IJCRT21X0228

www.ijcrt.
org © 2024 IJCRT | Volume 12, Issue 5 May 2024 | ISSN: 2320-2882
“IMPACT ON TECHNOLOGY ON AUDIT

QUALITY AND EFFICIENCY”
Nisarga V N
Student
PES University
ABSTRACT
In recent years, technological advancements have revolutionized the field of auditing. This paper delves
into multifaced impact of technology on audit practices, exploring how various technological innovations
have reshaped the audit landscape. It also provides insights into opportunities and challanges posed by
technological integration while audit.This research explores the relationship between technology adoption
and audit quality and efficiency, focusing on various technological tools such as data analytics, AI, RPA,
block chain and Power BI. The survey conducted and a stastical test - Chi square is conducted which finds
out that there is a siginificant relationship between the impact of technology on the audit report quality and
efficiency. Overall, the research underscores the importance of technology in modern auditing practices and
provides insights for auditors to effectively integrate technological advancements into their work
KEY WORDS: Technology, Audit, Auditor, Artificial Intelligence, BlockChain
1. INTRODUCTION
Auditing is the process of checking the financial statements along with other accounting information of any
business organization. It is a systematic procedure where the economic condition of the entity is analyzed.
The person taking up the responsibility for the process is called an “Auditor”.
In Auditing it is checked if the business is running profitably or not. Auditing is an important process for
the company, the investors, the government, creditors, shareholders, etc. They very much rely on audit
reports to make important business decisions.
The basic principles of auditing are planning, honesty, secrecy, audit evidence, internal control system,
skill and competence, work done by others, working papers, and legal frameworks.
Definition:
 “Auditing is the. verification of financial position as disclosed by the financial statements. It is an

examination. of accounts to ascertain whether the financial statements give a true and fair view of the
finances. position and profit or loss of the business.”
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www.ijcrt.org © 2024 IJCRT | Volume 12, Issue 5 May 2024 | ISSN: 2320-2882
Types of Auditing
AUDIT
Internal Audit External Audit
Internal audit: 1. Internal audits take place within your business. As the business owner, you initiate the audit
while someone else in your business conducts it. Businesses that have shareholders or board members may
use internal audits as a way to update them on their business’s finances. And, internal audits are a good way
to check in on financial goals.
2. External audit: An external audit is conducted by a third party, such as an accountant, the IRS, or a tax
agency. The external auditor has no connection to your business (e.g., not an employee). And, external
auditors must follow generally accepted auditing standards (GAAS). Like internal audits, the main objective
of an external audit is to determine the accuracy of accounting records. Investors and lenders typically
require external audits to ensure the business’s financial information and data are accurate and fair.
Background of the study
Auditing evolved and grew rapidly after the Industrial Revolution in the 18th Century. With the
growth of the Joint Stock Companies, the ownership and management became distinct and
different. The shareholders, who were the owners, needed a report from an independent expert
on the accounts of the company managed by the Board of Directors who were the employees.
The objective of the audit shifted and the audit was expected to ascertain whether the accounts
were true and fair rather than detection of errors a nd frauds.
In India, the Companies Act, of 1913 made audit of company accounts compulsory. With
increase in the number and as also size of the companies and the volume of transactions, the
main objective of audit shifted to ascertaining whether the account s were true and fair, rather
than true and correct. Hence the emphasis was not on arithmetical accuracy but on a fair
representation of the financial efforts.
The Companies Act, of 1913 also prescribed for the first time the qualification of auditors. As
of now, Chapter X of The Companies Act, 2013 (Section 139 to Section 148) deals with Audit &
Auditors. It deals with the appointment of auditors, their removal, resignation, eligibility,
qualification, disqualification, remuneration, powers, ties and auditi ng standards.
The International Accounting Standards Committee and The Accounting Standards Board of The
Institute of Chartered Accountants of India (ICAI) have developed standards on accounting and
auditing practices to guide accountants and auditors in t heir discharge of duties.

The later developments in auditing pertain to the use of computers in accounting and auditing.
India's economic environment saw revolutionary changes with the start of its economic liberalization phase
in 1991. India had a sharp rise in foreign investment and a fast expansion of the business sector as a result
of liberalization, privatization, and globalization policies. Multinational companies began to enter the
Indian market during this time, which helped the country become more integrated into the world economy.
The Companies Act of 2013 significantly altered financial reporting, auditing standards, and corporate
governance in addition to these modifications.
Additionally, it reflected the growing significance of global best practices by harmonizing Indian auditing
methods with international norms. As a result, the duties of auditors have changed from only making sure
that regulations are followed to ensuring that financial statements are reliable and fair. They also actively
participate in risk management and corporate governance procedures. All things considered, this time
period was a turning point in the modernization of India's business climate and the improvement of
accountability and openness in corporate processes.
RECENT TRENDS IN AUDITING
India's auditing procedures have seen a noticeable change in recent years, with a greater emphasis on
utilizing technology to increase efficacy and efficiency. Artificial intelligence, blockchain, and data
analytics are some of the tools that are being used more and more to find fraud, expedite audit
procedures, and extract more information from financial data. Nonetheless, there are still issues to be
resolved, such as guaranteeing audit quality, upholding auditor independence, and adhering to changing
regulatory requirements. The independence and objectivity of auditors are under increased scrutiny,
especially in the wake of corporate scandals.
Furthermore, since organizations now confront greater risks and uncertainties than ever before, the
COVID-19 epidemic has highlighted the necessity of strong auditing procedures. In these difficult
circumstances, auditors are essential in identifying and reducing these risks, maintaining financial stability,
and restoring investor trust. Therefore, technological adoption must continue to go hand in hand with an
emphasis on resolving innate issues and adjusting to shifting business settings if auditing in India is to
advance.
The use of technology, improving audit quality, and tackling new difficulties are the three main directions
that recent developments in auditing have moved. Robotic process automation (RPA), artificial intelligence
(AI), and data analytics are three technologies that auditors are using more and more to expedite audit
procedures and more effectively spot fraud or possible hazards. While continuous auditing and monitoring
techniques provide real-time risk assessment and proactive risk management, data analytics allows auditors
to glean insights from enormous volumes of financial and non-financial data. In response to changing
stakeholder expectations, the auditing scope has broadened beyond financial statements to include topics
like cybersecurity, environmental sustainability, and social responsibility.
The above-mentioned developments underscore the flexibility of auditing methodologies in reaction to
regulatory modifications, technological breakthroughs, and changing stakeholder requirements, with the
ultimate goal of maintaining the integrity of financial reporting.
In conclusion, it can be claimed that auditing has advanced significantly from hearing accounts to using
computers to review accounts. The growth of diverse threats and the quick advancements in technology
have led to a significant rise in the significance of data analysis. To handle data that is relevant to the audit

