This finding in conjunction with others related to concerns about regulators’ response to and acceptance of emerging technologies provides valuable insight into key barriers to technology adoption. Research into whether mindset (fixed or growth) moderates the effect of inspection risk on auditors’ reliance on data analytics tools found that when inspection risk is high, those with a fixed mindset rely less on data analytic tools than those with growth mindset. The review of research identified certain auditor behaviors that foster greater commitment to technology adoption with growth mindset, agility and critical thinking recognized as behaviors that positively influence the reliance on and support for technology in the audit.
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Tool-specific training was noted as a critical driver for using technology with the timeliness of this training (i.e., before busy season) being a way to encourage greater use. The study also notes a need for greater emphasis on helping students become more agile and use more critical thinking when interacting with disruptive technology, and some studies identified possible approaches to address including use of case studies. The study noted that accounting curricula lags accounting practice due to the complexities in augmenting university course content and that missing components include an understanding of the information lifecycle and the technologies of the information system. When discussed with the original paper’s authors, this was highlighted as the most significant reason for a lag in technology adoption. The research identified some key person-specific factors influencing the adoption of technology. Person related factors impact enthusiasm and willingness to adopt technology in the audit The diagram below identifies factors that positively influence adoption of the digital audit these themes are explored in more detail throughout this article. The findings suggest very few studies have examined the more complex predictive and prescriptive analytics. The research identified person, task and environmental factors which affected digital transformation in audit engagements and distinguished between the types of analytics used by auditors-descriptive, diagnostic, predictive and prescriptive-and the research findings relevant to each. This latter point could reflect the fact that many emerging technologies are yet to achieve widespread adoption due to their complexity of implementation and use. The study identified an increasing interest in publishing digital transformation-related research, as demonstrated by the increase in volume of research over recent years, but indicated that research on external auditors’ use of emerging technologies is still at an early stage.
The paper’s authors were among the first to conduct an extensive review of the growing academic literature on digital transformation in the external audit arena. Using technology in an audit continues to evolve and, by examining relevant literature published over the last 20 years, insights can be learned about evolving trends and the trajectory of digital transformation in audit.
This article sets out some of the insights the IAASB gained from reviewing this research and discussing it with the paper’s authors. In January 2022, a paper titled “ The Effects of Person-Specific, Task, and Environmental Factors on Digital Transformation and Innovation in Auditing: A Review of the Literature,” prepared by Dereck Barr-Pulliam, Helen Brown-Liburd and Ivy Munoko, was published detailing the findings from this study. The review was intended to inform the IAASB’s standard-setting initiatives related to using technology in audit engagements. For more information, please contact Ray on 021556122.In 2021, the International Auditing and Assurance Standards Board (IAASB) asked members of the International Association for Accounting Education and Research (IAAER) to conduct a literature review examining digital transformation in the external audit setting.
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