Evaluate the opportunities and challenges associated with technological disruption in the audit profession. Discuss the factors that inhibit and facilitate the auditor’s adoption of such advanced technologies. – Essaylink

Description

Disruptive technology plays a vital role in today’s audit profession. It is changing the way

business is conducted and data is analysed. Developments in artificial intelligence, data

analytics, blockchain and robotics, etc. are transforming the roles of auditors. While

widespread consensus exists amongst professional bodies and the broader research

community, on the potentially transformative role of automation and disruptive information

and communications technology (ICT) on the practice of audit professionals (Richins, et al.,

2017; CIMA, 2016; Quattrone, 2016), several factors affect the profession’s ability to

embrace these technological advancements (Ferri, et al., 2020).

You are required to critically evaluate the opportunities and challenges associated with

technological disruption in the audit profession. Discuss the factors that inhibit and facilitate

the auditor’s adoption of such advanced technologies. Your arguments must be supported with

real-life organisational examples, relevant examples from the Covid-19 pandemic, scholarly

literature and other relevant sources (e.g. professional accounting reports, newsletters,

newspaper articles, etc.).

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