and to increase the efficacy and efficiency of the audit process, computer-assisted audit techniques, or
CAATs, have been incorporated into audits.
Trends in Technological Advancements for Auditors
1. Data Analytics and Artificial Intelligence (AI):
Auditors are increasingly utilizing data analytics and AI to analyze large datasets efficiently. AI helps them
spot patterns, anomalies, and trends in financial data, aiding in fraud detection and error identification.
Moreover, machine learning can forecast future financial trends and risk areas, enabling auditors to offer
proactive insights.
2. Blockchain Technology:
Blockchain offers a decentralized and tamper-resistant method for financial record-keeping, enhancing
transparency and security. This technology assists auditors in verifying the authenticity and accuracy of
transactions, reducing fraud risks. Additionally, smart contracts automate auditing tasks like confirming
contract obligations and streamlining processes.
3. Cloud Computing:
Auditors can access and analyze financial data remotely through cloud computing, improving collaboration
and efficiency. Cloud-based auditing platforms enable real-time audits, saving time and costs compared to
traditional on-site audits. Cloud solutions also ensure data security through robust encryption and backup
measures.
4. Robotic Process Automation (RPA):
RPA automates repetitive audit tasks such as data entry and reconciliation, allowing auditors to focus on
complex analysis. RPA bots work continuously without fatigue, speeding up audit cycles and reducing
operational costs.
5. Predictive Analytics and Risk Assessment:
Auditors utilize predictive analytics to anticipate financial risks and identify potential audit issues early on.
By analyzing historical data and market trends, auditors provide proactive advice on risk mitigation and
performance improvement. Advanced risk assessment tools prioritize audit procedures based on risk
probability and impact.
THEORETICAL IMPLICATION OF THE TOPIC
The impact of technology on audit quality and efficiency can be analyzed theoretically from a variety of
angles using auditing theory. The following are,
 Agency Theory: The interaction between principals (shareholders) and agents (management) is the
emphasis of agency theory, which can be used to the integration of technology in auditing. AI and
sophisticated data analytics techniques can help auditors identify and track possible managerial
opportunism and agency conflicts. By giving stakeholders faster access to more precise information
and minimizing information asymmetry, this could improve the quality of audits.
 Transaction Cost Economics: Technology can affect audit efficiency from a transaction cost economics
standpoint by lowering the expenses related to information processing and verification.
Technology-enabled automated audit processes can reduce transaction costs, increasing the
effectiveness of audits. Nonetheless, auditing firms may incur more upfront costs as a result of their
early training and technology investments
 Research-based view: According to the resource-based view, technology can be viewed as a strategic
resource that enhances a company's competitive edge. Accounting companies may obtain a
competitive advantage in the market if they successfully use technology to increase audit quality and
efficiency. An auditor's ability to do higher-quality audits more quickly than their rivals can be
improved by having access to cutting-edge technological tools and knowledge.
 Auditing standards and regulations: Auditing standards and regulations are in line with the theoretical
effects of technology on audit quality and efficiency. Auditors are expected to modify their methods
and procedures in line with the evolution of auditing standards to integrate technology improvements.
Adherence to technological usage regulations may impact audit processes and corporate behavior,
ultimately determining the effectiveness and quality of the audit.
 Technology has the potential to change auditing procedures, improve information processing
capabilities, lower transaction costs, and provide a competitive advantage. These benefits are
highlighted by the theoretical implications of technology on audit quality and efficiency. To maximize
its impact on audit outcomes, technological integration must take into account several theoretical
stances, organizational considerations, and legal constraints.
NEED OF THE STUDY
 In recent years, technological advancements have revolutionized the field of auditing, promising both
enhanced quality and efficiency in the audit process.
 This paper delves into the multifaceted impact of technology on audit practices, exploring how various
technological innovations have reshaped the audit landscape.
 By examining the influence of technology on audit quality and efficiency, this research provides
insights into the opportunities and challenges posed by technological integration in the auditing
profession.
2. Review of Literature
1. “An analysis of attributes that impact information technology audit quality: A study of IT and
financial audit practitioners” by Dale Stoel, Douglas Havelka, Jeffrey W. Merhout (Volume 13,
Issue 1, March 2012)- The growing dependence of corporate operations on information technology
(IT) and the introduction of new regulations concerning the assurance of IT for these operations
have led to a growth in the significance of IT auditing. Numerous broad frameworks that could
influence the quality of IT audits have been presented in previous research on financial and IT
auditing; nevertheless, these frameworks have not been quantified, nor has it been examined if the
recommended constructs are equivalent or not. We find and assess potential constructs offered by
these frameworks, as well as the literature on financial auditing, building on earlier work that has
identified frameworks of IT audit quality. We create a survey instrument and ask professionals in
financial accounting and IT to evaluate how these items affect the quality of IT audits. We are able
to provide insight into the prioritized influence of each component on IT audit quality by using a
factor analysis to refine the list of IT audit quality factors identified. We discover that additional
criteria are significant for IT audit quality compared to previous studies and that the proportional
importance of the determinants for IT audit quality varies between IT and finance auditors.
2. “Impact of Information Technology on Audit Quality: European Listed Companies' Evidence”
by Andreea Claudia Crucean, Camelia-Daniela Hategan (15 May 2023)- The field of information
technology is particularly significant to business operations, necessitating extra steps in the
financial statement audit process. This chapter's goal is to list the reports that the financial auditors
regarded as Key Audit Matters (KAMs) that deal with the influence of information technology on a
company's financial statements, along with the methodology used to evaluate such issues.
Companies from 25 different nations that are listed on the main market of European stock
exchanges between 2013 and 2021 make up the sample. Data were combined, organized, and
analyzed based on the type of auditor, the audit year, the nations, and the industries.
3. “Information Technology Audit Quality: An Investigation of the Impact of Individual and
Organizational Factors” by M. Dale Stoel, Douglas Havelka (Volume 35, Issue 1, 2021)-
Prominent news reports underscore the significance and susceptibility of information technology
(IT), emphasizing the necessity of comprehending risk mitigation strategies. The main elements
influencing IT audit quality (ITAQ) are examined in this study, with an emphasis on organizational
and individual auditor aspects. We employ various methodologies to comprehend the overall views
of experts regarding ITAQ and the outcomes of individual audits. Our findings imply that there are
discrepancies in the significance of IT audit quality elements between the overall perceptions of
participants and the reports of individual IT audit experiences. The overall consensus among
participants was that auditor knowledge and abilities, particularly their understanding of IT and
business processes, were the most crucial components of ITAQ. In contrast, real audit experiences
point to organizational elements- especially, audit preparation and the auditor-client relationship-
especially being more important.
4. “Improving Audit Quality: Adopting Technology and Risk Management” by Sepky Mardiana,
Ilya Avianti (Volume 8, Issue 3, 2019)- The objective of this research was to elucidate the impact of
implementing computer-based audit methods (CAATs) and evaluating clients' risk management on
the quality of audits carried out by Indonesian auditors from the Supreme Audit Agency/Badan
Pemeriksa Keuangan (BPK). The main information from the survey was utilized to clarify the goal
of the study. The partial least square method of structural equation modeling (SEMPLS) was used to
process the research data. This study discovered that risk management and CAAT adoption have no
discernible effects on the audit quality produced by auditors. Auditors' use of CAATs does not
significantly impact the quality of audits. On the other hand, there is a noticeable impact of client
risk management on audit quality.
5. “Audit quality and digitalization: some insights from the Italian context” by Ennio Lugli,
Federico Bertacchini (Volume 31, Issue 4, 14 March 2022)- The variations between BigN and non
BigN audit firms have been the subject of international discussion from a variety of angles, with a
particular emphasis on concerns about the varying quality of services provided. The objective of
this research is to examine how digitization has affected audit businesses in Italy and how this
phenomenon has impacted quality differences previously examined in the literature. The research's
conclusions show that the quality difference between Big and non-BigN has been wider as a result

of businesses going digital. BigN's increased investment capacity has allowed them to better
capitalize on the advantages of the emerging digital technology. Stakeholders now have
significantly higher expectations for the quality of the audit process, particularly in light of nBigN.
6. “The Impact of Audit Technology on Audit Task Outcomes: Evidence for Technology-Based
Audit Techniques” by Marc Eulerich, Adi Masli, Jeffrey Pickerd, David A. Wood (December 2022,
Volume 40, Issue 2)- The increasing use of audit technology is causing worry among academia and
practice over its advantages and disadvantages. We look at the application of technology-based
auditing techniques (TBATs) by internal auditors and how it affect the effectiveness and efficacy of
their audits. They investigate the opinions of chief audit executives (CAE) and individual auditors
regarding TBATs through two surveys and interviews. Auditors see TBATs as advantageous. In
particular, completing more audits, identifying more risk indicators, making more recommendations,
and cutting down on audit days are all correlated with increased use of TBATs. But CAEs also think
that TBATs are expensive. There is a correlation between the size of the internal audit function and
the utilization of TBATs. Lastly, CAE interviews indicate that the reason TBATs are not utilized
more frequently is that it is challenging to measure their advantages, notice them promptly, and
select auditors with the right expertise. Overall, TBATs have the potential to improve audit tasks'
efficacy and efficiency, but auditors find it difficult to calculate the overall cost-benefit trade-off.
Findings support the concerns expressed by audit technology supporters and detractors, and they
offer empirical information to guide their decision-making about these tools' future. Furthermore,
our study opens up a number of new research directions that will help practitioners, scholars, and
regulators better understand how these technologies are affecting the auditing profession.
7. “Impact of Audit Quality in Reducing
External Audit Profession Risks” by Jalil Ibrahim Saliha, Hakeem Hammood Flayyihb (Volume
13, Issue 7, 2020)- The purpose of the study is to assess how well audit quality reduces the risks
associated with the external audit profession in the Iraqi context. The risks that auditors face are
exemplified by the increase in financial and administrative corruption cases as well as the lack of
laws governing the audit profession's activities. Additionally, the rules are flexible enough to permit
the issuing of directives restricting the source of these laws, opening the door to the potential of
taking advantage of legal loopholes to further personal agendas, whether at the public or private
sector levels. The accounting profession depends heavily on numerous economic decisions for its
strength, which comes from reporting financial disclosures which are highly appropriate and frank
in the representation of representations in order to give users high-quality information. However,
the profession of auditing is not without risk, as it involves expressing technical opinions in
financial statements that may expose many auditors to multiple risks, necessitating high-quality
auditing. Through the creation of a questionnaire specifically tailored to this topic, our research
offered a knowledge framework for the idea of the quality of auditing and the risks of external
audits based on the descriptive analytical approach.
8. “The Use of Artificial Intelligence and Audit Quality: An Analysis from the Perspectives of
External Auditors in the UAE” by Nora Azima Noordin, Khaled Hussainey, and Ahmad Faisal
Hayek(2022, 15(8), 339)- The purpose of this article is to investigate how artificial intelligence (AI)
is seen by external auditors in the United Arab Emirates (UAE). It looks into how external auditors
perceive artificial intelligence's impact on audit quality. It also seeks to determine whether local and
foreign external auditors have different perspectives on AI's application and how it affects audit
quality. In order to accomplish these research goals, information was gathered from 22 domestic

