Awakening of the fourth industrial revolution: a phenomenological inquiry on the coping mechanism of CPAs

Abstract

With the onset of the fourth industrial revolution and the introduction of artificial intelligence, accountants confront a new worldwide challenge in fast-changing skills and competencies that are necessary now and will undoubtedly be required in the future. Thus, this study aims to obtain credible information on the actions that CPAs must take to cope with the changes brought about by the fourth industrial revolution. In doing so, in-depth interviews and focus group discussions (FGD) via social media platforms were conducted among 14 participants. Thematic Analysis and Data Reduction were used to analyze the gathered data. The qualitative nature of this study shows insights and coping mechanisms of CPAs to the technological changes brought by the fourth industrial revolution. It resulted in the emergence of the major themes, namely, Accounting Transactions Over the Years, System Upgrades, Convenient Workload, System Crashes, Learning from Trainings and Seminars, Technological Accessibility and Use of Application Software, Adaptation to Changes is Indispensable, Pressure Exists in the Workplace, Maintaining Competence, and Work Pressure Causes Stress. Implications for this study provide one example of a qualitative research study of coping mechanisms of CPAs in the face of industry 4.0 that outlines the various methods used to conduct research in a phenomenological and interpretive setting.