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A new auditor playbook has been launched to help audit professionals adapt to the rapidly advancing technological landscape.
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Auditor playbook offers guidance on AI and digital transformation
11 October 2024
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A new auditor playbook collaborated on by CA ANZ and the Association of Chartered Accountants (ACCA), has been released to provide a comprehensive guide aimed at helping audit professionals in the rapidly changing AI environment.
The ‘Audit and technology playbook: A practitioner’s guide’ provides a roadmap for audit professionals as AI and other advanced technologies transform the sector.
CA ANZ and ACCA noted the large focus on AI, however, warned the human factor remained “critical.”
“The development of advanced technologies such as AI, machine learning and blockchain is reshaping the audit profession,” the bodies said.
“GenAI, alongside increasingly sophisticated data analytics allows auditors to analyse huge amounts of data in just a few seconds, uncovering patterns that were previously invisible and providing greater confidence than traditional methods.”
According to the bodies, the playbook would provide actionable strategies to equip auditors with the skills and tools necessary to navigate the digital transformation.
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The playbook would also provide insight into opportunities, risks, key trends and frameworks for small- and medium-sized practitioners to adapt.
In addition to this, the importance of balancing technology advances with professional ethics, judgement and human oversight was emphasised within the playbook.
The bodies said the risks of over-reliance on technology were also highlighted.
CA ANZ group executive - advocacy and international, Simon Grant, said it was important to embrace new technologies while maintaining the core principles of the profession.
“Technology is opening up new possibilities in auditing that were out of reach only a decade ago,” he said.
“However, the human element remains as important as ever.”
“Our professional scepticism, judgement and ethics must remain at the forefront as we integrate these new tools into our practices.”
The key sections of the playbook touched on the implementation of governance structures to maintain audit integrity, investment in staff skill development and development of a digital strategy.
The bodies said the guide was derived from extensive research and roundtable discussions with members across several markets and is available for download on the CA ANZ and ACCA websites.
ACCA director of policy and insights, Mike Suffield, said understanding technology was important but remaining in touch with the human side was just as important, if not more so.
“Advanced technologies can allow auditors to gain deeper insights into the business they audit,” he said.
“But there’s a very real danger of relying too heavily on technology, such as through automation bias where technology subtly influences an auditor’s judgement.”
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