Influence of Professional Competence in Financial Control on the Digitalization of Control Procedures
Silviya Kostova - Tsenov Academy of Economics, Faculty of Economic Accounting, 2 Em. Chakarov Str., 5250, Svishtov, Bulgaria
Zhelyo Zhelev - Tsenov Academy of Economics, Faculty of Economic Accounting, 2 Em. Chakarov Str., 5250, Svishtov, Bulgaria
DOI: https://doi.org/10.31410/Balkans.JETSS.2024.7.1.29-38
Silviya Kostova - Tsenov Academy of Economics, Faculty of Economic Accounting, 2 Em. Chakarov Str., 5250, Svishtov, Bulgaria
Zhelyo Zhelev - Tsenov Academy of Economics, Faculty of Economic Accounting, 2 Em. Chakarov Str., 5250, Svishtov, Bulgaria
DOI: https://doi.org/10.31410/Balkans.JETSS.2024.7.1.29-38
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Balkans Journal of Emerging Trends in Social Sciences, (2024) , Vol 7, No 1
ISSN: 2620-164X |
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Abstract: The publication examines the relationship between the basic requirements for professional competence in financial control and the digitization of control procedures. Aspects of the digitalization of business processes and their correlation with the need to form specific qualities and skills in financial control are analyzed. In connection with proving the hypothesis that the quality of control procedures requires the assessment of the risk of digitalization, a correlation analysis is made. The aim is to confirm that, despite the penetration of technology in the control process, control bodies do not sufficiently apply new technologies to minimize risk. Financial control bodies should streamline processes, increase efficiency, and improve financial information and analysis accuracy.
Keywords: Professional competence, Digitalization, Financial control, Control procedures.
JEL Classification G32 ∙ F38
Keywords: Professional competence, Digitalization, Financial control, Control procedures.
JEL Classification G32 ∙ F38
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Muro, M., Liu, S., Whiton, J., & Kulkarni, S. (2017). Digitalization and the America workforce. Retrieved July 9, 2023, from www.brookings.edu: https://www.brookings.edu/articles/digitalization-and-the-american-workforce/
Norveel, J., Gonzalez, R., & Presthus, W. (2022). Basic digital competence in Norwegian banking. Procedia Computer Science(196), 183-190. https://doi.org/10.1016/j.procs.2021.12.004
Ruan, J., Yan, Z., Dong, B., Zheng, Q., & Qian, B. (2019). Identifying suspicious groups of affiliated-transaction-based tax evasion in big data. Information Sciences, 477, 508-532. https://doi.org/10.1016/j.ins.2018.11.008
Sergi, S. B., Kljucnikov, A., Popkova, E. G., Bogoviz, A. V., & Lobova, S. V. (2022). Creative abilities and digital competencies to transitioning to Business 4.0. Journal of Business Research(153), 401-411. https://doi.org/10.1016/j.jbusres.2022.08.026
Steinlechner, M., Schumacher, A., Fuchs, B., Reichsthaler, L., & Schlund, S. (2021). A maturity model to assess digital employee competencies in industrial enterprises. Procedia CIRP, 104, 1185-1190. https://doi.org/10.1016/j.procir.2021.11.199
Süße, T., Wilkens, U., Hohagen, S., & Artinger, F. (2018). Digital competence of stakeholders in Product-Service Systems (PSS): Conceptualization and empirical exploration. Procedia CIRP, 73, 197-202. https://doi.org/10.1016/j.procir.2018.03.297
Uzule, K., & Verina, N. (2023). Digital Barriers in Digital Transition and Digital Transformation: Literature Review. Economics and Culture, 20(1), 125-143. https://doi.org/10.2478/jec-2023-0011
Wang, K., Guo, F., Zhang, C., & Schaefer, D. (2024). From Industry 4.0 to Construction 4.0: barriers to the digital transformation of engineering and construction sectors. Engineering, Construction and Architectural Management, 31(1), 136-158. https://doi.org/10.1108/ecam-05-2022-0383