and 41 foreign audit companies via an online survey. The auditing manager, audit partners, senior
auditors, and other staff members with possible accounting and auditing experience were among the
participants. they have used descriptive analysis, independent samples t-test, validity and reliability
testing, and data analysis to test our hypotheses. The investigation reveals that the perceived impact
of artificial intelligence (AI) on audit quality varies not significantly between domestic and foreign
audit firms. Regarding audit quality.
9. “Technological Innovation’s Impact on Audit Quality and Audit Fees: Evidence from Distant
Audits” by Fritz, Aaron (2022)- This study looks at how changes in communication technologies
over the first two decades of the twenty-first century affected audit quality and audit fees. I propose
that advances in communication technology lead to an improvement in audit quality over time,
particularly for distant audits when compared to local audits. I base this hypothesis on theories on
virtual teams from the management literature and distant audits as a setting where auditors and
clients are most dependent on technology. By utilizing discretionary accruals and misstatements as
two audit quality metrics, together with a study that distinguishes three communication technology
"eras" in the 2000s, With the development of communication technology, the author has found
evidence that audit quality has improved statistically over time for remote audits. This improvement
is statistically significant when compared to local audits as a control group.
10. “The Impact of Blockchain Technology on Audit Process Quality: An Empirical Study on the
Banking Sector” by Rehab Esam Hashem, Ahmad A. Abu-Musa, Elrefai Moubark(February 2023,
5(1):87-118)- Blockchain is changing how audit firms conduct business as well as how financial
transactions and information are recorded, processed, and stored. This article's goal is to investigate
how this technology will impact the caliber of the audit procedure. Between 2017 and 2021, a
selection of Egyptian banks using blockchain technology were the subject of an empirical study.
According to the Conceptual Framework and Literature Review, there are six major ways in which
this technology could impact audit firms. Blockchain will enable an auditor to: (1) Reduce time
spent on the audit and increase its effectiveness; (2) Prefer an audit that covers the entire population
over one that relies on sample approaches; and (3) Place more emphasis on testing controls than
transactions throughout the audit; (4) Establish a continuous audit process; (5) Take a more strategic
role in the audit; and (6) Create new advisory services. Additionally, the empirical study found a
strong correlation between blockchain technology and the quality of audits in the banking industry.
The findings highlight the necessity of new audit standards and a clear and consistent legislative
framework so that auditors can integrate this technology and improve audit procedures.
11. “An analysis of auditors’ perceptions towards artificial intelligence and its contribution to
audit quality” by Ibrahim Albawwat, Yaser Al Frijat (Volume 7 Issue 4 pp. 755-762 , 2021)- The
audit process has undergone a substantial transformation due to artificial intelligence (AI) systems;
nevertheless, opponents of the AI revolution see this development as a setback because many
auditors will not be able to adjust to the new environment and will fall behind. Our descriptive
study looks at how various AI types are judged to be beneficial, easy to use, and contribute to audit
quality. In response to local audit companies' worries regarding their preparedness for utilizing AI
systems in auditing procedures and to further the field of auditing, we investigate whether the types
of AI systems—Assisted, Augmented, and Autonomous—have different perceptions on their
usability, ease of use, and impact on audit quality. The Data was gathered from 124 auditors in
Jordan who worked for regional audit companies via an online survey. According to our findings,
auditors find it easier to utilize Assisted and Augmented AI systems for auditing while finding

Autonomous AI systems more difficult to use. Additionally, auditors believe autonomous AI
systems are useless for auditing and underestimate their capabilities. The findings also show a
substantial variation in the three AI system types' perceived contributions to audit quality. Through
the development and testing of a measure for AI systems' perceived contribution to audit quality,
this work adds to the body of knowledge already available on AI and auditing. Additionally, this
study offers empirical data on how Jordanian local firm auditors see the application of AI to
auditing.
12. “The Determinants of Audit Quality and Impact on Overall Audit Performance” by Luigi Pio
Leonardo Cavaliere, Rakesh, Dr Sarika Keswani, Iskandar Muda, Dr Aruna Polisetty, Dr Bhavik U
Swadia, S. Suman Rajest, R. Regin (Volume: 8 Issue: 5)- A series of recent accounting scandals,
one involving Bank Al Madina, have hurt bank investments. Along with inadequate governance
procedures, it was also found that poor quality financial reporting systems had a significant role in
the accounting problems. The board structure and the financial statements' and their associated
financial statements' consistency were shown to be strongly correlated. The size of the board and
management's ability to oversee managers have a big impact on the organization's ability to provide
higher-quality financial reporting. It gives management a clearer understanding of the company's
financial statements since the board of directors can be viewed as an observatory that offers more
precise data and pricing. A series of questionnaires will be distributed to a predefined number of
study participants in order to collect data quantitatively. Furthermore, the study will use primary
and secondary data sources to guarantee trustworthy results. The data are analyzed using SPSS
statistical software, and the results are shown as correlational, inferential, and descriptive data.
13. “Tax Audit Quality: The Role of Experience and Technology Readiness in a Digitalized World”
by Maarten Sigle, Stephan Muehlbacher, Lisette E. C. J. M. van der Hel, Erich Kirchler (2024-02)-
The speed at which society is digitizing means that tax authorities must adapt to the significant
shifts in the ways in which businesses manage their tax obligations. Regardless of the level of
digitization and digitalization that the examined organizations have implemented, tax auditors must
be able to achieve an efficient and effective audit quality. Experience with audits is positively
correlated with audit quality, according to earlier studies. It is unclear, though, if having greater
experience—which was presumably gained through conventional audits of accounting systems with
a modest degree of digitalization—is also advantageous in a setting that is evolving and home to
more and more fully digitalized businesses. They contend that in this evolving environment,
seasoned tax auditors are only more effective than less experienced ones if they are suitably
equipped and eager to employ new technology and more digitalized data. When it comes to
identifying IT hazards, tax auditors with sufficient expertise and technological preparedness
outperform those with less training or preparation. However, our findings also demonstrate that less
experienced tax auditors are just as good at identifying traditional hazards, or problems unrelated to
IT, as are more experienced auditors. Overall, our findings imply that in the future, expertise alone
may not be sufficient to meet the necessary audit quality standards if one does not have a
willingness to adopt and utilize new technologies and a greater amount of digital data.
14. “Impact of remote audit on audit quality, audit efficiency, and auditors' job satisfaction” by
Yueqi Li, Sanjay Goel, Kevin Williams (February 2023)- Over the past ten years, the audit
profession has seen a digital change, driven mostly by the recent COVID-19 pandemic and a swift
transition towards remote auditing. The way auditors operate and see the world has changed as a
result of this development. This study examines the effects of switching from on-site to remote

audits on audit success (i.e., audit quality, audit efficiency, and auditors' job satisfaction) through a
survey of external auditors. We also look at dispositional and situational factors that support remote
audit success. The paper's findings demonstrate that high audit efficiency is a result of working
remotely. High remote audit quality and efficiency are a result of auditors' flexibility management
ability, and for remote audits, auditors' job satisfaction and audit efficiency are positively correlated
with a physical work environment that allows them to focus on their jobs. Additionally, we
discovered that if the audit company gives its auditors enough assistance, working remotely may
improve the effectiveness and quality of audits. Our research offers valuable perspectives for
auditoriums, authorities, and further interested parties in assessing the numerous obstacles the audit
field encounters in accomplishing successful remote audits.
15. “Effect of Auditor Functional Competence, Integrity, and Utilization of Information
Technology on Tax Audit Quality” by Budiyanto, Mursalim Mursalim, Darwis Lannai (Vol. 2 No.
3, 2021)- The purpose of this study was to evaluate the impact of auditor functional competency,
integrity, and information technology utilization on the caliber of tax audits. Using a sample of 60
Functional Examiners from the Regional Office of the Directorate General of Taxes, Sulselbartra,
and KPP Madya Makassar, multiple linear regression analysis was the research method employed in
this study. Questionnaires were used to gather research data, which were then subjected to a number
of statistical testing phases for analysis, including tests for heteroscedasticity, validity, and
reliability. The authors has used the multiple regression approach and assessed the coefficient of
determination, partial test (t-test), and simultaneous test (f-test) in order to address the study's
hypothesis. The study's findings, as determined by the analysis, show that the functional
competence, integrity, and information technology utilization of the auditors significantly and
favorably affect the quality of tax audits.
16. “Impact of Accounting Information System on Internal Audit Quality: Mediating Role of
Organizational Culture” by Q. Alawaqleh (December 2020)-This study investigates the
relationship between the AIS internal audit quality and advances the Accounting Information
System (AIS) investigation. It creates a model based on existing research and takes organizational
culture into account as a key mediating component. It is anticipated that the AIS will have an
impact on the caliber of internal audits in many settings, especially in developing nations. The study
model was verified with SPSS version 25 and AMOS. The association between AIS and internal
audit quality is supported by empirical data based on a sample of 183 internal auditors in Jordanian
industrial SMEs; however, the impact is direct and somewhat mediated by organizational culture.
The findings show that the AIS contributes to increasing internal audit quality by strengthening
company culture and the caliber of internal auditors. Academics, managers, and legislators who are
interested in assessing how intervening variables affect the AIS and the internal audit quality
relationship will find the implications to be helpful.
17. “The digital transformation of external audit and its impact on corporate governance” Riadh
Manita a, Najoua Elommal b, Patricia Baudier c, Lubica Hikkerova d (Volume 150, January 2020)-
The body of research indicates that organizations are becoming more and more interested in
digitization. This article aims to investigate how digitalization affects auditing operations and how it
can enhance auditing's function as a governance tool. In order to gather qualitative data, auditors
from the five biggest auditing companies in France were interviewed. This study shows how digital
technology is affecting audit companies at five important levels, most notably the audit function as
a governance tool. The enhancement of audit relevance through digitalization will enable audit

