The purpose of this paper is to develop a conceptual framework of teacher competence in technology-enhanced learning environments in higher education that can be used for evaluating teaching effectiveness and guiding faculty development in accounting and business education. Using perspectives from pedagogical content knowledge theory, educational production function theory, and the competence-in-action theory, the paper draws on the teacher competence framework (Baumert & Kunter, 2013) that has been previously used for modelling teacher competences of pre-service accounting teachers (Bouley et al., 2015) and proposes two modifications of it that will allow to include in-service teachers within higher education. The authors argue that by incorporating a set of TPACK (Mishra & Koehler, 2006) constructs the proposed conceptual model can capture and structure the essential types of teacher knowledge for effective technology integration and, therefore, is well-suited for evaluating teaching effectiveness and setting faculty professional learning goals. This paper is an extended and updated version of an earlier paper that was originally presented at the Annual CITE Conference (Thomas & Chukhlomin, 2020).