Revolutionizing audit with technology: The future is here

Technology has revolutionized the audit industry by increasing efficiency, accuracy, and productivity. There are various technological tools that auditors can use to streamline their work and provide better services to their clients. These tool include:

1. Audit management software: This software allows auditors to manage the entire audit process from planning to report generation. It helps them to create audit programs, assign tasks, track progress, and generate reports.
2. Data analytics tools: Auditors can use data analytics tools to analyze large volumes of data quickly and accurately. These tools help to identify trends, anomalies, and potential risks, which can be used to improve the quality of the audit.
3. Artificial intelligence (AI): AI is becoming more prevalent in audit as it can be used to automate tasks such as data entry, reconciliations, and report generation. It can also help auditors to identify risks and potential frauds.
4. Cloud computing: Cloud computing enables auditors to access their files and data from anywhere, at any time. It also allows multiple auditors to work on the same file simultaneously.
5. Mobile technology: Auditors can use mobile technology to work remotely, access files, and communicate with clients and team members.

In conclusion, technology is becoming an integral part of the audit process. It is changing the way auditors work and enabling them to provide better services to their clients. However, it is essential to ensure that auditors have the necessary skills and knowledge to use these tools effectively.

That… was written by ChatGPT “a large language model created by OpenAI, designed to generate human-like text in response to natural language inputs.” I even asked it for a title of this article. Clever huh?

This is the latest AI technology that is set to impact the world in areas like research, marketing, and potentially audit and assurance.

The content it currently generates still needs to be reviewed by human eyes, after all the chatbot is still in “development” phase. Notice the American spelling? Typically, in New Zealand we tend to prefer English spelling – but that could change…

Whatever your thoughts are on this technology, what ChatGPT is saying is correct… it is essential to ensure that auditors have the necessary skills and knowledge to use these tools effectively.

Resources

To assist auditors when it comes to the use of technology and Automated Tools and Techniques, the IAASB has issued a number of guides and non-authoritative support material.  

A couple of useful guides from their page include:

• Investigating Exceptions and Relevance of Performance Materiality When Using Automated Tools and Techniques, to help address certain frequently asked questions when performing audit procedures using Automated Tools and Techniques. This is their latest guide, issued in February 2023.
• Specific considerations for planning an audit, when using Automated Tools and Techniques.

Our colleagues in Australia have a site dedicated to technology for auditors to refer to, including guidance issued in November 2022 on Evaluating the Reliability of Data obtained for Use in Audit Technology Tools.

We recommend that auditors seek out these non-authoritative resources when they use Automated Tools and Techniques or when considering their clients use of technology and the underlying risks.

Automated Tools and Techniques

You’ll notice new terminology here: Automated Tools and Techniques, or ATT. This has replaced what we used to refer to as Computer Assisted Audit Techniques, or CAATs.

Automated Tools and Techniques is a broad term describing the tools and techniques used by auditors in performing audit procedures. The term is deliberately broad because technologies and related audit applications will continue to evolve, such as artificial intelligence applications, robotics automation processes and others. 

The future

So, what does Chat GPT think about technology in the future of audit?

Technology is expected to play an increasingly important role in audit in the future. As more data becomes available and companies seek to automate their processes, auditors will need to rely on technology to perform their work efficiently and effectively.

That is true, technology is going to play an important role in the future of audit. And like the title says, the future is here. So, what I really want to know is…. what should I have for lunch?

As an AI language model, I don't have access to your personal preferences, dietary restrictions, or the food options available to you. Therefore, I am unable to suggest a specific lunch option for you.

Oh well I guess some parts of the future are not here quite yet… it looks like there’s still some things that we’ll have to think about for ourselves. Happy auditing!

Published: 14 February 2023