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The Effects of Digitalization on Auditing - A Study Investigating the Benefits and Challenges of Digitalization on the Audit Profession

Babayeva, Aytan LU and Manousaridis, Napoleon-Dimitrios LU (2020) INFM10 20201
Department of Informatics
Abstract
Digitalization is an interesting and timely topic which is actively discussed nowadays. Big data & analytics, blockchain, artificial intelligence & robotic process automation are some of the most emerging technologies. This study aims to investigate the perceived benefits and challenges that these technologies bring, in the context of digitalization, to one of the most favorable professions for the specific process; the audit profession. This is examined through the scope of professional auditors. To achieve this, an extensive literature review initially took place. That contributed to identify what previous research on the specific topic has found. Thereupon, through the conduction of semi-structured interviews with seven auditors, six... (More)
Digitalization is an interesting and timely topic which is actively discussed nowadays. Big data & analytics, blockchain, artificial intelligence & robotic process automation are some of the most emerging technologies. This study aims to investigate the perceived benefits and challenges that these technologies bring, in the context of digitalization, to one of the most favorable professions for the specific process; the audit profession. This is examined through the scope of professional auditors. To achieve this, an extensive literature review initially took place. That contributed to identify what previous research on the specific topic has found. Thereupon, through the conduction of semi-structured interviews with seven auditors, six main benefits and two major challenges are identified. The identified benefits are: upskilling, improved audit quality, flexibility and efficiency, reputation growth, increased reliance and finally, the reduction of the expectation gap. New auditor profile and resistance to change are identified as the two factors posing challenges for digitalization in auditing. Conclusively, the empirical findings of this study agree with the notion that auditors think digitalization will be even more prevalent in the future and that digitalization will not lead to the loss of job opportunities, as claimed by previous studies. (Less)
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author
Babayeva, Aytan LU and Manousaridis, Napoleon-Dimitrios LU
supervisor
organization
course
INFM10 20201
year
type
H1 - Master's Degree (One Year)
subject
keywords
digitalization, effects, audit, benefits, challenges
report number
INF20-040
language
English
additional info
Authors Aytan and Napoleon contributed equally to the thesis.
id
9021291
date added to LUP
2020-06-26 17:01:58
date last changed
2020-06-26 17:01:58
@misc{9021291,
  abstract     = {{Digitalization is an interesting and timely topic which is actively discussed nowadays. Big data & analytics, blockchain, artificial intelligence & robotic process automation are some of the most emerging technologies. This study aims to investigate the perceived benefits and challenges that these technologies bring, in the context of digitalization, to one of the most favorable professions for the specific process; the audit profession. This is examined through the scope of professional auditors. To achieve this, an extensive literature review initially took place. That contributed to identify what previous research on the specific topic has found. Thereupon, through the conduction of semi-structured interviews with seven auditors, six main benefits and two major challenges are identified. The identified benefits are: upskilling, improved audit quality, flexibility and efficiency, reputation growth, increased reliance and finally, the reduction of the expectation gap. New auditor profile and resistance to change are identified as the two factors posing challenges for digitalization in auditing. Conclusively, the empirical findings of this study agree with the notion that auditors think digitalization will be even more prevalent in the future and that digitalization will not lead to the loss of job opportunities, as claimed by previous studies.}},
  author       = {{Babayeva, Aytan and Manousaridis, Napoleon-Dimitrios}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{The Effects of Digitalization on Auditing - A Study Investigating the Benefits and Challenges of Digitalization on the Audit Profession}},
  year         = {{2020}},
}