West, J., & Bhattacharya, M. (2016). Intelligent financial fraud detection: A comprehensive review. Computers & Security, 57, 47-66. https://doi.org/10.1016/j.cose.2015.09.005
Zhu, X., Ao, X., Qin, Z., Chang, Y., Liu, Y., He, Q., & Li, J. (2021). Intelligent financial fraud detection practices in post-pandemic era. The Innovation, 2(4). https://doi.org/10.1016/j.xinn.2021.100176
REFERENCES
Aleksandrova, A., Ninova, V., & Zhelev, Z. (2023). A Survey on AI Implementation in Finance, (Cyber) Insurance and Financial Controlling. Risks, 11(5), 91. https://doi.org/10.3390/risks11050091
Amiram, D., Bozanic, Z., Cox, J. D., Dupont, Q., Karpoff, J. M., & Sloan, R. (2018). Financial reporting fraud and other forms of misconduct: a multidisciplinary review of the literature. Review of Accounting Studies, 23(2), 732-783. https://doi.org/10.1007/s11142-017-9435-x
Anciollo, A., & Gavrila, S. (2023). The Impact of Research and Development on Entrepreneurship, Innovation, Digitization and Digital transformation. Journal of Business Research, 157. https://doi.org/10.1016/j.jbusres.2022.113566
Bansal, A., Panchal, T., Jabeen, F., Mangla, S., & Singh, G. (2023). A study of human resource digital transformation (HRDT): A phenomenon of innovation capability led by digital and individual factors. Journal of Business Research, 157. https://doi.org/10.1016/j.jbusres.2022.113611
Bulgarian Custom Agency. (2022). Sectoral strategy for the development of e-government in the Customs Agency - e-Customs 2021 - 2027. Retrieved from https://customs.bg/wps/portal/agency/about-us/strategies-programs-projects/strategies/e-customs(2014-2020)
Bulgarian Ministry of Finance. (2018). Project „Improving financial management and control systems and the internal audit function in the public sector”. Retrieved from https://www.minfin.bg/bg/1305
Cervera, M., Martínez, J., & Mon, F. (2016, June). Competencia digital y competencia digital docente: una panorámica sobre el estado de la cuestión. RIITE. Revista Interuniversitaria de Investigación en Tecnología Educativa, 0, pp. 74-83. http://dx.doi.org/10.6018/riite/2016/257631
Tanushev, C. (2022). Digital Transformation: The Impact on Corporate Strategy. Economic Alternatives, 28(3), 383-404. https://doi.org/10.37075/ea.2022.3.01
European Commission. (2008). Recommendation of the European Parliament and of the Council on the Establishment of the European Qualifications Framework for lifelong learning. Retrieved July 9, 2023, from www.eur-lex.europa.eu: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32008H0506(01)
European Commission. (2022). Decision (EU) 2022/2481 of the European Parliament and of the Council of 14 December 2022 establishing the Digital Decade Policy Programme 2030. Retrieved from eur-lex.europa.eu: https://eur-lex.europa.eu/eli/dec/2022/2481/oj
European Parliament. (2023). Shaping the digital transformation: EU strategy explained. Retrieved from www.europarl.europa.eu/news: https://www.europarl.europa.eu/news/en/headlines/society/20210414STO02010/shaping-the-digital-transformation-eu-strategy-explained
Gong, C., & Ribiere, V. (2021). Developing a unified definition of digital transformation. Technovation. 102, 102217. https://doi.org/10.1016/j.technovation.2020.102217
Grauer, K., Kueshner, W., & Updegrave, H. (2022, February 9). The 2022 Crypto Crime Report: Original data and research into cryptocurrency-based crime. Retrieved from https://cognizium.io/uploads/resources/Chainalysys%20-%20Crypto%20Crime%20Report%20-%202022%20Feb.pdf
