Modern Technologies in Auditing: Potential and Risks
The paper examines the impact of modern technologies on existing business processes in audit. Companies can deliver better services, improve risk analysis and report on up-to-date data by integrating digital technology into the audit process. The main modern technologies are the ones based on cloud computing, artificial intelligence and blockchain. The author conducts a detailed analysis of the risks arising from the implementation of these technologies. The main focus is on operational risks that directly affect the operation of these technologies and the end process result, as well as institutional and financial risks. There have been given some recommendations for the implementation of modern technologies in auditing with considering the elimination or mitigation of the determined risks. The existing practices of introducing modern digital technologies on the market indicate the possibility of effective integration of innovations into the business processes of companies. In the conclusion there have been highlighted the main potential associated with the use of advanced technologies and the risks that they entail.