Advancements in Technology and Their Impact on Auditing Practice

AUDIT 1
Issues in auditing practice
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AUDIT 2

AUDIT 3
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RE: Reply on how advancements in technology will affect your role in the audit team
From:
To: Savannah
Almost all companies in the field of production are experiencing frequent changes that
have ended up affecting the auditors too. Some of the advanced technologies that are seriously
affecting the profession of audit include the following;
Artificial intelligence: Artificial intelligence implies machines taking over works that
need ‘intelligence’ say knowledge, sensing, learning, reasoning-capacity, achieving targeted
goals, developing new things, creating and adopting a language. This kind of technology is
normally termed as ‘evolving technology’ that is serviced with systems of computers with things
that are allied with the intelligence of humans. These machines will have to take on the activities
performed by human beings mainly in the auditing department
‘Robotic Process Automation’: Robotic Process Automation is a software that is
instructed and programmed by several users to perform tasks based on rules, repeated and of
high volume in the current economy where there are various integrated systems that are loose. In
most cases, Robotic Process Automation is applied where there is need to transfer output of one
‘financial process’ to another or even several information sources require to be consulted. As
many companies are adapting this kind of technology, auditors are having a powerful tool to
accurately report information and improve on the auditing quality with a benchmark of
comparative data.

AUDIT 4
Data analytics: It includes tools of analysis that have been employed from both systems
of operations and accounting for quite a longer period. Some companies have abruptly changed
from the local sampling techniques to use of data analytics in testing their transactions. The data
analytics system is a very better technology system the gives the auditing department the
potential to generate high quality audit.
The effects of these technologies on the ways auditors like you may face in your career
also include the following;
The ideology of technologies in audit teams are very crucial to aid their roles in the
businesses. It is evident that, communication can be attained through utilization of technologies
to give information in order to analyze current information to aid presentation. Auditors present
information to the clients after collecting and analyzing the data in order to aid decision making
in the businesses. For the purpose of getting maximum value emanating from the audit through
identifying areas of improvement and risk, internal audit moves in relation to data analytics
about the audit cycle.
Technologies have supported the analytical procedures at different audit stages in that it
takes different stage in order to yield effective communication in audit teams. It is believed that
the analytical part about auditing is done effectively especially when the auditors and the clients
reach to their equilibrium as in communication.
Also, these technologies have decreased the auditors’ participation in decision making in
that when audit teams use machines to audit, the biasness among the clients is reduced since
auditors provide consistent, reliable and error free reports.