Innovations in Financial Audit based on Emerging Technologies

Abstract

In the context of assessing the impact of IT concern on financial audit missions, the purpose of this paper is to investigate how new Big Data technologies shape the auditor profession, the methods and tools used. Motivation: technology has put its mark on all fields of activity and professionals tend, step by step, to experiment within auditing by testing new technologies; taking into account the hypothesis of large-scale adoption of modern technologies offered by IT, Big Data development and Data Analytics (BDA) represent a highly interesting case, on which the author pleads for debating. The two qualitative and fundamental research methods, together with the critical observation that consisted in manual selections of the online publications of the professional bodies in audit and accounting, the specialized literature and discussions with IT and audit Big Four specialists support the analysis of Big Data impact, completing previous specialized papers, given the fact that the need for (extended) documentation in this regard is further pointed out. The results of this investigation propose Data Analytics, Hadoop, NoSQL as Big Data top technologies applicable on financial audit missions, in order to simplify audit procedures, improve the organizational performance and reduce the level of risk.

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“…Auditing can create tremendous economic value for a company by maintaining an effective internal control system, providing accurate financial data on its activities, avoiding fraud and embezzlement of its resources, and reducing capital costs. The emergence and development of technology are some of the critical arguments that support a paradigm shift in audit missions (Cristea, 2020). Association of Chartered Certified Accountants (ACCA) (2019) stated that technology has the power to reshape auditing, the use of electronic devices, and the increasing complexities of computerized accounting systems such as Enterprise Resource Planning (ERP) have led to the phenomena of data explosion.…”