LEADING STRATEGIES FOR INDEPENDENT ACCOUNTING AND AUDIT PROFESSIONALS IN THE NEW NORMAL

Abstract

Purpose: Starting from in-depth research of the existing literature, the purpose of the undertaken research is to identify the main drivers that can guarantee not only the survival but also the growth of independent (freelance) professionals. The case of professional accountants and auditors is of particular interesting because bookkeeping is mandatory by law, and it is greatly affected by technological innovations and variations within the labor market. Methodology: Qualitative Analysis, Explorative Research Findings: The necessary skill set required for professionals is extremely complicated. Regular updates, new qualifications, and skills are needed for the survival of the companies in the market, especially large service companies (i.e., the so-called big-fours) because they allow independent professionals to compete on tailored and specific services. Implications for theory and practice: The identification of the required qualified skills for independent professionals is of the highest interest not only for the professionals themselves but also for the higher education sector which must adapt to the new demands and needs of the market. Universities, in particular, must update their offers, increasingly aim at convergence towards the preparation of highly qualified and specialized professionals. Originality and value: Compared to other research, the undertaken research focuses on independent professionals rather than big accounting and audit firms. Indeed, independent freelance professionals represent a highly qualified niche often forgotten by the analysis determined by academic research.