Role of Technology in Auditing Function

Running Head: Role of technology in auditing function
Audit and Technology

Role of technology in auditing function 1
Abstract:
This report presents the significance of technological development in the auditing profession.
The basic objective of and audit is to enable the auditor to provide an opinion on the true and
fair view of financial statements of the client organisation. While performing the audit
engagement an auditor has to carry out various audit procedures to gather sufficient and
appropriate audit evidences. Traditionally, the auditor conducts sample audit testing to
achieve the purpose of audit under which only a part of entire population is checked and
verified. However, with the introduction of various technologies such as Artificial
Intelligence, Blockchains and Data Analytics analysis and checking of 100% transactions
have become practical and easier. The entire population could be checked within minimum
time and with accuracy through the use of audit software. However, even the use of audit
tools and software does not alter the auditor’s integral role of provision of opinion by
applying the professional judgement.

Role of technology in auditing function 2

Role of technology in auditing function 3
Table of Contents
Abstract:................................................................................................................................................1
Introduction:..........................................................................................................................................3
Current position of audit and technology:.............................................................................................4
Future position of audit:........................................................................................................................5
Change in the role of auditors:..............................................................................................................6
Issues faced while using technology in audit.........................................................................................7
Conclusion:............................................................................................................................................8
References:............................................................................................................................................9