Impact of Financial Technology on Accounting and Auditing

Abstract

With a dynamic industry environment, it is now a mandate for the organisations to invest time, money and efforts in adapting to the future way of doing things, at present. A cloud system is part of the basic infrastructure now. When the entire business model changes so does change the way of accounting and auditing. Robotics is being used to do the accounting free of manual intervention whereas the machine learning and artificial intelligence is helping identify patterns and generates the exception reports which leaves the auditor with specific grey areas.