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, our clients’ technology landscape is rapidly changing. Accordingly, we, as accounting professionals, need to be on the forefront of these changes, including having a firm understanding of the risks associated with the use of these tools. In this course, we’ll review these trends, highlight new and emerging products, such as ChatGPT, and focus on cybersecurity risks and best practices that will allow accounting professionals to help our clients navigate these exciting but challenging times. Plus, we’ll review the relevant guidance on audit evidence found in SAS 142, which guides our 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
