Question

The latest advances in technology promise significant benefits for the audit profession, with a number of key drivers signaling the need for technological change in audit. Such drivers include the rapid increase in volume of data, changes in business models, the shift towards automation and the demand for a proactive and forward-looking approach to audit. These developments require auditors to be technologically sound to enable them to continue servicing businesses and to execute high quality audits.

1). Discuss on the emerging technologies in auditing profession and identify how it would benefit the auditing profession.

2). Discuss the challenges faced and provide recommendations on how to overcome these challenges. Support your views/arguments with research findings and evidence from real world cases and standards.