By Christina Chia, CA(M), FCCA, ACTIM
The whole world, including Malaysia, has been on a whirlwind of digital evolution—with Covid-19 restrictions and lockdowns as a major catalyst for change.
For the accountancy profession, this digital acceleration has redefined roles and expectations. Accountants are now expected to harness technology not only for reporting accuracy but also for delivering strategic insights, strengthening governance, and ensuring compliance. This shift marks a profound evolution in the profession, underscoring why digital literacy is becoming as essential as technical accounting expertise.
Like other industries, the accountancy profession has also been able to leverage digital transformation, evolving from basic software which facilitated double entries only, to the super-efficient software of today which incorporates ERP seamlessly and generates not only financial reports but also metrics on data integrity, process flow compliance, and internal controls. Tasks that once required entire teams and lengthy manual effort can now be performed almost instantly by digital systems—faster, more accurate, and highly efficient.
Digitalisation is not confined to accounting systems alone. It cuts across every aspect of the profession—from audit to tax to corporate secretarial (cosec) work—driving efficiency, compliance, and transparency across the board. This broader transformation illustrates how specialised functions such as cosec are also being reshaped.
Interestingly, the newest version of these software solutions include role-setting functions that assign specific responsibilities to each user, thereby limiting access and actions within the system. For the accountancy profession, this is vital because it ensures segregation of duties, safeguards confidentiality, and supports strong internal controls. For example, junior staff may be limited to data entry, while managers review reconciliations, and partners approve reports. Such digital guardrails not only prevent conflicts of interest and fraud but also uphold professional ethics and compliance standards across increasingly complex organisations.
Cosec work has undergone a similar revolution, with digital platforms enabling compliance automation and productivity gains. A true digital experience is one where the tool manages compliance on the cosec’s behalf—for example, sending auto-reminders periodically, allowing client access, and reducing transparency gaps among stakeholders.
From the C-Suite perspective, a fully digital cosec system enables greater accountability, transparency, and confidence that corporate secretarial matters are in line with ESG compliance. Imagine a group of companies with 50 subsidiaries or an MNC with operations in multiple countries. Instead of duplicating folders for every subsidiary or jurisdiction, companies can now subscribe to cloud-based systems with proper role-setting and support, eliminating the need for heavy in-house development costs. Role-setting is especially critical here because cosec systems hold P&C information; without it, such systems are not fit for multi-stakeholder use, let alone multiple legal jurisdictions.
Conclusion
The future of the profession is at a critical juncture. Embracing aggressive digital transformation is not merely an option; it is the essential path forward for continued relevance and efficacy. Digitalisation is the key to streamlining operations, enhancing compliance accuracy, and sustaining organisational growth.
As digital tools take over routine and compliance-heavy tasks, accountants will be freed to step into their evolving role as strategic advisors. Beyond ensuring that organisations meet regulatory requirements, they will increasingly guide business leaders in harnessing data for decision-making, integrating ESG into long-term strategy, and navigating risks in an uncertain global economy. In this sense, digitalisation elevates the role of accountants, positioning the profession as a vital partner in building sustainable, resilient, and future-ready organisations.
