Major
Accounting
Advisor
Boyle, Edmund
Advisor Department
Accounting
Date
5-2019
Keywords
Accounting, Technology, Change
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 4.0 License.
Abstract
The intention of this project is to learn about the technological changes that are impacting the auditing process. The audit is changing due to technological advances. In order for audit firms to stay competitive and keep their clients, they need to adhere to these changes. The purpose of auditing is to examine and verify that a company’s financial statements have been prepared in accordance with generally accepted accounting principles. Audit firms are adopting many methods of change in terms of technological progression. Innovations such as inventory drones and Robotic Procession Automation (RPA) have had major impacts in this field. It has been cited in both articles and interviews that technology will help with the mundane and manual audit tasks. I was able to observe first-hand how firms are changing with my recent internship and exposure to different firms. By re-engineering how the audit is performed, the human mind can now be used for critical problem solving. Although there are revolutionary changes happening, I do not believe that humans will ever become obsolete in an audit. The audit will change but the presence of technology will allow for auditors to work more effectively. Auditing is evolving dramatically due to the constant changes in technology and it will continue to change in the future. It was through this learning opportunity that I was able to get a better understanding of the growing auditing process.
Description of project