A survey of ACCA members and affiliates about their understanding of terms: artificial intelligence, machine learning, natural language processing, data analytics and robotic process automation, revealed technology’s ability to renew processes that improve audit quality and increase efficiency.
The report reveals how technology is also a catalyst that will help shift the focus of the audit process from a retrospective view to one which is prospective. It also assesses the technologies having most impact on the audit profession as we know it today.
Drawing on existing research and exploring the views of leading practitioners, it provides an understanding of how the changing business environment is shaping technological change in auditing – summarising how different technologies could be expected to impact its future and what this means for auditors as people.
Key findings in the report also revealed:
• Among the available technologies, data analytics is currently the most mature and is currently used by most firms
• The audit profession is still at a very early stage with AI and has not embedded it as deeply as it could
• The human relationship between client and auditor remains important: not everything can be replaced by technology
• Auditors will need to be more adaptable to change in future
Full press release
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