Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA) have jointly published the ‘Audit and Technology Playbook: A Practitioner’s Guide’.
The guide is designed to assist audit professionals to navigate the rapid advancements in technology, including artificial intelligence (AI), machine learning, and blockchain.
The playbook provides actionable strategies for auditors to harness the power of advanced technologies, while maintaining professional ethics and human oversight.
It offers a comprehensive framework for small and medium-sized practitioners to navigate the digital transformation, highlighting the importance of balancing technological advances with the irreplaceable value of human judgement.
Furthermore, the guide underscores the potential of Generative AI and sophisticated data analytics in auditing, allowing for the analysis of vast data sets in seconds and revealing patterns that were previously undetectable.
This can lead to greater confidence in audit outcomes compared to traditional methods, according to the ACCA.
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By GlobalDataThe ‘Audit and Technology Playbook’ includes key sections on developing a digital strategy, investing in staff skill development, and implementing governance structures to ensure audit integrity.
As per the announcement, these insights are based on extensive research and roundtable discussions with industry members from several markets.
CA ANZ group executive of advocacy and international Simon Grant said: “Technology is opening up new possibilities in auditing that were out of reach only a decade ago.
“However, the human element remains as important as ever. Our professional scepticism, judgment, and ethics must remain at the forefront as we integrate these new tools into our practices.”
ACCA director of policy and insights Mike Suffield said: “Advanced technologies can allow auditors to gain deeper insights into the businesses they audit.
“But there is a very real danger of relying too heavily on technology, such as through automation bias where technology subtly influences an auditor’s judgment.”
A recent survey by BDO highlighted the growing expectation among companies for audit firms to utilise advanced technologies to enhance the audit process.
While the potential for higher-quality audits is acknowledged, finance leaders also emphasised the irreplaceable value of human expertise in the field.
