CURRENT CHALLENGES OF THE ACCOUNTING PROFESSION

Although the accounting profession is not centrally regulated in the Czech Republic, several important institutional bodies perform regulatory and educational roles. These institutions also conduct professional examinations on various levels of accounting expertise. In this research paper, we learn from the opinions of accounting professionals, auditors, consultants and tax advisors as well as from the reflections of representatives of accounting associations on how the profession is adapting to current societal changes brought about by new technology and changes in society. To achieve this aim, we carried out semi-structured interviews with current representatives of the accounting profession in the Czech Republic. The need to rapidly adapt to new technological challenges, as well as apply new concepts are some of the key challenges for the accounting profession. According to previous findings, modern technology and digitization assist with data collection but do not simplify the analytical process, interpretation, and implications of empirical findings. In this vein, it is often claimed that new technology is used in an old manner and thus it is not bringing about the expected effect of its innovation. Furthermore, the frequently highlighted digitalization can also ease the misuse of data, and this is yet another chapter that needs to be explored in future research.