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Big Data Analytics and Other Emerging Technologies: The Impact on the Australian Audit and Assurance Profession

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  • Michael Kend
  • Lan Anh Nguyen

Abstract

The aim of this exploratory research study is to obtain the views of relevant stakeholders in relation to the impact big data analytics (BDA), artificial intelligence (AI) and robotics have had in Australia on the audit and assurance services market. Views are also sought on the impact or potential for impact of blockchain technologies. This paper reports findings from interviews and/or focus groups with 20 individuals representing key stakeholders in the market for audit and assurance services in Australia. Via a synthesis of these stakeholder perceptions and a review of the relevant accounting literature, the study finds that, overall, the impact of BDA, robotics and AI on auditing is seen as positive. BDA takes auditors away from manual, intensive tasks, and gives them more time to apply their minds and skills to more critical evaluation‐type work or key audit judgements. Participants also highlighted the need for regulators and standard setters to keep on track with the fast‐paced IT, automation evolution in the auditing field. Finally, and surprisingly given the attention surrounding blockchain technologies, the participants in this study seemed unconvinced of the application of blockchain technologies in auditing practice.

Suggested Citation

  • Michael Kend & Lan Anh Nguyen, 2020. "Big Data Analytics and Other Emerging Technologies: The Impact on the Australian Audit and Assurance Profession," Australian Accounting Review, CPA Australia, vol. 30(4), pages 269-282, December.
    • Handle: RePEc:bla:ausact:v:30:y:2020:i:4:p:269-282
    DOI: 10.1111/auar.12305
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    References listed on IDEAS

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    1. Michael Kend & IIias Basioudis, 2018. "Reforms to the Market for Audit and Assurance Services in the Period after the Global Financial Crisis: Evidence from the UK," Australian Accounting Review, CPA Australia, vol. 28(4), pages 589-597, December.
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    7. Boon Seng Tan & Kin Yew Low, 2019. "Blockchain as the Database Engine in the Accounting System," Australian Accounting Review, CPA Australia, vol. 29(2), pages 312-318, June.
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    2. Marco Bellucci & Damiano Cesa Bianchi & Giacomo Manetti, 2021. "A literature review on blockchain in accounting research," Working Papers - Business wp2021_04.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    3. Pizzi, Simone & Venturelli, Andrea & Variale, Michele & Macario, Giuseppe Pio, 2021. "Assessing the impacts of digital transformation on internal auditing: A bibliometric analysis," Technology in Society, Elsevier, vol. 67(C).
    4. David S. Kerr & Karen A. Loveland & Katherine Taken Smith & Lawrence Murphy Smith, 2023. "Cryptocurrency Risks, Fraud Cases, and Financial Performance," Risks, MDPI, vol. 11(3), pages 1-15, February.
    5. Kanyarat (Lek) Sanoran & Jomsurang Ruangprapun, 2023. "Initial Implementation of Data Analytics and Audit Process Management," Sustainability, MDPI, vol. 15(3), pages 1-14, January.
    6. Ruhnke, Klaus, 2023. "Empirical research frameworks in a changing world: The case of audit data analytics," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 51(C).
    7. Nanja Kroon & Maria do Céu Alves & Isabel Martins, 2021. "The Impacts of Emerging Technologies on Accountants’ Role and Skills: Connecting to Open Innovation—A Systematic Literature Review," JOItmC, MDPI, vol. 7(3), pages 1-27, June.
    8. Ravi Seethamraju & Angela Hecimovic, 2023. "Adoption of artificial intelligence in auditing: An exploratory study," Australian Journal of Management, Australian School of Business, vol. 48(4), pages 780-800, November.
    9. de Villiers, Charl & Kuruppu, Sanjaya & Dissanayake, Dinithi, 2021. "A (new) role for business – Promoting the United Nations’ Sustainable Development Goals through the internet-of-things and blockchain technology," Journal of Business Research, Elsevier, vol. 131(C), pages 598-609.
    10. Michael Bradbury & Bryan Howieson, 2020. "Editorial: Promoting the Usefulness of Research to Standard Setters," Australian Accounting Review, CPA Australia, vol. 30(4), pages 229-230, December.
    11. Alessio Faccia & Vishal Pandey & Charu Banga, 2022. "Is Permissioned Blockchain the Key to Support the External Audit Shift to Entirely Open Innovation Paradigm?," JOItmC, MDPI, vol. 8(2), pages 1-22, May.
    12. Deli Wang & Ke Peng & Kaiye Tang & Yewei Wu, 2022. "Does Fintech Development Enhance Corporate ESG Performance? Evidence from an Emerging Market," Sustainability, MDPI, vol. 14(24), pages 1-21, December.

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