The Effects of Digitalization on the Audit profession

: A comparative study between one developed and one developing country

Abstract

Digitalization is currently changing all areas of society and business. One area of business that has been significantly impacted by the developments of information technology is auditing. Currently, audit firms all over the world are implementing tools which increase the capabilities of auditing to add value. Specifically, big data analytics, artificial intelligence, and blockchain technology, have gained footing in the auditing field during the last few years. This study extends the knowledge on the effects of digitalization and emerging technologies on the audit profession. Existing literature tends to focus on more developed countries and therefore this study contributes to the existing literature by studying the perceived effects of digitalization on auditing in one developed and one developing country. To achieve the aim of the study, a qualitative research method was employed. Semi-structured interviews were conducted with four Swedish and five Liberian audit professionals. The study shows that digitalization and emerging technologies have significantly impacted audit quality and audit efficiency in both Sweden and Liberia. Furthermore, the findings indicate that digitalization is currently also changing the skills and competences needed within audit firms. The study also demonstrates the importance of emerging technologies in the context of auditing.

Date of Award	2022-Jun
Original language	English
Supervisor	Gert Paulsson (Supervisor), Christian Koch (Examiner) & Timurs Umans (Examiner)