companies to expand their offerings by introducing novel services (2). It will also enhance the audit
quality, primarily through the analysis of all client data. (3). Ultimately, the digitalization leads to
the emergence of a new auditor profile (4) and fosters an innovative culture within audit firms (5).
As a result, the firm's governance will be strengthened, but managers' latitude will be restricted.
This study emphasizes how critical it is to put digital strategies into place in order to give regulators
the information they need to make the required changes to audit requirements. It should make it
possible for colleges and business schools to modify their curricula to meet the requirements of
auditing firms.
18. “The Potential Impact of Blockchain Technology on Audit Practice” by Brender, Nathalie,
Gauthier, Marion, Morin, Jean-Henry, Salihi, Arber(2019)- The characteristics of the
technology—transparency, traceability, and integration of rules and procedures within the
technology itself—along with current technological advancements, process and service innovation,
and applications like smart contracts and publicly-held registers, have the potential to significantly
alter audit and control activities, but they are not given much attention in the current debate about
the disruptive effect of blockchain. In order to ascertain how Swiss auditors expect Blockchain will
affect their day-to-day operations, we carried out a grounded theory study in this regard. Three
theories have surfaced as a result of the research. First, especially in the case of smaller audit firms,
the possible disruptive impact of technology on the field is not foreseen. Second, there might be a
double paradigm shift in the field: an emphasis on IT rather than accounting, and a move toward
forward thinking rather than backward looking. Finally, the auditors' profile will shift.
19. “THE ROLE OF ARTIFICIAL INTELLIGENCE TECHNIQUES IN ACHIEVING AUDIT
QUALITY” by Raed Saad (Volume 25, Issue 5, 2021)- This study intends to quantify the impact of
artificial intelligence on the auditing profession, where it has become a tool for society in all spheres,
handling intricate audit procedures, boosting audit performance, and developing the skills and
knowledge of audit professionals. It also explores the effects of utilizing AI on raising the standard of
audit professional performance, boosting the capacity to carry out intricate audit procedures, and
boosting audit efficiency. A group of auditors in the State of Palestine who received 135 survey forms
in the mail as part of their work as auditors serve as the research sample. A total of 118 surveys were
obtained. It was discovered after sifting them that 104 genuine forms were there. The field study
comes to the following conclusions: (1) using artificial intelligence has a significant and positive
relationship with improving the quality of audit professional performance (R2 87.1%); (2) using
artificial intelligence has a significant and positive relationship with increasing the ability to perform
complex auditing processes (R2 91.4%); and (3) using artificial intelligence has a significant and
positive relationship with increasing audit efficiency (R2 87.4%).
20. “The Impact of Digitalization on Audit” by Bojana Vuković, Dejan Jakšić & Teodora Tica (30
January 2023, pp 35-57)- The establishment of a new company model utilizing digital technologies is
the first step in digital business. The globalization of business has been significantly impacted by
technological advancement and digitalization, which has also resulted in structural changes that have
an impact on the audit profession. In the age of digital transformation, businesses need to rely on IT
audits and be quick to adjust to changing conditions. A total of 110 respondents completed a specially
created questionnaire that was used in the investigation. The data was processed and analyzed using
smart PLS analysis. The results demonstrate that changes in audit consumers' perceptions, auditors'
job, and auditors' professional profiles all have a major positive impact on audit quality in Serbia as a
result of digitization. Digitalization-related modifications to audit regulations had little effect on the

caliber of audits conducted in Serbia. Considering that digitization is both a problem and an
opportunity for audit, the results gained provide insightful information that is useful to all relevant
parties that utilize the audit work's findings to inform their decisions.
3. RESEARCH DESIGN RESEARCH GAP
 While existing literature extensively explores the impact of various technological advancements on
audit quality and efficiency, there remains a research gap in understanding the long-term effects of
technology adoption on the professional identity and role of auditors.
 Specifically, there is limited research addressing how the integration of technology in auditing alters
the traditional roles and responsibilities of auditors, including the implications for their professional
judgment, ethical decision-making, and relationship with clients.
 Exploring these aspects is crucial for ensuring the successful implementation of technology in auditing
practices and for guiding the development of training programs and professional standards tailored to
the evolving demands of the profession in the digital era.
SCOPE OF THE STUDY
 Analysis of how technology influences the quality of audits, including its role in improving risk
assessment, detecting anomalies, and enhancing audit evidence.
 Exploration of how technology contributes to the reliability, relevance, and completeness of audit
findings and reports.
 Exploration of emerging trends and future directions in technology-driven auditing, such as the
integration of advanced analytics, AI-driven audit automation, and cloud-based audit platforms.
 Identification of opportunities for innovation and continuous improvement in audit processes through
the strategic application of technology.
 Understanding how these technologies are integrated into audit procedures to enhance effectiveness,
accuracy, and efficiency.
LIMITATIONS OF THE STUDY
 Generalization Challenges: The findings of the study may not be generalizable to all audit practices
and contexts. Factors such as organizational size, industry sector, and geographical location could
impact the applicability of the study's conclusions to different audit environments.
 Data Quality: The accuracy and reliability of the secondary data used in the study may vary across
different sources. There could be inconsistencies or discrepancies in the information obtained, which
may affect the robustness of the analysis and conclusions drawn.
 Limited Stakeholder Perspectives: While the study incorporates insights from various stakeholders
such as academic researchers, industry experts, and auditing professionals, it may not capture the
perspectives of all relevant parties involved in audit processes, such as clients, regulatory bodies, and
technology vendors.

 Temporal Dynamics: The study's analysis of technological impacts on audit quality and efficiency
may be influenced by temporal factors such as the timing of technological advancements and changes
in regulatory frameworks. Future developments in technology and auditing practices could render some
of the study's conclusions outdated over time.
 Causality vs. Correlation: The study may identify correlations between technology adoption and audit
outcomes, but establishing causality can be challenging. Other factors beyond technology, such as
organizational culture, human resources, and regulatory compliance, could also influence audit quality
and efficiency.
 Overlooking Implementation Challenges: While the study may highlight the potential benefits of
technology adoption in auditing, it may overlook the practical challenges associated with implementing
and integrating new technologies into existing audit processes, such as cost implications, skill gaps, and
resistance to change.
RESEARCH METHODOLOGY
 Research Type: This study adopts a primary data & descriptive research approach to analyze the
impact of technology on audit practices.
 Sample Design: 100 responses will comprise the study's group size.
 Sample Unit: The respondents in this study are authors of academic articles, industry experts,
professionals in auditing and technology, regulators, and other stakeholders who have contributed to
the existing body of literature on technology in auditing.
 Sample Method: The study employs literature that focuses on technological innovations in
auditing, their impact on audit quality and efficiency, challenges, and future trends.
 Method of data collection: Primary data as well as Secondary data from various sources, including
academic journals, industry reports, and case studies, is utilized to examine the impact of
technology on audit practices.
 Data analysis: The data analysis process involves synthesizing and interpreting information
gathered from the selected sources. Themes related to technological innovations in auditing, their
impact on audit quality and efficiency, challenges, and future trends will be identified and analyzed.
It involves analyzing by performing Chi Square Test with the hypothesis.

4. DISCUSSION AND ANALYSIS
TESTING OF QUESTIONNAIRE
1. Age
Description Frequency Percentage

18-20 11 11%
21-25 32 32%
26-30 34 34%
30 & above 23 23%
Total 100 100%
Interpretation
 Female: There are 3 females in the sample, which accounts for 3% of the total sample.
 Male: There are 97 males in the sample, which accounts for 97% of the total sample.
AGE
120
100
80
60
40
20
0
18-20 21-25 26-30 30 & above Total
Age Frequency Age Percentage
2. OCCUPATION

Chartered Accountant 28 28%
Article 26 26%
Audit Associate 30 30%
Audit Intern 16 16%
Total 100%
Interpretation
 Chartered Accountant: There are 28 Chartered Accountant in the sample, which accounts for 28% of the
total sample.
 Articles: There are 26 Articles in the sample, which accounts for 26% of the total sample.
 Audit Associate : There are 30 Audit Associate in the sample, which accounts for 30% of the total sample.
 Audit Intern : There are 16 Audit Intern in the sample, which accounts for 16% of the total sample.

Occupation
35
30
25
20
15
10
5
0
Chartered Article Audit Associate Audit Intern Total
Accountant
Occupation Frequency Occupation Percentage
3. To what extent is technology integrated into your organization's audit processes?

Very effectively 30 30%
Moderately effective 33 33%
Not very effective 13 13%
Not at all effective 10 10%
Neutrally effective. 14 14%
Total 100%
Interpretation
 Very effectively: There are 30 very effectively in the sample, which accounts for 30% of the total sample.
 Moderately effective: There are 33 moderately effective in the sample, which accounts for 33% of the total
sample.
 Not very effective : There are 13 not very effective in the sample, which accounts for 13% of the total
sample.
 Not at all effective : There are 10 not at all effective in the sample, which accounts for 10% of the total
sample.
 Neutrally effective : There are 14 neutrally effective in the sample, which accounts for 14% of the total
sample.

Accuracy and completeness

35
30
25
20
15
10
5
0
Very effectively Moderately Not very Not at all Neutrally Total
effective effective effective effective.
To what extent has technology improved the accuracy and completeness of audit procedures?
Frequency
To what extent has technology improved the accuracy and completeness of audit procedures?
Percentage
4.How has technology enhanced the ability to analyze large volumes of data during the audit process?

Total 100%
Interpretation
sample.
sample.
sample.
sample.

Data Analyzation
50
40
30
20
10
0
How has technology enhanced the ability to analyze large volumes of data during the audit
process? Frequency
How has technology enhanced the ability to analyze large volumes of data during the audit
process? Percentage
5.Has technology increased the speed and efficiency of conducting audit tests and procedures?
Total 100%
Interpretation
sample.
sample.
sample.
sample.
Speed & Effeciency

30
25
20
15
10
5
0
Has technology increased the speed and efficiency of conducting audit tests and procedures?
Frequency
Has technology increased the speed and efficiency of conducting audit tests and procedures?
Percentage

6 .To what extent has technology facilitated remote auditing capabilities?

