Emerging technology and auditing practice: analysis for future directions

Abstract

PurposeThe purpose of this paper is to explore the effects of emerging technology (technology adoption, perceived benefits, technological challenges and ease of use) and the auditing practice of accounting professionals.Design/methodology/approachThe primary method of data collection was a questionnaire directed to newly practicing chartered accountants who are partners of sole proprietorship or partnership firms in India. The data were analyzed by using partial least squares structural equation modeling (PLS-SEM).FindingsThe findings revealed that there is a positive and significant relationship between characteristics of emerging technology (technology adoption, technological challenges and ease of use) and auditing practice, while factors of the perceived benefits had a negative relationship with auditing practice.Research limitations/implicationsThe study model would aid technology enabled audit research by giving a platform for a new study to investigate further detailed solutions to emerging information technology determinants.Practical implicationsThis study illustrates how tools technique perceived benefit motivates sole proprietorship practicing auditors to adopt emerging technology- enabled auditing software for auditing client's financial statements. Further, this study has added to the information technology auditing literature and might add benefits to the numerous other audit firms to adopt in emerging technology tools their audit firm.Social implicationsAudit firms, generally sole proprietorship and partnership firms, should be given enough awareness about the latest audit software tools to carry out their audit tasks efficiently.Originality/valueThe study findings highlight benefits of emerging technology-enabled auditing practice among owners/partners of the sole proprietorship or partnership firms, which is not extensively discussed in the prior studies. Furthermore, it broadens knowledge of perceived benefit, technological challenges and ease of use in technology-enabled audit software in the auditing and accounting literature.

Future study of revenue sources in the social security organization with the scenario planning approach

“…In these areas, the trend toward future study has increased over time. In accounting, for example, studies have been conducted on the future of auditing and auditing education (Thottoli et al , 2022). In financial affairs, the investigation of the future of new technologies in the financial field, such as blockchain and fintech (Iqbal et al , 2021), has been widely welcomed.…”

Leveraging information communication technology (ICT) and artificial intelligence (AI) to enhance auditing practices

“…The use of accounting and auditing has changed due to technological advancements. Professional services in accounting provide bookkeeping services such as preparing income statements, statements of financial position, equity shareholder statements, cash flow statements and other financial statements (Thottoli et al , 2022). Conducting a financial statement audit without using emerging technology tools would be tough.…”

Factors associated with the intention to use information technology in audit in Iraq

“…It boosts efficiency, increases reliability, improves productivity and reduces audit costs (ACCA, 2019; Curtis and Payne, 2008; Correia et al , 2021). Likewise, IT can save time on audit tasks (Thottoli et al , 2022). Indeed, the forces of technology have altered the audit profession.…”

“…Indeed, the forces of technology have altered the audit profession. Information technology in audit (ITIA) has become a daily routine, as it is nearly impossible to execute an effective audit without it (Al-Hattami et al , 2021; Al-Hattami, 2021; Thottoli et al , 2022). Alagić et al (2021) report that an organization’s IT department is no longer just a business supporter, but it has become a strategic management partner.…”