The benefits and related risks of utilizing new technology have never been greater for those in the accounting profession. From Artificial Intelligence (AI), Robotic Process Automation (RPA), and Audit Data Analytics (ADA) to cloud-based software solutions and generative AI platforms like ChatGPT, the business technology landscape is evolving at an unprecedented pace. Accordingly, accounting professionals must proactively adapt to these changes, with a strong grasp of both the benefits and the risks associated with these tools. In this course, we?ll explore key trends, including the practical applications of generative AI tools like ChatGPT, and focus on cybersecurity risks and best practices that will allow accounting professionals to help our clients navigate these exciting but challenging times. In addition, we?ll review the relevant guidance on audit evidence found in SAS 142, which guides the use of technology on our professional engagements.
Learning Objectives
- Identify the business drivers of companies today and the need for data-driven decision making
- Identify other current trends in information technology applications for clients and auditors
- Discuss SAS 142 and how it applies to audit methodologies using technology
- Explain how auditors are integrating audit data analytics into the audit process
Major Topics
- Data-driven decision-making processes
- Top technology trends and related risks, including cloud computing, AI, ChatGPT, RPA, and blockchain applications
- Fraud statistics and cyber threats
- Common IT security risks and controls
- Requirements of SAS 142
- Use of analytical procedures on professional engagements
