Use of Technology in an Audit of Financial Statements: Risk Assessment

Overview

How technology can help auditors improve efficiency, effectiveness and quality. Auditors are perpetually in pursuit of enhancing the efficiency and effectiveness of their audits while upholding consistently high standards of quality. The integration of technology into the audit process can seamlessly accomplish these objectives. Join us as we delve into the insights of two distinguished members of the AICPA Auditing Standards Board's Technology Working Group, including its chairperson. You'll learn how technology can empower auditors to navigate the escalating demands of modern audits, particularly in the face of overwhelming data volumes, by harnessing available tools. Our presenters discuss common reasons auditors may resist using technology and why those reasons, even more commonly, are not always valid. Once you have an understanding that overcoming barriers to entry is possible, the Technology Working Group experts will guide you through the audit process. You'll explore key junctures where automated tools, techniques and commercial software solutions can revolutionize your audit methodology for the better. Our presenters then return to examine, in detail, how technology can help auditors during one of the most important steps in the process, the risk assessment. Highlighting benefits to efficiency and effectiveness, the new AICPA practice aid "Use of technology in an audit of financial statements" is the focus. Part I of this evolving practice aid takes a deep dive into risk assessment procedures. Walking through examples allows you to see how the guidance in the practice aid can assist in your daily work.