The Role of Digital Transformation in Accounting and Internal Auditing and its Impact on Financial Performance: A Field Study on Libyan Commercial Banks

Abstract

This study aims to identify the role of adopting digital transformation in enhancing accounting and internal auditing practices and to demonstrate its expected impact on financial performance. The study relied on a descriptive analytical approach, using a questionnaire to collect, analyze, and express data and information, with the goal of achieving the research objectives The study community was limited to a sample of employees in the public administration in some Libyan commercial banks. (60) questionnaires were distributed, and (55) of them were retrieved and approved using the statistical package (SPSS) The study concluded that adopting digital transformation has a positive role in enhancing the practices of the accounting profession and the internal audit profession in banks, and that this positive impact has an impact on the financial performance of these banks. There are also a number of obstacles facing the  implementation of digital transformation in the Banks The study concluded with several recommendations, most notably the need for senior and executive management in banks to embrace digital transformation processes and work to provide the latest electronic devices and applications to address the challenges arising from technology and mitigate the risks associated with them. It also requires them to adopt laws and legislation to combat cybercrime and mitigate the risks associated with the use of information technology.