What are the challenges for the audit profession

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Question

The traditional way to study accounting assumes that businesses receive and make payments by check and retail business is conducted using cash.

In the last two or three decades, technology has changed how financial transactions are processed, particularly considering electronic payments and computerized accounting and record keeping

How have, and how should these changes affect how we audit and what are the challenges for the audit profession? (you can discuss this generally or specifically where it relates to the audit of 'cash' transactions)

Reference no: EM132314897

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