. The accounting profession is expected to witness evolution by 2025 due to advancements in business, politics, and technology, as well as changes in public perception of the field [22]. Three main obstacles were identified by [23] for aspiring accountants. Among the anticipated changes that will alter the role of accountants include the development of smart technology, the internationalization of financial reporting or disclosure standards, and the introduction of new or more stringent rules [23]. To satisfy the expectations of the stakeholders under the 4IR transition, will require the accountants to pay more attention to it and adapt.

The accounting profession will need to change from its existing, traditional methods to automated, systematic procedures for most accounting tasks to accommodate the evolution of 4IR. There is a prominent confluence between technology and digital. The accounting sector will undoubtedly witness innovation and growth with AI [24]. 4IR can transform traditional methods into sophisticated, modern ones. The system will digitally organize and analyze financial data, and an accountant's job is to assess the data that the system generates [10]. Table 1 provides a detailed overview of how accounting activities have changed gradually over time.

Driving to clients to pick Accounts staff Electronic documents Electronic documents up documents passed through email passed through email Personal investigation in Auditor use software in forensic analysis AI auditing Preparing documents and Accountant software Machine learning Algorithm tax calculation Preparing financial Accountant accountants XBLR (automated statements through the help of erp, annual reports) sap software

Previous studies have examined the technical innovations of 4IR that have been utilized by the profession. Modernised accounting and financial reporting demonstrate how technology is advancing in the accounting field [26]. The financial reports are created utilizing cutting-edge technical advancements such as distributed ledgers based on blockchain, knowledge-based systems, AI applications, and XBLR-based structured digital financial reporting [26].

Leitner-Hanetseder et al. [27] predict that Business Intelligence (BI) and AI will replace the present accounting procedures, which are repetitive and regular jobs. According to Zheng [28], the usage of financial robots would lessen the workload for accountants because their work is normative and repetitive and involves a vast amount of data and information. Robotic Process Automation (RPA) is intended to replace some of the most labour-intensive and traditional financial tasks in accounting, therefore increasing the effectiveness of financial management.

The identification of smart technologies in accounting, such as blockchain and cloud computing, will drastically alter the responsibilities and functions that accountants now do. The revenue administration of the Turkish ministry of treasury and finance launched and oversaw the use of an electronic application called e-accounting application in Turkey [9]. The electronic financial reporting project, which processed independently the audited financial reports in a computerized environment and used the results in financial analyses, is the most recent development resulting from the deployment of e-accounting applications. The e-accounting applications, as defined by 4IR, have the ability to convert accounting procedures into an electronic cloud environment. Accounting tasks will be completed differently by accountants as a result of the updated accounting processes and procedures. Under 4IR, accountants will have to navigate a new direction and a new method of functioning. The efficacy and efficiency of accountants' work will be greatly enhanced by the use of smart digital and technical advancements. Data processing and other repetitive and regular operations will be entirely handled by AI-based technologies.

Accountants will be able to review their roles and concentrate more on other strategic and visionary responsibilities if they engage in less manual work. Consequently, this will allow accountants to concentrate on data analytics, creative and judgmental analysis, and financial advice work [25]. To generate value for the company by considering long-term goals, accountants will focus more on management operations and less on accounting-related issues [29], [18]. Accountants will thus have more responsibility in recommending and evaluating important business decisions that will propel the firm to new heights [17]. Therefore, there is a significant change in an accountant's job [30].

Under 4IR, the accounting profession is being completely redesigned to focus on real-time accounting, which calls for current data and less dependence on recurring data. Big data generated by the system will be the main focus of data analysis going forward, rather than historical data. A sophisticated collection of software that contains a large amount of updated, unstructured data is known as big data [31]. Working with AI-based and big data technologies will enable accountants to make the most of system-generated data and create insightful information that consumers can use to make decisions [32].

The accounting profession will go beyond simply producing and reporting data to include understanding the data to produce valuable financial information that helps users make moral decisions. As a result, this will result in improved data quality since it will be more accurate, detailed, and timely. The production of better and more significant data will always raise the calibre of an accountant's services [33].

However, the advent of these technological advancements won't completely replace the need for accountants. Selecting accurate and high-quality data for these intelligent technologies to process requires the expertise of an accountant. Accountants will oversee the validity and dependability of the data utilized [16]. Since only humans can make expert decisions, accountants will examine the output that the data processing process produces. Technology cannot take the place of human knowledge and experience in making valuable decisions [19].

Moreover, Rosi and Mahyuni [34] proposed that the accountant should oversee the tasks carried out by these sophisticated and intelligent technologies. They are in charge of keeping an eye out for and spotting system errors. It takes judgment and human interaction to provide a solution. Furthermore, Leitner-Hanetseder et al. [27] and Losbichler and Lehner [35] held the view that tasks requiring human decision-making and judgment need human-machine collaboration.

