Developments in artificial intelligence (AI), data analytics and blockchain technologies are having a significant impact on businesses. The pace of technological change is particularly affecting the finance function, creating a need to revisit the audit approach.
A recent seminar jointly organised by the Institute of Chartered Accountants in England and Wales (ICEAW) and the Dubai Financial Services Authority (DFSA) looked into the impact of technology on the audit and finance profession.
Firstly, the event highlighted that technology will drive down the time to conduct an audit as testing becomes more automated and is conducted in real time. With improved technology, it will be possible to test the full population of entries and not only a sample.
The profession…
