Exploring the Role of Technology in Auditing: Opportunities and Challenges From Stakeholder Perspectives

Abstract

This study explores the impact of technology on the auditing profession (specifically focusing on the main opportunities offered and challenges perceived from technology) by exploring the comments received from various stakeholder groups on the International Auditing and Assurance Standards Board's (IAASB) request for input on their document considering the use of technology in audit. We employ a hybrid methodology that combines qualitative thematic analysis with sentiment analysis to yield deeper insights into stakeholder perspectives. Therefore, our analysis goes beyond the identification of themes and emphasizes regional differences, perspective-wise insights and overall sentiments of stakeholder groups, which remain overlooked in earlier studies. As such, our findings provide actionable insights to help regulators address obstacles hindering effective integration of technology in auditing practices. The findings show an overall negative sentiment in the tone of the stakeholders, indicating a dominance of concern over optimism regarding the use of technology in audit. Findings also suggest current skill gaps, data handling concerns and the need for regulatory clarity as the central challenges that must be addressed as a priority by the regulators. Additionally, our findings also show a strong consensus in the views of different stakeholders, advocating for a uniform global approach to address key challenges.