The Impact of Digitalization on the Accounting Profession: A Concept Paper

Digitalization is reshaping Malaysia’s accounting profession by automating routine, rules-based tasks and shifting human effort toward exception handling, analysis and advisory work. This concept paper consolidates recent research and policy developments to explain how and why these changes occur, proposing a Malaysia-specific framework that links technology adoption, process automation, competency shifts, role transformation and organizational outcomes moderated by policy/regulation, education and industry adoption maturity. Using an integrative review approach, the paper clarifies the mechanisms behind rising demand for analytics, AIS/ERP fluency, and communication skills; examines governance requirements (documentation, oversight, human-in-the-loop controls) that convert efficiency into reliable insight; and highlights risks including erosion of early-career learning, AI explainability and bias, and a digital divide affecting SMEs. Practical implications are outlined for universities, firms, professional bodies, policymakers, and individual accountants, emphasizing curriculum realignment, targeted CPD, secure cloud/RPA foundations, and supportive incentives for smaller practices. The analysis concludes that Digitalization does not replace the accountant but it redefines the role and when governance and capabilities advance together, it delivers faster reporting cycles, richer decision support, and stronger public-interest trust.