In certain processes that are hard for technologies to do alone, humans and technology coexist as co-actors. For example, performance management and monitoring activities [28], [36], forecasting procedures, and other traditional processes [35]. As a result, there is a human-machine partnership to do certain accounting tasks [37]. To succeed in the digital age, accountants will need to adapt to and deal with technological progress. Undoubtedly, the integration of technology into the daily tasks and activities of accountants will highlight the necessity for the accounting industry to acquire new knowledge and competencies [32], [34]. The advancement of accounting understanding ought to be coordinated with 4IR growth. In the fast-paced 4IR age, an accountant's ability to maintain current accounting abilities will be essential to their survival. Providing instruction and training might aid in the development of knowledge and skills that meet the 4IR criteria. The rise of 4IR lies in the production of competent human capital and intellectual resources [38].

The duties and responsibilities of accountants are evolving, thus it's important to have the competencies and abilities necessary for these new tasks. To meet the requirements for accountant qualification under the 4IR, future accountants will face more difficult obstacles [39]. The skill profile of accountants is expected to evolve, which will have an impact on the education system's ability to produce future market-ready accountants [29]. There is no denying the effect on the upcoming job market and accounting graduates.

Employers in the market are more concerned about candidates' capacity to deal with smart technologies as a result of the growth of this technology in 4IR. Accounting professionals anticipated that the automation of accounting procedures would need the hiring of graduates qualified to operate in this new environment. Young graduates must acquire and develop technology abilities since robots and technologies are replacing most accountants' labour [18].

According to Raporu [22], the growth of smart technologies, the globalization of business and professions, modifications to regulations and governance, as well as shifts in public perceptions of business and the accounting profession, will all contribute to the transformation of the accounting profession by 2025. Future accountants' present competencies and skills will shift as a result of these variables. The knowledge and skill profile for aspiring accountants in 4IR has thus been outlined by Stancheva-Todorova [15]. It includes knowledge and skills about digital technologies, big data and data analytics, robotics and artificial intelligence, cyber security, and tax implications, including legal and regulatory requirements.

To operate in the 4IR field, an accountant must update their skill set with an emphasis on strong technical abilities, ethics, and communication skills [15]. According to Khanh [40], Purnamasari et al. [41], and Rhodes and Rhodes [42], gaining IT knowledge and skills is crucial as we approach the digital era. Graduates who are proficient with IT tools are offered advantages. Moreover, it is imperative to instil in recent accounting graduates the proper mix of hard and soft skills pertinent to 4IR. A list of pertinent technical and soft skills appropriate for 4IR work was provided by Kruskopf et al. [10].

Technical skills are defined as the ability to analyze, comprehend, and possess sufficient knowledge about the capabilities and operation of data security and software. Young accountants will be able to engage and function effectively with smart technology thanks to their abilities. Communication, conflict resolution, leadership, risk management, creativity and strategic decision-making, emotional intelligence, sales expertise, flexibility, and a focus on customer service are among the soft talents [37]. According to Kruskopf et al. [10], these will assist graduates in developing into knowledgeable financial information providers who can provide value to the company.

Furthermore, De Villiers [43] has established five fundamental abilities that are pertinent in managing a complicated and dynamic company environment. The abilities are referred to as self-management skills, problem-solving and critical thinking skills, leadership and teamwork skills, and ethical and moral principles. Tsiligiris and Bowyer [44] did another investigation to find the appropriate abilities that are compatible with the 4IR job. The authors outlined four critical competencies that will support accountants in navigating the disruptive effects of technology on business and accounting. The competencies pertain to technology and data, business, ethics, and soft skills. These are regarded as success-oriented talents.

Having these abilities will make it easier for accountants to adjust to changes in their line of work and role. Acquiring non-financial competencies such as leadership, information technology, and analytical abilities will enable future accountants to deal with the demands of business and society and operate effectively with technology [16]. These abilities are helpful as the modern accountant's job requires a strategic, long-term outlook that is in line with 4IR. In addition to the skills described above that have been found in earlier research, The World Economic Forum [45] has listed eleven essential and crucial abilities for 4IR. With these abilities, accountants will be more equipped to meet the challenges of the 2020 future of work.

Complex problem-solving, critical thinking, creative thinking, people management, interpersonal coordination, emotional intelligence, judgment and decision-making, service orientation, capacity to negotiate, and cognitive flexibility are among the acknowledged talents [45]. These abilities are unquestionably the highlight of the choices made by 4IR applicants. The graduates will benefit from having these talents as they will enable them to succeed in their future careers. Before beginning a 4IR job, accounting graduates must master these abilities and build a good skills profile.

According to Yusof and Jamaluddin [46], graduates must be able to master and promote wider abilities to be hired, rather than relying just on a technical understanding of the field from academic institutions. According to Abdullah et al. [47], a graduate's preparedness for the workforce is determined by how successfully they can apply the abilities they acquired at their institution to land a job. The idea of career readiness places a focus on graduates' capacity to enter the profession with ease and guarantees that they have the skills necessary to be employable for an extended time [48].

Graduates will be able to enter the workforce, hold onto their jobs, and improve them over time with the appropriate skills. The graduate's employment preparedness in 4IR is summed up in Table 2. These investigations revealed a range of responses from the students, with some believing they were prepared for 4IR work while others were still unsure of how 4IR would affect their future. This raises an issue for the industry: Is the next generation prepared to join the profession and embark on 4IR?

