Future of Audit with Pro-Auditor With Data Analytics

Abstract

As there are hundreds of accounting firms in Malaysia, they all have the same practices. Based on a research done, most audit firms do not have an integrated and centralized system for the use of Financial Auditors and IT Auditors. By implementing this system, audit activities will be enhanced, and the work produced will reach its maximum quality. Evidences of audit will be selected at a more efficient manner. In addition to that, another function is being added to this software, whereby auditors will be able to view their productivity level. This will be done with the application of Data Analytics and several other key components in identifying the productivity of the auditors. This will benefit both auditors and the accounting firms as well. In Audit Processes, it is crucial to have a centralized system, whereby audit evidences and work papers are under one centralized system. However, if there isn't a platform, audit processes will be less effective. In conclusion, this report shall cover many aspects with a few evidences and appendices in support of the project executions as several key aspects of audit has been highlighted..