Technology : The New Audit Team Member

The rapid growth that we are witnessing is the result of the massive digitization of operations to achieve qualitative outputs with less time and effort.

The same concept applies to the audit profession as well. Auditors can deal with business transactions that are complex and voluminous while going digital. Regulators also use technology to achieve better compliance through quality assurance services.

The auditors have nearly no option but to use digital audit tools and techniques, to deal with complex and voluminous transactions, and provide superior assurance services in less time and with less effort. There are various digital tools presently available in the market that can be used by the auditors throughout the audit life cycle i.e., starting from evaluation and documentation of prospective client and audit engagements, audit planning, execution, and completion.

The Audit Quality Maturity Model (AQMM) and its implementation guide that has been recently released by ICAI in February 2022, have also emphasized that the adoption of digital audit tools and new-age technologies, can significantly help auditors to improve their level of maturity.

The objective of this article is to discuss the relevance of digital tools and techniques, and how the auditor can use them at diff