In Business horizons
The COVID-19 pandemic has exposed the obsolescence and vulnerability of many existing auditing practices. Whilst some progressive practices have been implemented (i.e., remote audits using rudimentary Information & Communication Technologies), a new paradigm is needed to not only account for the risk of repeated lockdowns, but also to align practices with the level of digitalization, automation, and use of artificial intelligence in the current business environment. In this paper, we argue that the adoption of new technologies requires a fundamental rethinking of how auditing services are delivered. We argue that new technological possibilities have implications for five other auditing elements that enable a shift from the old to the new paradigm of auditing, namely actors, processes, spaces, training and skills development, and services. We explain how non-financial audits conducted under the new paradigm are key enablers of a firm's ability to participate and thrive in a competitive international marketplace.
Castka Pavel, Searcy Cory
Audit, Certification, Inspection, Technology, Testing