Digital Audit as an Imperative for Ukraine’s Way out From the COVID-crisis and a Tool to Increase the Competitveness of the State

Abstract

The article is devoted to the issues of organization and prospects of audit development in terms of digitalization. The state and the measures needed to improve audit effectiveness in the context of automation are investigated and analyzed. The factors that negatively influence the audit digitization process and the possible directions of development of audit activity in the computerized environment are identified. The use of automation helps auditors process more data and focus on identifying risks, allowing for higher quality audits. Classification of information technology of audit, conditions for the development of audit software, factors that impede audit automation are given. Audit digitization is a new level in the audit field that is rapidly evolving and rapidly expanding in enterprises, especially those that use an automated accounting method. The software currently used by auditors needs to be refined to meet the demands of today's world. Digitization will become relevant for all audit firms seeking to gain competitive advantage and take a place in the audit services market.

Remote Audit for Internal Audit as a Form of Technology Optimization Towards Indonesia 5.0

“…Audit digitalization is a new level of audit that is developing in companies, especially those using accounting automation. The software used by auditors needs to be improved according to the needs of the modern world [10], Technology-based performance audits can be applied to remotely review audit quality during the COVID-19 pandemic, but many internal auditors are not ready to use them. Even so, digitizing this audit has the advantage of real-time data collection and faster inspection times due to analysis and testing using technology.…”

Challenges of using digital technologies in audit

“…The business conditions in which auditors operate are becoming more and more complex under the influence of globalization, growth in the scope and type of activities, and the use of electronic data. Computer-assisted audit methods can be used to perform a variety of audit procedures, including testing of information processing in the client's accounting system, analytical review of procedures to identify uncertainties, access to data files and libraries, software compliance tests, and testing management and accounting systems (Nazarova et al, 2021). At a time when thousands of accounting transactions take place almost simultaneously, it is not easy to be sure of your conclusions.…”

“…Modern organizations must embrace digital and advanced technology to stay ahead of the competition on local and international markets and meet customers' growing requirements (Musabegović et al, 2021). Digitization is a new trend that requires personnel changes, new approaches to management, and changes in business processes (Nazarova et al, 2021). The application of information technologies is of critical importance for the realization of operational tasks, the storage of financial and operational data as well as the preparation of financial and other managerial reports (Gray & Abdolmohammadi, 2016).…”

“…Information technology risks do not only threaten the digital environment but also the entire business of a company (Aditya et al, 2018). The digital transformation of business requires constant improvement and optimization of the audit function (Nazarova et al, 2021). The use of new technologies in auditing affects the growth of the auditing companies' competitiveness.…”

Challenges, Opportunities, and Strategies of Audit Engagement in the Time of Crisis

“…Thus, this study will explore the audit process during the pandemic and how audit quality can be maintained. Some studies have been conducted to explore audit engagement and quality (Hamdan et al, 2021;Illuzzi et al, 2020;Johnsson and Persson, 2021;Kaka, 2021;Munidewi et al, 2020;Murphy, 2020;Nazarova et al, 2021;Oswald, 2021;Pertiwi et al, 2022;Purnomo, 2021;Sari and Novita, 2021). However, studies investigating audit evidence during the pandemic are still overlooked.…”