Reference no: EM132461798

Technology and the Audit

There is a great deal of emphasis being placed on using and implementing technology throughout the accounting industry, including the audit profession. Knowledge and background on accounting and auditing is a necessary skill for the current environment. However, companies are changing how they operate and become more automated. The auditing profession must embrace the changes and rethink their audit approach. Furthermore, auditors will be required to develop a technology-driven skillset to address the growing importance of technology in business. Part of that skillset is being aware of how data, technology, and analytical techniques/tools can be used across the profession.

In this assignment, you will select topic that is an emerging use of data, technology, or analytical technique/tool that is used or may be used in the auditing profession. In two pages or less, discuss the following:

Question 1. Describe the type of data, technology, or analytical technique/tool that you have selected for you topic.

Question 2. Describe how your topic may impact the audit. Is your selected used by businesses or specifically used by audit firms? How does this change how auditors may need to think/operate?

Question 3. Describe the potential benefits and challenges associated with your topic.

Question 4. In your opinion, when should auditors begin to develop the skillsets needed to be successful in today's technology-driven environment (i.e. should you begin learning how to utilize these tools in an undergraduate program, an internship, or once employed in the profession)? Why?

Question 5. Make sure you have made your assignment clear and concise. Check for grammatical errors.