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How to get the most out of technology in audit

Technology has the power to enhance audit quality and efficiency. Lesley Meall explains the risks and explores some of the possibilities with the greatest potential.

It is widely acknowledged that technology has the power to transform the practice of audit, making it more efficient and enhancing audit quality; but there is less consensus about which technologies have the greatest potential, how to get the most from them, and how to minimise and mitigate some of the associated risks.

Just as there are myriad factors that may potentially contribute to audit quality and efficiency, there are myriad types of technology and commercially available software that could potentially enable and support this (see Learning from lockdown). So, selecting the right combination of procedures, products and services for your firm can be a challenge.