Total 100%
Interpretation
sample.
sample.
sample.
sample.
Remote Audit Facilities

40
35
30
25
20
15
10
5
0
To what extent has technology facilitated remote auditing capabilities? Frequency

To what extent has technology facilitated remote auditing capabilities? Percentage
7.How has technology impacted the ability to detect fraud and errors during audits?

Total 100%

Interpretation
sample.
 Not very effective : There are 16 not very effective in the sample, which accounts for 16 % of the total
sample.
sample.
sample.
Detection of Frauds & Errors

50
40
30
20
10
0
How has technology impacted the ability to detect fraud and errors during audits?
Frequency
How has technology impacted the ability to detect fraud and errors during audits?
Percentage
8. Has technology improved communication and collaboration among audit team members?

Total 100%
Interpretation
sample.
sample.
sample.
sample.

Communication & Collabaration

35
30
25
20
15
10
5
0
Has technology improved communication and collaboration among audit team members?
Frequency
Has technology improved communication and collaboration among audit team members?
Percentage
9. To what extent has technology improved the overall quality of audit reports and findings?
Total 100%
Interpretation
sample.
sample.
sample.
sample.
Quality of audit report

60
50
40
30
20
10
0
To what extent has technology improved the overall quality of audit reports and findings?
Frequency
To what extent has technology improved the overall quality of audit reports and findings?
Percentage
10. How has technology affected the ability to adapt to changing audit standards and regulations?
Total 100%
Interpretation
sample.
sample.
sample.
sample.
Adaptability
50
45
40
35
30
25
20
15
10
5
0
How has technology affected the ability to adapt to changing audit standards and regulations?
Frequency
How has technology affected the ability to adapt to changing audit standards and regulations?
Percentage
11. Has technology increased the ability to provide value-added insights to clients beyond traditional
audit services?

Total 100%

Interpretation
sample.
sample.
sample.
sample.
35
30
25
20
15
10
5
0
Has technology increased the ability to provide value-added insights to clients beyond traditional
audit services? Frequency
Has technology increased the ability to provide value-added insights to clients beyond traditional
audit services? Percentage
12. Overall, how would you rate the impact of technology on audit quality and efficiency?

Total 100%
Interpretation
sample.
sample.
sample.
sample.

Overall Impact
40
35
30
25
20
15
10
5
0
Overall, how would you rate the impact of technology on audit quality and efficiency? Frequency
Overall, how would you rate the impact of technology on audit quality and efficiency? Percentage
ANALYSIS
Hypothesis:
HO: There is no significant relationship between the adoption of technology in audit practices and audit
quality and efficiency.
H1: The adoption of techology in audit practices is positively associated with improved audit quality and
effeciency.
Count Moderately Neutrally Not at all Not very Very Total

Total % effectively effective. effective effective effectively
Col %
Row %
Moderately effectively 12 4 1 1 10 28
20.69 6.90 1.72 1.72 17.24 48.28
48.00 66.67 20.00 20.00 58.82
42.86 14.29 3.57 3.57 35.71
Neutrally effective. 2 0 1 0 0 3
3.45 0.00 1.72 0.00 0.00 5.17
8.00 0.00 20.00 0.00 0.00
66.67 0.00 33.33 0.00 0.00
Not at all effective 0 0 2 1 0 3
0.00 0.00 3.45 1.72 0.00 5.17
0.00 0.00 40.00 20.00 0.00
0.00 0.00 66.67 33.33 0.00
Not very effective 4 0 0 2 0 6
6.90 0.00 0.00 3.45 0.00 10.34
16.00 0.00 0.00 40.00 0.00
66.67 0.00 0.00 33.33 0.00
Very effectively 7 2 1 1 7 18
12.07 3.45 1.72 1.72 12.07 31.03
28.00 33.33 20.00 20.00 41.18

38.89 11.11 5.56 5.56 38.89
Total 25 6 5 5 17 58
43.10 10.34 8.62 8.62 29.31
Tests
N DF -LogLike RSquare (U)
58 16 14.076593 0.1759
Test ChiSquare Prob>ChiSq

Likelihood Ratio 38.153 0.0303*
Pearson 31.722 0.0109*
INTERPRETATION
 Null Hypothesis (HO): This hypothesis poists that there is no significant relationship between the
adoption of technology in audit practices and audit quality and efficiency. It suggests that technological
advancements do not have a notable impact on improving the quality and efficiency of audits.
 Alternative Hypothesis (HA): On the contrary, the alternative hypothesis suggests that there is a positive
association between the adoption of technology in audit practices and improved audit quality and
effeciency. Essentially, it proposes that leveraging technology in audits leads to better outcomes in terms
of quality and effeciency.
 Likelihood Ratio Chi-square: The likelihood ration of Chi-square value is 38.153 indicates the extent of
association between the adoption of technology in audit practices and audit quality and efficiency. The
associated p-value of 0.0303 is below the conventional significance level of 0.05, implying that the
association is statistically significant.
 Pearson Chi-square: Similarly, the Pearson Chi-square value of 31.722 with a p-value of 0.0109 also
indicates a statistically significant association between the variables under consideration.
Conclusion: The significance of these Chi-square results leads to the rejection of the null
hypothesis.Therefore, this concludes that there is indeed a significant relationship between the adoption of
technology in audit practices and improved audit quality and efficiency.
DISCUSSION
In the ever-evolving landscape of business and finance, auditing stands as a critical function ensuring
transparency, reliability, and accountability. Traditionally, auditing has been a meticulous and labor-intensive
process, relying heavily on manual procedures and sampling techniques to evaluate financial records and
internal controls. However, the advent of technology has ushered in a transformative wave, revolutionizing
the auditing profession in profound ways. Today, technology catalyzes innovation, enabling auditors to
enhance efficiency, accuracy, and insight like never before. This introduction delves into the transformative
role of technology in auditing, exploring its key advancements, implications, and future prospects.

Digital Audit is placing assurance on the effectiveness of the IT systems in an . Technology is becoming
an integral part of business operations. It is essential that organizations review their controls to identify gaps
and risks for continuous and to ensure regulatory compliance. A strong controls and security position will
allow organizations to build trust with their stakeholders
Technology enhances the auditee to embrace the latest technological advancements and provides
confidence to auditee to stay updated in a constantly evolving environment. It also improves the quality of
opinion. This consequently leads to a more reliable audit report Technology in Audit leads to savings in time,
cost, and human effort which can be utilized towards more productive tasks. Many of today's technologically
enabled processes can be orchestrated to operate autonomously 24x7, driving real-time transactions. This
also allows to standardize processes and allow controls to be implemented to mitigate risk. The Organization
shall gain a more comprehensive overview of end-to-end processes and how technologies are utilized,
controlled and optimized against standards set.
Advantages of Technology in Audit
 Enhanced Effectiveness & Efficiency : Enhanced efficacy is among the principal advantages of digital
audit. Standardizing procedures and automating repetitive operations, such as the hourly reconciliation
process, can be accomplished by the auditee with the use of tools and automation techniques. This
improves efficiency and reduces expenses and time.
 Better Audit Quality: Massive amounts of data may be swiftly and accurately evaluated by technology.
This can help auditors identify the areas that need further examination, reducing the possibility that
significant misstatements or other issues might go overlooked.
 Lower Costs: Technology can help reduce the cost of auditing by automating formerly manual
operations. This could reduce the amount of time required to finish an audit, hence bringing down the
total cost of the audit.
 Better Analytics: Enhanced analytics skills can help auditors and management identify patterns and
trends that might be difficult to identify manually. For example, Al is able to review a large amount of
financial data to identify potential fraud, which is difficult for auditors to identify by hand.
The effect on quality is obvious; by using automation and data analytics tools, we can quickly go from
checking a sample of transactions to reviewing or repeating the entire population of transactions. In the end,
this gives audit teams more time to analyze the data and comprehend the company they are auditing.
Although technology can be expensive initially and difficult to install in terms of personnel and resources,
once it is operational, its benefits are indisputable
By minimizing manual intervention, using technology lowers the possibility of manual errors. Technology
facilitates the process of expediting auditor testing, hence reducing errors resulting from disparate judgments.
Advances in technology have led to a rise in transparency. The ability to trace a transaction from beginning
to end is provided by audit trail features in new ERPs and tools. Details such as the date of any changes, the
person who made the changes, and the changes themselves are recorded and can be utilized by management
or auditors to evaluate and analyze the information. Audit quality has increased and manual error has
decreased with the automation of processes including data extraction, sampling, and repository recording.
The auditor's awareness of the situation and ability to formulate an opinion are enhanced by the use of
dashboards (such as Power BI) for reporting. Following a short training session and some digital upskilling,
auditors may now readily access what used to need weeks to master and program utilizing deep
specialists. While there may be fewer mistakes and more efficiency as a result, there are also more extensive
and intimate advantages. Additionally, this leads to better talent and confidence retention.
Challenges Faced by Auditors in Adopting Technology
Technological advancements are reshaping auditing, offering new tools and methods to boost efficiency and
accuracy. However, auditors encounter several hurdles in adopting these innovations:
1. Resistance to Change Auditors often resist new technologies due to familiarity with existing methods,
fear of the unknown, or concerns about job security. Overcoming this requires effective change
management, including training and transparent communication.
2. Cost Constraints: Implementation costs can be prohibitive, particularly for smaller firms. Auditors
must carefully weigh these expenses against potential benefits.
3. Lack of Technical Skills: Some auditors lack the necessary technical expertise, leading to frustration
and inefficiency. Providing comprehensive training and hiring tech-savvy individuals can help
address this issue.
4. Data Privacy and Security: Auditors must ensure the security and privacy of financial data, especially
with cloud-based solutions. Compliance with relevant regulations and standards is essential.
5. Integration Challenges: Integrating new technologies with existing systems can be complex and
time-consuming, requiring careful planning and oversight to minimize disruptions.
6. Regulatory Compliance: Auditors must comply with various legal and professional standards, which
can be complicated by the use of new technologies. Ensuring compliance is essential to avoid
regulatory issues.
7. Risk of Overreliance: While technology can enhance audit processes, auditors must avoid
overreliance on automated tools. Human judgment remains crucial, particularly in complex situations
where technology may fall short.
TECHNOLOGICAL INNOVATION IN AUDIT
The financial reporting & auditing landscape is changing significantly and more quickly due to emerging
technology. Upskilling on emerging technologies becomes crucial for both the client and the auditor as their
use in the financial reporting process grows.
Assessing how emerging technologies affect the company and determining whether management is
appropriately evaluating how emerging technologies affect internal control over financial reporting are two
crucial factors that auditors should take into account. In this research paper, we are understanding the
following technologies used in Auditing.
1. Data analytics
 ACL (Audit Command Language)
 Alteryx
 Power B I
 Caseware
2. Artifical Intelligence (AI)
3. Robotic process automation (RPA)
4. Blockchain.
ANALYSIS OF TECHNICAL TOOLS USED FOR AUDITING

