The contribution of IoT technology to improving the quality of financial reports: A field study on the General Electricity Company of Libya

Abstract

This study aimed to examine the contribution of Internet of Things (IoT) technology to improving the quality of financial reporting at the General Electricity Company of Libya, focusing on four qualitative characteristics: relevance, faithful representation, comparability, and timeliness. The study adopted a descriptive-analytical approach and used a questionnaire as the primary data collection instrument. The main study sample consisted of 46 employees working in financial and accounting functions, in addition to a supporting technical survey involving 10 employees from the Information Technology Department. The data were analyzed using SPSS and appropriate statistical methods. The findings revealed that IoT technology contributes significantly to improving the quality of financial reporting across all four dimensions. Timeliness ranked first, followed by faithful representation, comparability, and relevance. The findings also indicated that integrating IoT applications with accounting and financial systems can enhance the speed, accuracy, consistency, and usefulness of financial information for decision-making.