A number of emerging technologies(Blockchain, Artificial intelligence) that are currently changing or are likely to change the audit profession in the near future. In general, it is believed that these emerging technologies will benefit the audit profession by enhancing the audit effectiveness and efficiency. However, there are also people who believe these emerging technologies have negative impacts on the audit profession.

Required:

(a) Identify and briefly define one emerging technology that is currently being adopted or

likely to be adopted in the near future to change the audit process.

(b) Explain how the emerging technology you have identified in (a) above can help auditors carrying out a financial statement audit more effectively and efficiently by p roviding a specific example of the current application of the technology.

(c) Discuss the impacts brought by the latest technologies to the audit profession.