An analysis on the impact of technology on external audit

Author

Bello, Tasnim

Title

An analysis on the impact of technology on external audit

Abstract

The revolutionization of technology in the society has resulted in organizations adjusting
their strategies so that they suit the IT environment. The nature of technology that now exists
in the work environment means that external auditors are forced to incorporate technology in
their assurance services so that they can gather sufficient audit evidence. The major objective
of the research was to shed more light on the topic by assessing the implications of
technology on external audit. The researcher made use of probability sampling technique.
The sample size consisted of 12 audit firms that are listed on the PAAB in Zimbabwe and the
data was collected by use of questionnaire method. The findings of the study indicated that
External auditors have adopted the use of audit technologies, data analytics in particular
which has resulted in improved efficiency and effectiveness measured in the way information
technology assists in saving time and reduced costs. In addition to that overall productivity
has increased due to the implementation of information technology. CAATs and emerging
technologies have been transforming the audit industry. The study also found that the
traditional external audit no longer serves its purpose in the way an audit is supposed to. The
research concluded that the technological environment that now exists requires auditors to
shift from using traditional audit methods and incorporate technology in their audits.

Date

2022

Publisher

BUSE

Keywords

Impact of Technology

External audit

Supervisor

N/A