Question

Express your opinion regarding how robotic processing automation (RPA) will affect accounting and auditing professionals. maximum of 300 words

Answer 1

Technology continues to change society at a rapid pace, and accounting and auditing are by no means immune. New technologies are increasingly able to mimic human activity, taking on repetitive tasks more quickly and accurately than people can.

Auditing has historically incorporated many computer-dependent tools and processes, which were often interlinked by many manual steps and keystrokes. A new set of overlay software has emerged, however, that combines these disparate actions into a single smooth automated process

RPA represents a dramatic and disruptive change in current audit practice that promises to allow auditors to operate at a much higher level.RPA can help automate repetitive tasks, such as the copying and pasting of information. For accountants, RPA represents the opportunity to improve audit quality; indeed, RPA is already demonstrating its ability to improve business processes and services offered by public accounting firms.  Although some fear that RPA heralds the replacement of people with robots, it is better understood as changing the role of human workers, freeing their time up for more meaningful work.

RPA has already garnered interest from public accounting firms, particularly with respect to taxation, advisory, and assurance services. For example, a significant portion of tax activities, such as the calculation of book-tax differences and the preparation of tax returns, has been successfully automated by RPA software robots.

The excitement around RPA is well founded, and the accounting profession is readily embracing this technology. RPA-based audit procedures have the potential to improve audit efficiency and effectiveness. More so than ever, change in the audit profession is slowly but steadily happening, and professionals should be ready to embrace RPA technology and enjoy the fruits of its labor.