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Innovations in Financial Audit based on Emerging Technologies

Author

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  • Lavinia Mihaela CRISTEA

    (The Bucharest University of Economic Studies, Romania)

Abstract

In the context of assessing the impact of IT concern on financial audit missions, the purpose of this paper is to investigate how new Big Data technologies shape the auditor profession, the methods and tools used. Motivation: technology has put its mark on all fields of activity and professionals tend, step by step, to experiment within auditing by testing new technologies; taking into account the hypothesis of large-scale adoption of modern technologies offered by IT, Big Data development and Data Analytics (BDA) represent a highly interesting case, on which the author pleads for debating. The two qualitative and fundamental research methods, together with the critical observation that consisted in manual selections of the online publications of the professional bodies in audit and accounting, the specialized literature and discussions with IT and audit Big Four specialists support the analysis of Big Data impact, completing previous specialized papers, given the fact that the need for (extended) documentation in this regard is further pointed out. The results of this investigation propose Data Analytics, Hadoop, NoSQL as Big Data top technologies applicable on financial audit missions, in order to simplify audit procedures, improve the organizational performance and reduce the level of risk.

Suggested Citation

  • Lavinia Mihaela CRISTEA, 2020. "Innovations in Financial Audit based on Emerging Technologies," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 18(159), pages 513-513.
    • Handle: RePEc:aud:audfin:v:18:y:2020:i:159:p:513
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    References listed on IDEAS

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    1. Pathak, Jagdish & Chaouch, Ben & Sriram, Ram S., 2005. "Minimizing cost of continuous audit: Counting and time dependent strategies," Journal of Accounting and Public Policy, Elsevier, vol. 24(1), pages 61-75.
    2. Jana Schmitz & Giulia Leoni, 2019. "Accounting and Auditing at the Time of Blockchain Technology: A Research Agenda," Australian Accounting Review, CPA Australia, vol. 29(2), pages 331-342, June.
    3. David Yermack, 2017. "Corporate Governance and Blockchains," Review of Finance, European Finance Association, vol. 21(1), pages 7-31.
    4. Sophie Cockcroft & Mark Russell, 2018. "Big Data Opportunities for Accounting and Finance Practice and Research," Australian Accounting Review, CPA Australia, vol. 28(3), pages 323-333, September.
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    Cited by:

    1. Viorica NEACSU B., 2021. "Technologies And Their Impact On Audit," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 61(1), pages 63-71, March.

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    More about this item

    Keywords

    M42; O33;

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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