Overview: Advances in technology have impacted many facets of the auditing process, from assessing risk and...

Overview: Advances in technology have impacted many facets of the auditing process, from assessing risk and internal control to conducting substantive procedures. These changes both create challenges and offer opportunities for auditing professionals. Prompt: For this short paper, you will use the internet to research the impact of a specific technology on auditing. You will provide a description of the technology, an explanation of its current and potential future impact on auditing, and a suggestion of how auditing and auditors can better adapt to the changes brought about by the technology. Use the resources provided in this module for help choosing and researching a topic. Specifically, the following critical elements must be addressed:  Technology Description: Provide a brief description of the technology you chose.  Impact on Auditing: Provide an explanation of the current impact of the technology on auditing and its potential future impact. Support your analysis with research.  Suggestions for Adapting: Provide suggestions for how auditors can better adapt to the changes brought about by the technology. If the technology you chose creates challenges for the profession, make suggestions for how auditors can adapt to meet these challenges. If the technology offers opportunities for the profession, make suggestions on how auditors can better adapt to take advantage of these opportunities. Support your suggestions with research.

Expert Solution

Solution:

In case of substantive testing where 100% testing samples is required by the auditor. By implementing artificial intelligence and machine learning technology, it will enable auditor to mine and analyse large volume of structured and unstructured finance data of the company.

Artificial Intelligence and Machine Learning Technology in Auditing:

This technology could interface with the client’s system to transfer and compile the accounting data or else which have to done by a junior auditor. It can mine through large data, compile data and analyse the data and give result of the outcome which is impossible for the auditor to analyse and provide. Acritical intelligence contains algorithms that allows the software to absorb, reason and think in the ways similar to human brains. The algorithms in the software also enables the software to try new strategies as they encounter obstacles. The auditor can use this software in designing their work. They can enable the software to do analysis irrespective the data is in structured format or in unstructured format. With the help of artificial intelligence and machine learning technology the auditor can dig through the financial data and expose more about the risks in the company.

Artificial intelligence and machine learning technology in auditing can be used in predictive analytics. The software’s algorithm is capable of doing advanced data analysis and make prediction. It extracts information from the system and refine prediction using predictive analytics.

ekkarill92 answered 1 hour ago

The landscape of accounting and auditing is changing rapidly because of the advances in technology. I...

The landscape of accounting and auditing is changing rapidly because of the advances in technology. I want you to read, think about, and discuss how accounting/auditing is impacted by technology. Your discussion should focus on how technology is impacting accounting/tax/auditing. It should go beyond analytics. You can use your experience in your work or internship to talk about how CPAs are increasingly relying on technology and what are the implications of such reliance.

Advances in Medical Technology have contributed to extending life. While technology has many benefits, it has...

Advances in Medical Technology have contributed to extending life. While technology has many benefits, it has also given rise to many ethical issues. List three currently accepted medical technologies and suggest potential ethical issues that may arise with the use of that particular technology. Please support your statements

Technology has accomplished many advances in health care in the last decade. Many challenges have been...

Technology has accomplished many advances in health care in the last decade. Many challenges have been overcome, and many challenges will be faced in the future. We are a world revolving at high speeds of technology. For example Electronic health records has assisted with integration of care and decreases of medication errors. In your view, what are the positive and/ or negative aspects of integrating technology in long term care. While discussing also think whether the technological improvements would meet...

Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing...

Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditor responsible for planning the financial statement audit of Spencer, Inc. Two new staff auditors are assisting you with the initial audit planning and have asked you the questions below. Please summarize your responses to these staff auditor questions: a. What is...

Advances in information technology have drastically affected input procurement practices. The internet makes many goods and...

Advances in information technology have drastically affected input procurement practices. The internet makes many goods and services a mere "click" away. As a result, transaction costs are changing as well. Identify and discuss business or industry that has altered the way it utilizes spot exchange, contracts and integration.

The genetic advances allow the technology that determines the risk of acquiring a certain disease through...

The genetic advances allow the technology that determines the risk of acquiring a certain disease through a test. The government is considering the possibility of allowing the insurance companies to make the above test, before they offer the insurance policy to the buyers. What would you advise to the government? Assume that the cause of the disease is only genetic, so it is not determined by the habits of the consumer.

Innovations in technology have impacted every aspect of health care from the way in which patients...

Innovations in technology have impacted every aspect of health care from the way in which patients seek their providers to how organizations market themselves, and the way claims are submitted to insurance companies for payment. Many of the nonclinical innovations focus on data collection and using the data for meaningful purposes including billing and revenue cycle. For this discussion, identify a technological innovation such as electronic health record, billing software, or estimator tool and address the following: Describe the technological...

What expected technological advances have the potential to influence the assessment process?

Advances in technology have been made to make household work easier. If this is true, explain...

Advances in technology have been made to make household work easier. If this is true, explain why time spent in household production over the past 50 years has not drastically declined. Why was there such a difference over the past 100 years? Be sure to discuss all the effects that might contribute to the lack of responsiveness of household production time to technology.

It has been said that advances in information technology have made in both easier and more...

It has been said that advances in information technology have made in both easier and more challenging to conduct. Please explain what is meant by this statement and provide examples of each point.

Question