Significant Changes in Principles and Procedures in Auditing
As with the accounting field in general, auditing continues to see significant changes in principles and procedures. Additionally, as information technology continues to advance, the way we conduct audits can change. It is important to keep up with trends in our industry to prepare for the future of auditing. We also need to be familiar with the pitfalls of auditing. We should focus on audit quality and learn from prior audit failures.
Search the internet or the Library to find a scholarly article related to current trends in auditing or audit failures. Summarize the article and provide the link.
If you chose an article related to trends, what trend do you find most concerning and why?
If you chose an article related to an audit failure, explain why the audit failure occurred and provide at least one suggestion on how the audit failure could have been avoided.
Explain how the article you presented confirms or changes your opinion on the current climate in auditing.
Discussion Post
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Like other areas, auditing – a crucial aspect in accounting (Al Zobi & Jarah, 2023), changes over time. Based on Butaka (2022), the most concerning trend is the article’s emphasis that some auditors have remained behind in accepting and using new technologies, forming a huge disparity between accounting methods and existing technology practices. This gap indicates a severe risk to audit quality, especially with the rise of cloud computing and the urge for customized controls. In the increasingly fluctuating digital setting, auditors should implement new business models and better comprehend several online technologies. Failing to close the technological divide might result in old-fashioned audit activities, making audits less efficient in promoting data relevance and security within the economy (Butaka, 2022). Bridging the gap is vital to sustain the