Describe the audit process by increasing automation

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Reference no: EM132716203

Question: Challenges Faced auditors, finance and accounting professionals and regulators which has implications for Disruptive technologies are also having a profound impact on the skills required of educators, recruitment policies and staff development.

Technology is disrupting the audit process by increasing automation to drive efficiencies.

Khurram Siddiqui highlighted key areas of change. 'Traditionally the audit approach was a combined risk assessment using substantive sample testing and assessment of controls.

Now with technology enabling us to test the full population of entries and not only a sample, we move away from asking 'what could go wrong?' to 'what has gone wrong?'. We have more certainty and precision with regards the transactions, and more transaction evidence of control weaknesses.

Recommendations on how to overcome these challenges.

Reference no: EM132716203

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