Question

What are the limitations of technologies in audit work nowadays?

Answer 1

Auditors have been adopting technologies for many years to enhance the efficiency and effectiveness of their work. However up to now, these automated waves could not replace the requirement for specialized knowledge and decision-making processes. The most significant limitations and obstacles to the use of technology assisted audit techniques are associated with the complexity of implementation technologies. There is a high initial installation cost and maintaining technology-assisted audit techniques, overstatement of investigations, inadequacy of simplified accounting software, and more need to effectiveness of client database. Moreover the technology lacks the human elements such as management leadership, a sense of urgency, focus on results and customers, team processes and cultural change. These needs cannot be fulfilled by the robots; as the more intangible elements of human and social interaction influence the outcomes and quality of an audit