Data Analytics
Data analytics refers to the process of extracting and organizing meaningful insights from raw system data
through various methods, tools, and techniques. This technique is frequently referred to as audit analytics or
audit data analytics in the context of auditing. In order to produce conclusions, identify patterns, find
actionable insights, and support well-informed decision-making, it entails the careful study of large datasets.
Businesses can increase efficiency and get more accurate findings during the review process by utilizing
audit analytics. This methodology enables firms to develop plans based on validated data and expert
evaluations. Additionally, audit analytics gives auditors the ability to more thoroughly examine the enormous
amounts of data that are processed and kept in the IT systems of larger customers, which helps them to
improve the quality of their audits.
Computer Assisted Auditing Techniques (CAATs) are the methodologies of data analytics used in audits.
These methods include the application of different data analysis or visualization tools, which help auditors
carry out in-depth analyses of the provided problem statement. As a result, this helps to improve the quality
of the audit. Furthermore, CAATs are essential in lowering the possibility of missing important
characteristics that could present greater dangers to the company and its operations.
 ACL (Audit Command Language)
ACL - Audit Command Language, is a software tool utilized for data extraction and analysis in the realms of
fraud detection, prevention, and risk management. It plays a crucial role in scrutinizing large datasets to
identify irregularities or patterns in transactions, which may indicate potential control weaknesses or
instances of fraud.
In audit scenarios involving Trial Balance reconciliations, ACL is instrumental in analyzing and verifying
complete datasets. For instance, when an entity provides the General Ledger alongside the system Trial
Balance, ACL ensures the completeness of the data. ACL's capabilities extend beyond what traditional tools
like Excel can handle, allowing auditors to perform tasks such as record counting, summing, and pivoting,
which may be impractical in Excel due to limitations in capacity. Thus, ACL empowers auditors to conduct
comprehensive data analysis that is essential for effective auditing processes.
ACL serves as a robust software tool tailored for simplifying data extraction, analysis, and reporting within
the auditing domain. Here's a breakdown of ACL's typical operations:
1. Data Import: ACL enables auditors to seamlessly import data from diverse sources, ranging from
databases to spreadsheets and other file formats. This encompasses structured data from relational
databases as well as semi-structured and unstructured data.
2. Data Cleansing: Post-import, ACL furnishes auditors with tools for data cleansing and
standardization. This entails identifying and rectifying errors, discrepancies, and formatting
inconsistencies to uphold data accuracy and dependability.
3. Data Analysis: ACL offers a comprehensive array of analytical functionalities and methodologies to
scrutinize the imported data. Auditors leverage ACL to execute tasks such as data summarization,
outlier identification, pattern recognition, trend detection, and statistical analysis.
4. Fraud Detection: ACL emerges as an invaluable asset for fraud detection and prevention initiatives.
Auditors leverage ACL to conduct diverse tests, including duplicate detection, Benford's Law
analysis, and outlier detection, to unearth potential instances of fraud or irregularities within the data.
5. Risk Assessment: ACL aids auditors in conducting thorough risk assessments by scrutinizing data to
pinpoint areas of concern or potential control weaknesses. This encompasses analyzing transactional
data to flag high-risk transactions or anomalous patterns indicative of control deficiencies.
6. Reporting: ACL equips auditors with tools for crafting tailored reports and visualizations to
effectively communicate audit findings. Auditors can generate summary reports, charts, graphs, and
dashboards to convey key insights and findings to stakeholders.
 Alteryx
Alteryx serves as a valuable tool for consolidating financial or operational data to evaluate controls. Its
workflow-based approach provides a fully transparent audit trail, making it user-friendly even for those
without coding or scripting expertise. Additionally, Alteryx offers automation capabilities and facilitates
machine learning for fraud detection and irregularity identification, thereby expediting various processes
such as accounting close, tax filings, regulatory reporting, and forecast creation. Moreover, it streamlines
routine procedures like reconciliations, consolidations, marketing workflows, system integrations, and
continuous audits.
For instance, in a logistics organization, Alteryx was utilized to reassess revenue entries recorded by the
system against expected revenue turnover in financials. Leveraging Alteryx's processing speed and
easy-to-implement functions, auditors swiftly recomputed all transaction entries. They discovered that the
recorded revenue was understated, as the system had not updated the addendum between the logistics
company and the client, resulting in the usage of outdated rates for revenue computation. Alteryx facilitated
the analysis and re-computation of extensive datasets, enabling auditors to focus on actual risks and
discrepancies. Without requiring any code, Alteryx is a powerful tool for workflow automation and data
analytics. Importing data from various sources, such as databases or spreadsheets, is the first step. Then,
using an easy-to-use interface, users may clean, alter, and work with data. Drag-and-drop is used to create
complex workflows where each tool is used for a certain data task. Numerous built-in tools for statistical
analysis, predictive modeling, and other tasks are available in Alteryx. Workflows can be made more
efficient by automating them after they are tested and designed. Results can be distributed in several ways,
including dashboards and reports. Fundamentally, Alteryx facilitates effective data processing and analysis
for users of all technical skill levels, making it a useful tool for both businesses and professionals.
 Power BI
Power BI A business intelligence (BI) platform called Power BI gives non-technical business people the
ability to gather, analyze, visualize, and share data. Such visual aids can be utilized, from an audit standpoint,
to identify population outliers and to generate audit reports that can be presented to upper management via an
interactive dashboard.
As an illustration, The garment company's outliers are examined using a Power BI dashboard. Analyzing the
sales trends throughout the year was mandatory for auditors. Utilizing Power BL, the client's sales data was
transformed into a dashboard for analysis of trends and patterns by industry norms. Analysis of late sales
revealed that sales transactions took place outside of regular business hours. The auditors used the illustrative
charts below as part of their analysis.

Power BI is a powerful business analytics tool developed by Microsoft, designed to provide interactive
visualizations and business intelligence capabilities to users. Here's a breakdown of how it generally works:
 Data Connectivity: A vast range of data sources, such as databases, files, streaming data, and internet
services, can be connected to by users of Power BI. Users can create a live link to data sources for
in-the-moment analysis or import data straight into Power BI.
 Data Modeling: After the data is connected, users may use Power BI's user-friendly data modeling
tools to convert and model the data to establish relationships, computations, and custom metrics.
Making ensuring the data is organized and ready for analysis is the goal of this stage.
 Report Design: Power BI offers a variety of visualization tools, including tables, graphs, charts, and
maps, which users can utilize to generate dynamic and informative reports. Report layout and
appearance can be altered by users to meet their needs and those of their businesses.
 Data Analysis: With Power BI, users may use its built-in analytics features, like as statistical
functions, forecasting, and clustering, to undertake advanced data analysis. With the use of these tools,
users can find insights, patterns, and trends buried in their data.
 Dashboard Creation: Power BI allows users to combine multiple reports and visualizations into
interactive dashboards, providing a comprehensive overview of key metrics and KPIs in one place.
Dashboards can be shared and accessed by others within the organization for collaboration and
decision-making.
 Data Sharing and Collaboration: Thanks to Power BI's extensive collaboration and sharing
capabilities, users can safely share dashboards and reports with stakeholders, clients, and coworkers.
Notifications and alerts based on pre-established criteria can be sent, real-time collaboration is
possible, and users can annotate reports.
 Integration with Other Tools: Power BI easily interfaces with third-party tools and apps as well as
other Microsoft services and products. Through this connectivity, users may make use of their current
data architecture and customize Power BI to meet their unique requirements.
 Artificial intelligence (AI)

