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.

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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