Leveraging Information Technology in Auditing Practice
Leveraging Information Technology in Auditing Practice

Author(s): Iavor Bachev
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: audit; technology; risk; data analytics; artificial intelligence
Summary/Abstract: This article investigates the impact of cutting-edge technology such as artificial intelligence and process automation on the auditing industry and profession. The essay examines relevant sources and literature to present the benefits, problems, and implications of integrating new technology, and discovers a link between how digital tools are reinventing auditing by boosting audit process efficiency and accuracy. The new tools enable auditors to examine various datasets, detect patterns and abnormalities, eliminate human error, and concentrate on high-level yet critical tasks like planning. The article also addresses potential concerns about adopting new technologies--while the benefits are significant, there are potential drawbacks such as implementation costs (e.g., licenses), security concerns, and the need for auditors to learn new skills and knowledge in order to properly use the new technologies. The study identifies the necessity of training programs and organizational change management in addressing the key needs that occur as a result of the adoption of new technologies. Finally, the article concludes that, despite the hurdles, integrating sophisticated technology into auditing is critical for enhancing audit quality and operating efficiency. These technologies would lead to specialization in different areas like as data analytics or cyber security, as well as improved collaboration between auditors and other stakeholders.

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