Artificial intelligence (AI) encompasses systems or machines capable of learning and reasoning. These
systems leverage data analysis and algorithms to make decisions through predictive methods.
Sophisticated algorithms are developed to derive decisions based on learned patterns or behaviors over
time.
AI is being used in a wide range of industries, from manufacturing robots and self-driving cars to
chatbots for marketing and smart assistants. Self-deploying robots, for example, use AI to determine how
much vacuuming is necessary depending on the size of the area. They do this by using algorithms to
measure the space, recognize obstructions, and remember the best paths to clean.
AI is demonstrated in real-world situations through conversations with virtual assistants such as Siri or
Amazon Alexa. Artificial Intelligence provides prompt replies and smooth user experiences, whether it's
tracking down misplaced AirPods or using voice commands to operate household appliances. AI
improves travel experiences by forecasting the best times to reserve accommodations, hotels, and flights.
AI algorithms ensure that users make informed judgments by evaluating past data to suggest whether to
proceed with a booking or wait for possible price reductions. Essentially, the widespread use of AI

highlights how it may improve productivity, ease of use, and decision-making in a variety of industries
and tasks.
In the realm of auditing, artificial intelligence (AI) introduces a significant shift in traditional audit
methodologies through its utilization of sophisticated algorithms and data analytics techniques. Here's a
breakdown of how AI operates within auditing:
1. Data Analysis: The basis for data analysis in auditing is artificial intelligence. Large datasets
derived from numerous sources, such as financial transactions and records, are frequently
presented to auditors. Artificial intelligence systems quickly comb through this data to find
patterns, anomalies, and trends that indicate possible dangers or areas that need more
investigation.
2. Risk Assessment: AI-powered auditing solutions are excellent at identifying possible areas of
concern and analyzing past data to estimate audit risk. With the use of these technologies, auditors
may more effectively spot anomalies in financial statements, transactions, or relevant
documentation, which helps them concentrate their attention on high-risk areas.
3. Automated Testing: Artificial intelligence (AI) makes it easier to automate testing methods,
which minimizes the need for human interaction and time investment. Compared to traditional
approaches, AI algorithms perform tests including fraud detection, compliance checks, and
reconciliation with greater efficiency and accuracy.
4. Predictive Analytics: AI systems use previous data to predict future patterns and outcomes
through predictive analytics. This capacity helps auditors to foresee possible problems or dangers,
which gives them the ability to proactively handle upcoming difficulties and reduce related risks.
5. Natural Language Processing (NLP): AI systems can understand and analyze human language
thanks to NLP technology. NLP plays a key role in auditing by helping to extract relevant data
from textual data sources, financial statements, and audit reports. This simplifies the audit
procedure and makes it simpler to evaluate and analyze large amounts of data.
6. Machine Learning (ML): AI systems are powered by machine learning (ML) techniques, which
allow them to learn from data and improve over time. ML algorithms are trained on past audit
data in order to find patterns and trends, which improves their ability to detect errors, anomalies,
and possible fraud cases.
All things considered, AI transforms auditing procedures, increasing efficacy, accuracy, and efficiency.
AI improves the quality and dependability of audits by enabling auditors to identify risks, find
abnormalities, and make well-informed choices by utilizing sophisticated algorithms and data analytics
approaches.
Artificial intelligence (AI) introduces a set of risks that organizations need to address. Among these risks,
security stands out as a primary concern. As AI systems accumulate data from multiple sources, they
create numerous entry points and connections, increasing the potential for security breaches. Moreover,
improper configuration of AI systems poses another risk. For instance, AI systems used in diagnosing
medical conditions could cause harm if configured inadequately or if malfunctions occur before the issue
is detected. Additionally, data privacy is a significant concern. It's crucial that data used and shared by AI
systems have explicit consent from data providers to ensure compliance with privacy regulations and
protect individuals' sensitive information. Addressing these risks requires careful consideration of
security measures, proper configuration protocols, and adherence to privacy regulations to mitigate

 Block Chain
Blockchain uses an encrypted distributed ledger that is decentralized. Each transaction is validated by other
members in the blockchain network, which leads to the construction of an information block. After that,
copies of this block are distributed to each participant. Every block is arranged in such a way that attempting
to add, remove, or alter a block will cause the information to become erroneous.
The benefits of blockchain technology are becoming more widely recognized across a range of businesses,
despite early opposition.
Blockchain technology can revolutionize auditing by offering a transparent, tamper-proof, and decentralized
ledger of transactions. This is how it typically operates:
1. Decentralization: Blockchain operates on a global network of computers, called nodes. Because every
node has a full copy of the blockchain on hand, redundancy is ensured and a central authority is not
necessary.
2. Transactions: Blocks containing transactions are assembled by miners and posted to the blockchain.
Miners validate and secure transactions by using processing power to solve complex mathematical riddles. A
block is added to the blockchain and becomes part of a chronological series of blocks once it has been
successfully mined.
3. Immutability: A block is cryptographically linked to the previous block when it is added to the blockchain,
creating an unchangeable record. Accordingly, a transaction that has been recorded cannot be changed or
removed without the approval of the majority of the network.
4. Transparency: Everyone can access transaction history since the blockchain ledger is transparent. This
openness lowers the possibility of fraud or mistakes by guaranteeing that all parties have access to the same
data.
5. Smart Contracts: Self-executing contracts known as "smart contracts" have terms built right into the code.
When specified criteria are satisfied, they automatically implement and enforce the agreement's contents.
Smart contracts can be employed by auditors to automate audit processes and guarantee adherence to rules.
6.Auditing on the Blockchain: Blockchain data is accessible to auditors via specialized tools and interfaces.
They are able to track down assets, validate transactions, and make sure all applicable laws are being
followed. Auditors don't need to perform a lot of manual verification because blockchain records are
transparent and unchangeable, giving them confidence in the accuracy of the information.
7. Privacy and Permissioned Blockchains: Use of permissioned blockchains, in which data access is limited
to approved parties, may be motivated by regulatory needs or privacy concerns. Depending on the audit type,
auditors can require authorization to access particular blockchain networks.
Blockchain's strengths present inherent weaknesses as well. While its immutability and encryption ensure
security by preventing transaction reversals and unauthorized data access, they also necessitate stringent
protocols and management procedures to avoid lockouts and establish clear contingency measures. Moreover,
reliance on network nodes exposes organizations to cyber threats and data breaches, underscoring the
criticality of robust security measures.
In this context, auditors play a pivotal role in verifying that organizations implement effective data
management protocols and adhere to regulatory requirements. Given the evolving regulatory landscape
surrounding blockchain technology, compliance managers must continuously monitor developments and

adjust processes accordingly. It's imperative for audit teams to ensure that compliance practices remain
aligned with evolving regulations.
 Robotic Process Automation (RPA)

Robotic Process Automation (RPA) streamlines repetitive tasks typically carried out by humans. This
technique uses software bots to simulate human behavior while interacting with software and digital systems.
The capacity of RPA to boost control effectiveness, improve customer experience, and increase process
efficiency is what is driving its adoption. Artificial intelligence (AI) software bots can communicate with a
variety of apps and systems in the same way that people do. But because they work constantly, day and night,
at a far faster speed, with perfect precision and reliability, they perform better than their human counterparts.
In auditing, Robotic Process Automation (RPA) plays a crucial role in enhancing efficiency and accuracy by
automating repetitive and rule-based tasks. Here's how RPA functions within auditing:
1. Data Extraction and Validation:RPA retrieves information from a variety of sources, including databases,
spreadsheets, and financial systems. Next, it checks this data for accuracy and consistency by comparing it to
pre-established guidelines and standards.
2. Transaction Testing: RPA bots simulate user interactions using auditing software in order to carry out
transaction testing. They quickly and precisely complete predetermined audit procedures like control testing
and transaction sampling.
3. Risk Assessment: RPA looks for trends and abnormalities in large datasets that indicate possible dangers
or irregularities. By automating this procedure, auditors may focus their efforts on areas that require more
research and quickly assess risks.
4. Report Generation:Through data consolidation, analysis of findings, and report layout using preset
templates, RPA automates the creation of audit reports. In addition to saving auditors time, this ensures
consistency in reporting by streamlining the process.
5. Compliance Monitoring: To maintain adherence to corporate regulations and regulatory requirements,

RPA continuously checks transactions and activity. Any inconsistencies or violations are quickly found
and noted so that auditors can investigate them in-depth.
All things considered, RPA streamlines auditing processes, reduces manual labor, and improves audit quality
by enabling auditors to devote more time to strategically vital activities like data analysis and
decision-making.
EXPLORING THE RELATIONSHIP BETWEEN TECHNOLOGY AND AUDIT QUALITY

