Lavinia Mihaela Cristea
PhD student at the Bucharest University of Economic Studies,
Published in: Public Finance Quarterly 2021/1. special edition (p. 68-82.)
Summary: Like any business process, auditing is a process that can be perfected, technology complementing a set of advanced data processing skills and techniques. The objective of this paper is to research the way how Romanian auditors work and perceive the impact of IT on audit missions. The results of the conducted survey, based on 102 responses, highlight a series of working tools (Data Analytics, Microsoft Excel, Data Automation) which, through the analysis of the Big Data phenomenon, facilitate the audit process. Regarding the software category, Ciel Audit and Revision, Gaudit, CaseWare are among the most frequently used, auditors considering ready to work with emerging technologies. Continuous professional training is ensured by participation in professional training courses, along with severe documentation about new technologies. In Romania, the current level of performing audits based on new technologies is average, for the future a higher level and a higher forecasting and analysis capacity are expected. The auditing profession will be perfected more and more, the current tasks will be gradually replaced by the new technologies, auditors becoming more appreciated by the external environment. Professional skepticism remains the basic quality of the auditor, along with the understanding of the competitive environment. Uncertainty characterizes the amendment of the International Standards on Auditing (ISA). This paper contributes to the literature by bringing to the fore the current technological context for the audit profession, namely the impact perceived by auditors during the fourth industrial revolution.
Keywords: auditors’ perception, IT impact, Data Analytics, audit mission
JEL codes: M40, M42