Kitsios, E., Jalles, J. T., & Verdier, G. (2022). Tax evasion from cross-border fraud: Does digitalization make a difference? Applied Economics Letters, 30(10), 1400-1406. https://doi.org/10.1080/13504851.2022.2056566
Kutera, M. (2022). Cryptocurrencies as a subject of financial fraud. Journal of Entrepreneurship, Management, and Innovation, 18(4), 45-77. https://doi.org/10.7341/20221842
Manyika, J., Chui, M., Bisson, P., Woetzel, J., Dobbs, R., Bughin, J., & Aharon, D. (2015). The Internet of Things: Mapping the Value Beyond the Hype. Retrieved 2023, from www.mckinsey.com: https://www.mckinsey.com/~/media/mckinsey/industries/technology%20media%20and%20telecommunications/high%20tech/our%20insights/the%20internet%20of%20things%20the%20value%20of%20digitizing%20the%20physical%20world/the-internet-of-things-mapping-thevalue-be
Marcon, E., Le Dain, M., & Frank, A. G. (2022). Designing business models for Industry 4.0 technologies provision: Changes in business dimensions through digital transformation. Technological Forecasting and Social Change(185). https://doi.org/10.1016/j.techfore.2022.122078
Mergel, I., Edelmann, N., & Haug, N. (2019). Defining digital transformation: Results from expert interviews. Government Information Quarterly, 36(4), 101385. https://doi.org/10.1016/j.giq.2019.06.002
Muro, M., Liu, S., Whiton, J., & Kulkarni, S. (2017). Digitalization and the America workforce. Retrieved July 9, 2023, from www.brookings.edu: https://www.brookings.edu/articles/digitalization-and-the-american-workforce/
Norveel, J., Gonzalez, R., & Presthus, W. (2022). Basic digital competence in Norwegian banking. Procedia Computer Science(196), 183-190. https://doi.org/10.1016/j.procs.2021.12.004
Ruan, J., Yan, Z., Dong, B., Zheng, Q., & Qian, B. (2019). Identifying suspicious groups of affiliated-transaction-based tax evasion in big data. Information Sciences, 477, 508-532. https://doi.org/10.1016/j.ins.2018.11.008
Sergi, S. B., Kljucnikov, A., Popkova, E. G., Bogoviz, A. V., & Lobova, S. V. (2022). Creative abilities and digital competencies to transitioning to Business 4.0. Journal of Business Research(153), 401-411. https://doi.org/10.1016/j.jbusres.2022.08.026
Steinlechner, M., Schumacher, A., Fuchs, B., Reichsthaler, L., & Schlund, S. (2021). A maturity model to assess digital employee competencies in industrial enterprises. Procedia CIRP, 104, 1185-1190. https://doi.org/10.1016/j.procir.2021.11.199
Süße, T., Wilkens, U., Hohagen, S., & Artinger, F. (2018). Digital competence of stakeholders in Product-Service Systems (PSS): Conceptualization and empirical exploration. Procedia CIRP, 73, 197-202. https://doi.org/10.1016/j.procir.2018.03.297
Uzule, K., & Verina, N. (2023). Digital Barriers in Digital Transition and Digital Transformation: Literature Review. Economics and Culture, 20(1), 125-143. https://doi.org/10.2478/jec-2023-0011
Wang, K., Guo, F., Zhang, C., & Schaefer, D. (2024). From Industry 4.0 to Construction 4.0: barriers to the digital transformation of engineering and construction sectors. Engineering, Construction and Architectural Management, 31(1), 136-158. https://doi.org/10.1108/ecam-05-2022-0383
West, J., & Bhattacharya, M. (2016). Intelligent financial fraud detection: A comprehensive review. Computers & Security, 57, 47-66. https://doi.org/10.1016/j.cose.2015.09.005
Zhu, X., Ao, X., Qin, Z., Chang, Y., Liu, Y., He, Q., & Li, J. (2021). Intelligent financial fraud detection practices in post-pandemic era. The Innovation, 2(4). https://doi.org/10.1016/j.xinn.2021.100176
Association of Economists and Managers of the Balkans
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E-mail: [email protected]
www.udekom.org.rs
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Registration number.: 28157347