Technology empowers auditors to swiftly and precisely analyze large volumes of data. With advanced data
analytics tools, they can identify patterns, irregularities, and trends in financial data, thus bolstering their
ability to uncover errors and fraud. Through conducting more thorough data analysis, auditors can elevate the
caliber of their audit processes and offer clients deeper insights.
Furthermore, automation and machine learning algorithms play a pivotal role in refining the accuracy and
uniformity of audit procedures. By automating repetitive tasks like data entry and reconciliation, technology
diminishes the probability of human error and ensures the consistent application of audit procedures across
various projects. This fosters greater trust in audit findings and enhances the overall quality of audit reports.
Technology empowers auditors to conduct more advanced risk assessments through the utilization of
predictive analytics and AI algorithms. By analyzing historical data and market trends, auditors can pinpoint
areas of risk more effectively and tailor audit procedures accordingly. This proactive approach to risk
assessment enhances the quality of audit planning and enables auditors to prioritize areas of greatest concern.
Moreover, technology facilitates seamless communication and collaboration among audit team members and
clients. Cloud-based collaboration platforms enable real-time sharing of documents and information,
facilitating streamlined communication and ensuring that all team members have access to the most
up-to-date data. Improved communication and collaboration contribute to better coordination of audit
procedures, ultimately enhancing audit quality.
Additionally, technology automates manual tasks and streamlines audit processes, resulting in increased
efficiency. By reducing the time and resources required for audits, technology allows auditors to dedicate
more time to value-added activities such as data analysis and client communication. This heightened
efficiency enables auditors to conduct more thorough and comprehensive audits, thereby improving audit
quality.Furthermore, technology provides robust documentation tools that enhance audit documentation and
facilitate audit trail management. Electronic workpapers, audit trail logs, and digital signatures enhance the
accuracy and completeness of audit documentation, ensuring that audit procedures are well-documented and
that audit findings can be easily traced back to supporting evidence. This strengthens the overall quality and
credibility of audit reports.
In conclusion, technology plays a pivotal role in enhancing audit quality by improving data analysis, risk
assessment, communication, collaboration, efficiency, and documentation. By embracing technological
advancements, auditors can enhance the effectiveness and reliability of their audit procedures, ultimately
delivering greater value to clients and stakeholders.
6. FINDINGS
It is evident from analyzing the many technology tools for auditing—Data Analytics, ACL, Alteryx, Power
BI, Artificial Intelligence (AI), and Robotic Process Automation (RPA)—that each instrument has special
features and advantages. Functionality, usability, scalability, integration potential, and overall impact on
audit efficacy and efficiency are all important considerations when choosing the optimal technology solution
for auditing.
1. Data Analytics: A wide range of methods and resources are used in data analytics to draw conclusions
from unprocessed data. Despite being a cornerstone of auditing, it's more of a process than a particular
instrument. ACL, Alteryx, Power BI, and AI are just a few of the software systems that may be used for data
analytics. Its power comes from its capacity to find patterns, anomalies, and trends in huge datasets, which
improves risk assessment and audit decision-making.
2. ACL: An specialized software tool called ACL (Audit Command Language) is used in auditing for data
extraction, processing, and reporting. It has strong skills to analyze big datasets, find anomalies, and
guarantee accuracy and completeness of data. One of ACL's advantages is its capacity to perform intricate
audit tasks like pivoting, summing, and record counting—tasks that would be unfeasible with more
conventional programs like Excel.

2. 3. Alteryx: Alteryx is an effective tool for automation, analysis, and blending of data. It provides
workflow-based automation features and makes machine learning for irregularity and fraud detection easier.
Alteryx is a great tool for automating tasks and evaluating large datasets because of its intuitive interface and
automation capabilities.
4. Power BI: A business intelligence tool called Power BI offers interactive reporting and visualization
features. It is helpful for auditing since it lets users collect, examine, and visualize data from various sources.
The power of Power BI is in its capacity to generate dynamic reports and dashboards, which enables auditors
to effectively share important information with stakeholders.
5. Artificial Intelligence (AI): Predictive analytics, natural language processing, machine learning, and other
technologies are all included in artificial intelligence. AI has the potential to automate data analysis, increase
risk assessment, and strengthen fraud detection in auditing. AI is a useful tool for auditors looking to increase
audit quality and efficiency because of its capacity to analyze massive amounts of data and spot trends.
6. Robotic Process Automation (RPA): RPA automates manual, rule-based, and repetitive processes that are
usually completed by humans. RPA can speed up the procedures involved in data extraction, validation,
transaction testing, and report production in auditing. It is a useful instrument for improving audit accuracy
and efficiency because of its capacity to function precisely and dependably around the clock.
Considering the above factors, the best technological tool for auditing would depend on the specific
requirements and objectives of the audit. For organizations seeking to streamline data analysis and automate
repetitive tasks, tools like ACL, Alteryx, and RPA may offer significant benefits. On the other hand, for
auditors looking to create interactive visualizations and communicate insights effectively, platforms like
Power BI may be more suitable. Additionally, the integration of AI technologies can further enhance audit
capabilities by automating complex tasks and improving risk assessment accuracy. The choice of the best
technological tool for auditing should be based on a careful assessment of the organization's needs, the
complexity of the audit tasks, and the desired outcomes. Each tool offers unique capabilities that can
contribute to improving audit efficiency, effectiveness, and overall quality.
Technology's Role in Enhancing Audit Objectivity

Technology plays a pivotal role in bolstering the objectivity of audits through its capacity to automate
processes, analyze data comprehensively, and utilize advanced algorithms. Through the provision of tools
and procedures for an objective, precise, and comprehensive assessment of financial statements and internal
controls, technology greatly improves audit objectivity. Technology can assist auditors in carrying out their
tasks impartially, precisely, and efficiently in a number of ways, including automation, data analytics, AI,
blockchain technology, remote auditing, continuous monitoring, and digital documentation and collaboration.
Automation lowers the possibility of bias and human error, and sophisticated data analytics technologies
enable auditors to efficiently and rapidly examine vast amounts of financial data. Blockchain technology
provides a transparent and safe means of recording and verifying transactions, while AI-powered algorithms
can identify odd patterns or transactions. Nonetheless, in order to maintain the integrity of the auditing
process, auditors still need to use professional judgment and skepticism.

7. CONCLUSION
As organizations embrace new technologies to drive innovation and streamline operations, they also face
heightened risks that demand careful management. Auditors play a vital role in navigating this landscape,
balancing the advantages and costs of internal controls designed to mitigate these risks effectively. This
involves gaining a thorough understanding of how technology aligns with business goals, its governance
mechanisms, the extent of automation, and methods of control. Auditors must discern which business
processes are automated, how these processes are governed, and assess their potential impacts, both positive
and negative. They are responsible for actively monitoring and mitigating any adverse effects stemming from
automation to ensure that risks are addressed preemptively.
Although auditors may not possess expertise in every emerging technology, they are expected to identify and
evaluate the inherent risks associated with these technologies. This necessitates a grasp of the technology's
underlying architecture, its internal control framework, and its integration with business functions. By
comprehending the interplay between technology and business processes, auditors can assess the
effectiveness of internal controls and offer valuable guidance to management on mitigating emerging risks.
Ultimately, auditors play a crucial role in enabling organizations to leverage technology's benefits while
safeguarding against potential vulnerabilities.
REFERENCES
 Vuković, B., Jakšić, D., & Tica, T. (2023, January 1). The Impact of Digitalization on Audit.
https://doi.org/10.1007/978-3-031-23269-5_3
 Brender, N., Gauthier, M., Morin, J. H., & Salihi, A. (2018, August 31). The Potential Impact of
Blockchain Technology on Audit Practice. Retrieved from
https://scholarspace.manoa.hawaii.edu/items/7f3108d1-7b1d-4b32-bb9c-2ca0b0aa293a
 Manita, R., Elommal, N., Baudier, P., & Hikkerova, L. (2020, January 1). The digital transformation of
external audit and its impact on corporate governance. https://doi.org/10.1016/j.techfore.2019.119751
 Alawaqleh, Q. (2020). Impact of Accounting Information System on Internal Audit Quality: Mediating
Role of Organizational Culture. Retrieved from
https://www.semanticscholar.org/paper/Impact-of-Accounting-Information-System-on-Internal-Alawaql
eh/b19a2bcfefbfbb51db4c57fcda559039781b61da?p2df
 B., Mursalim, M., & Lannai, D. (2021, July 31). Effect of Auditor Functional Competence, Integrity, and
Utilization of Information Technology on Tax Audit Quality. https://doi.org/10.47090/povraa.v2i3.148
 Impact of remote audit on audit quality, audit efficiency, and auditors’ job satisfaction. (3AD, February
23). Retrieved May 5, 2024, from https://doi.org/10.1111/ijau.12306
 Van Der Hel, L. E. C. J. M., Kirchler, E., Muehlbacher, S., & Siglé, M. (2024, January 1). Tax Audit
Quality: The Role of Experience and Technology Readiness in a Digitalized World.
https://doi.org/10.2139/ssrn.4796000
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information technology audit quality: A study of IT and financial audit practitioners.
https://doi.org/10.1016/j.accinf.2011.11.001

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“IMPACT ON TECHNOLOGY ON AUDIT

 “Auditing is the. verification of financial position as disclosed by the financial statements. It is an

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Internal Audit External Audit

Background of the study

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RECENT TRENDS IN AUDITING

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Trends in Technological Advancements for Auditors

1. Data Analytics and Artificial Intelligence (AI):

4. Robotic Process Automation (RPA):

5. Predictive Analytics and Risk Assessment:

THEORETICAL IMPLICATION OF THE TOPIC

NEED OF THE STUDY

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3. RESEARCH DESIGN RESEARCH GAP

SCOPE OF THE STUDY

LIMITATIONS OF THE STUDY

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Description Frequency Percentage

Age Frequency Age Percentage

Description Frequency Percentage

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Occupation Frequency Occupation Percentage

3. To what extent is technology integrated into your organization's audit processes?

Description Frequency Percentage

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Accuracy and completeness

Description Frequency Percentage

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Speed & Effeciency

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Description Frequency Percentage

Remote Audit Facilities

To what extent has technology facilitated remote auditing capabilities? Frequency

Description Frequency Percentage

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Detection of Frauds & Errors

Description Frequency Percentage

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Communication & Collabaration

Quality of audit report

Description Frequency Percentage

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Description Frequency Percentage

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Count Moderately Neutrally Not at all Not very Very Total

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Test ChiSquare Prob>ChiSq

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Advantages of Technology in Audit

Challenges Faced by Auditors in Adopting Technology

TECHNOLOGICAL INNOVATION IN AUDIT