Teng et al. [49] Undergraduate Questionnaire, Graduates will be able to enter the workforce, students from two Survey hold onto their jobs, and improve them over universities (China and time with the appropriate skills. The graduate's Malaysia) employment preparedness in 4IR is summed up in Table 2. These investigations revealed a range of responses from the students, with some believing they were prepared for 4IR work while others were still unsure of how 4IR would affect their future. This raises an issue for the industry: Is the next generation prepared to join the profession and embark on 4IR?

Purnamasari et Ninety accounting Qualitative Because their educational institutions did not al. [41] students from method which adequately educate them about the 4IR job Indonesia consists of market, accounting students are still ill-prepared interviews and to enter it. Their worries about being ready for focus group the digital age stem mostly from three things: discussion their lack of knowledge about how information technology and systems operate; the inadequate facilities and infrastructure provided by their academic institutions to support teaching and learning in the new digital era; and, finally, their incapacity as educators to use technologies to deliver learning materials in teaching and learning activities.

Rahmat et al. One hundred and Online survey The undergraduate students thought they had [50] ninety (190) questionnaire the necessary abilities to work under 4IR.

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Omar and Undergraduate Questionnaire Most accounting students are familiar with the Hasbolah [19] accounting students at Survey 4IR. They are eager to learn more about this the University of Industrial 4.0 era and are driven to participate in Selangor it. Lastly, students understand how 4IR will impact their ability to find work in the future labour market.

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Employers' remarks about graduates' skills and critiques of them over time have become commonplace. In most previous research, there was a discernible difference between the capabilities employers were looking for and the talents graduates possessed [52–56]. Employers' expectations were frequently unmet, and the high rate of skill mismatches has an impact on future labour performance and efficiency. If young graduates don't have the necessary skills that companies expect, they may not be able to survive long in the workforce. According to Heang et al. [57], young accounting graduates in Malaysia have early employment issues, indicating that they are not yet prepared to enter the workforce. Among the issues noted are a lack of technical knowledge and expertise, particularly in communication, time and stress management, adapting to a new work environment, and using sophisticated and smart technology [57]. These have turned into the cause of graduates' lack of readiness for the workforce as they lack confidence in their capacity to function in the quickly evolving workplace.

A misperception of the function of an accountant may also contribute to a mismatch in abilities [58]. The existing skill set produced among accounting graduates is inadequate, as the 4IR age is expected to bring about changes in the function of an accountant. Graduates with additional capabilities than standard accountants are in high demand from employers. As a result, the disparity in capabilities may be impacted by the company's performance, raising concerns about productivity and quality of service, thus endangering the company's ability to grow or even thrive in the cutthroat market [59]. Employers anticipate that graduates will expand internationally, be prepared for the workforce, and contribute to society and business.

As a source of human labour, higher education institutions are crucial in matching supply to demand and conditions in the labour market [60]. Universities must prepare the next generation of leaders and highly skilled workers for the labour market [38]. Universities, as a vital link in the education supply chain, have the power to completely shift the trajectory of the job market. According to Li [38], universities are dedicated to fulfilling the needs and expectations of the labour market.

This is demonstrated by the creation of educational programs that are pertinent to the markets of today, creative curricular design, altered delivery methods, and several other tactics employed to produce graduates who are qualified for the 4IR workforce. However, over time, the issue of university graduates' incompatibility with market expectations has grown to be alarming. Blame is frequently placed on the educational system for producing a lack of competent workers [54].

Studies by Al Mallak et al. [61], Bunney and Therry [62], Hadiyanto and Suratno [63], Heang et al. [57], Kavanagh and Drennan [55], and Kirstein [64] revealed employers' and accounting students' unhappiness with the skills development offered by their institutions. These studies propose many changes, including shifting the focus from technical knowledge to the development of soft skills, altering the syllabus's structure and content, and upgrading the mode of instruction to keep up with 4IR.

Unquestionably, if education institutions remain unchanged, the calibre of accounting graduates will suffer greatly. Higher education establishments should prioritize rewriting the education curricula [62]. According to Altarawneh [65], the focus of teaching and learning should be all-encompassing rather than only theoretical to produce well-rounded candidates. Gaining soft skills will improve graduates' employability, thus acquiring them should receive more emphasis. Education programs must be improved to support the development of employability skills, which are essential for 4IR employment.

Furthermore, Lawson et al. [66] proposed that the focus of accounting education should be on the integration of competencies into the curriculum and the implementation of these talents while adding value to the businesses to guarantee that accounting graduates are relevant for long-term employment demands. In addition, integrating technology into current curricula and making them forward-looking might be one way to generate graduates who are competent for the 4IR job market [10]. Technology will be used in accounting courses and programs to enable graduates to become comfortable handling and working with technology including conversant with future technologies. Therefore, the advent of online distance learning has the potential to establish a relevant learning environment and serve as an excellent means of introducing new graduates to technology and technological adaption [67].