Open AccessThe implications, applications, and benefits of emerging technologies in audit
Author(s) -
Riley Carpenter,
Dale McGregor
Publication year - 2020
Publication title -
the business and management review
Language(s) - English
Resource type - Journals
eISSN - 2047-2862
pISSN - 2047-2854
DOI - 10.24052/bmr/v11nu02/art-05
Subject(s) - audit , emerging technologies , process (computing) , process management , information technology audit , business , performance audit , emerging markets , quality (philosophy) , quality audit , audit plan , key (lock) , internal audit , risk analysis (engineering) , accounting , computer science , joint audit , finance , computer security , philosophy , epistemology , artificial intelligence , operating system
Technological innovation has given rise to the possibility of implementing emerging technologies to potentially improve business operations. Audit firms, as businesses, could utilise emerging technologies to address several challenges the audit profession currently faces. This paper performs a qualitative analysis of prior literature concerning the potential implications and applications of the use of emerging technology in the audit process and the benefits audit firms can realise from using emerging technology. Using emerging audit technology in the audit process could automate many repetitive, mundane tasks and assist with performing analytical reviews on large datasets, thereby improving audit quality and efficiency. This paper adds value firstly by highlighting the potential for technological innovation within the audit process and how this innovation could supplement the traditional audit processes and procedures audit firms currently use and secondly, by incorporating emerging technologies into the audit process and highlighting key benefits that can be derived by shifting away from manual processes.