Prepare a no-less-than 10 page executive memo evaluating the impact of technology on the external audit Paper should consider the following disruptive technologies: block chain, cryptography, data integration, predictive analytics, robotic process automation, cognitive intelligence like AI and machine learning, big data, and cyber security Provide an analysis of how the audit firms and auditors may be impacted, including:
Changes to external audit Top challenges faced by audit firms, college curriculums and CPAs as employees Impact of data analytics (big data) Education requirements (e.g., students will need to move toward more technology focused curriculums) Using analytical tools to replace certain tasks currently performed by people Impact on investor’s confidence in financial statements (e.g., use of cryptography)
Impact to cyber security Impact to auditors’ legal liabilities in issuing opinions Do not limit yourselves to the criteria As you research the topic, include other issues related to technology impacts that you find You may find the Big 4 firm publications, AICPA publications, PCAOB materials and publications from other audit related organizations (CAQ, IAASB, etc) useful in identifying potential impacts from the changing technology.
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