Digitalization as an answer to skills shortages? Changing processes and requirements in accounting and auditing and the impact on university education

Advancing digitalization in companies means that routine activities are increasingly automated, reducing the need for human labor. This is particularly evident in corporate accounting and, to some extent, in the audit of annual financial statements, as demonstrated by existing studies and an extensive literature review. The text follows a mixed-methods approach by combining personal and synthetic experiences. The purchase-to-pay process serves as an illustrative example of the significant potential for rationalization resulting from digitalization. The potential for savings through digitalization can help address the shortage of skilled workers. Furthermore, digitalization can enhance the capabilities of auditing firms and enable them to offer new and innovative services. Through interviews with auditors in the East Westphalia region, these starting points were identified. However, the elimination of routine tasks and the emergence of new requirements and opportunities through digitalization have led to an increase in the qualitative demands on (future) employees in accounting and auditing. Therefore, it is imperative that universities adapt their teaching accordingly, as will be discussed in the conclusion. The results provide valuable insights for aligning recruitment strategies of companies and accounting firms in the intensifying war for talent.