FEATURE
iStock.com/Adamchuk
DISRUPTING TECHNOLOGIES AND THE IMPACT ON AUDITING
T
By Kamala Raghavan, CPA, CFP, CFF, CGMA
oday’s auditors are trying to balance vast pools of data, regulatory pressures and growing client expectations, along with major advances in technology. The cloud has introduced new tools into the audit profession. Innovative technologies like artificial intelligence (AI), machine learning (ML), predictive analytics, blockchain and robotic process automation (RPA) are bringing about significant changes for the audit profession and enabling auditors to increase efficiency and reduce risk. The full impact of these disruptive technologies is not felt yet, but the benefits and efficiency gains are becoming evident. With the acceleration in innovative technologies and client expectations about the role of audit in providing value-added service, auditors have to be ahead of the curve by becoming adept at the technologies used by their clients while adding efficiency to their own processes. This article outlines some key areas where technology will change today’s audit paradigm. Understanding the capabilities, opportunities and risks of these disruptive technologies is essential for the future of the audit profession.
34 Texas Society of CPAs
