Digital Transformation of Audit Functions - The Smart Auditor and Smarter RPA Audit Tools

Abstract

Digital transformation is progressing across industry sectors in an overwhelming speed. Stakeholders across the spectrum are participating in this process. The outcomes are influencing a common man’s way of living life. Auditors discharge critical responsibilities by, inter alia, verifying, and re-establishing quality, reliability, trust, safety, security, and risk enabled performance management. In this digital era, they cannot continue to follow traditional post facto routine and use legacy tools and techniques. Future is calling them with imperatives of the inescapable need to evolve and be smarter with digitally transformed systems, processes, and tools. This article aims to bring out how digital transformation of audit functions would help auditors to better meet stakeholders’ expectations in the digitally enabled dynamic business ecosystem by applying smarter processes and online audit tools.