Emerging Technology in Financial Report Audit

Audit Accounting
Emerging Technology

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY .................................................................................................................................1
1. Evaluation of the journal article’s main contributions, including its strengths, weaknesses
and recommendation/s for improvement....................................................................................1
2. Outline how the emerging technology in selected journal article can be used in the
Financial Report Audit................................................................................................................1
3. What challenges do auditors face in adopting emerging technology on audit engagements?
What opportunities are there for the audit profession and audit education to enhance the use
and success of the emerging technology in auditing?.................................................................2
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Emerging technologies are using by organisations for altering the financial reporting
environment considerably and this alteration is intensifying. Currently in this evolving
environment, it is essential for main leader in financial reporting, auditors, audit committees as
well as administration. This report based on the Woolworth limited, a major Australian company.
It is a biggest organisation by revenue and biggest takeaway liquor retailers (Stein, 2019). For
this report select a article of “Woolworths plans AI driven stores as cloud transformation bears
fruit”. In this report covers main contribution of journal article and provide suggestions, analysis
selected technology AI and identify all the challenges that face by auditors in adopting emerging
technology.
MAIN BODY
1. Evaluation of the journal article’s main contributions, including its strengths, weaknesses and
recommendation/s for improvement.
Woolworths will use the cloud application to store data of different applications and for
this planning to apply AI software to present how many product available in different stores.
With the help of this technology Woolworths plan to move internal information into the cloud.
For this apply the Artificial intelligence software to track the payment and sort out the errors on
time. The main strength of this software that provide all the information to management at any
places but for this requires to Id and password. There is available different advantages of tech
work involved in digital transformation by cheaper running cost and improved systems. The
weakness of this technology that any person can use information for personal use. It is
recommended that company do not share password to with all employees. After the application
AI algorithms to different sites to support store managers decide on ranges to introduce, promote
or discard (Barta, 2018).
2. Outline how the emerging technology in selected journal article can be used in the Financial
Report Audit
The AI technology use by the company to manage all the data and information to conduct
financial audit in proper manner. The company face the problem of payment error changes that
impact on the customers number of company so for this requires to apply Artificial intelligence
to track the record of transactions and sent message of confirmation (Kelly, 2020). There is
1