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Taking on technology

The faculty is exploring the potential for technology to reshape the practice of audit and improve its quality, so that we can offer practical guidance and support.

Technology is now advancing by such massive leaps and bounds that it is becoming difficult to draw a hard line between science fiction and science fact. Artificial photosynthesis can make liquid fuel from sunlight, carbon dioxide and water. Brain implants can restore the freedom of movement that spinal cord injuries take away. Increasingly intelligent software tools and techniques offer accountants opportunities to improve efficiency, provide more insight and enhance audit quality.

It is impossible to predict with any degree of certainty how – or which – new and emerging technologies will influence the scope, practice relevance or quality of audit, but we can be certain that there will be significant changes. So the faculty has been working with specialists and volunteers to explore the growing interest in and use of technology in audit and business and how the profession can adapt to or prepare for the coming changes.

In 2017, the faculty convened a roundtable of practitioners, software providers and regulators, which focused on data analytics and audit. This roundtable was a safe space to consider the important changes relating to data analytics, and other technology, and audit. A key aim shared by participants was to develop ways of working together in the interest of audit quality. The faculty would like to thank all participants in this roundtable for their willingness to freely share information and insights, and recognises their desire to work together in the interest of audit quality.

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