Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, which took effect on Dec. 15, 2022
SAS No. 142 (Audit Evidence) addresses the use of emerging technologies used by auditors and clients and gives examples of ways auditors can use tools such as software for data analytics, artificial intelligence and drones.
Firms and organizations across the U.S. have already implemented many technologies to improve the efficiency and effectiveness of the audit process, but some firms have been slower to embrace new tools.
For those looking to harness technology to transform the audit, consider these five tips for effective implementation.