Information Technology (IT) has contributed immeasurably towards the development of the auditing

profession (both internal and external) in countless ways. By enabling firms to develop and use
computer systems to capture, process, store, and exchange financial transactions, information
technology is quickly transforming the auditing industry. New technologies are being introduced in the
market at an unprecedented rate, and they have positively altered the way auditing is being conducted
nowadays, albeit in better way.

Audit Software

Since its early days, auditing software has come a long way. The programs of today
have a very high degree of specificity and minimize margins of error. In addition,
modern programs help streamline audits by making them more accurate and reliable.
Both organizations and auditors are adopting modern audit analysis technologies to
better prevent expensive failures and to avoid stakeholder problems.

Artificial Intelligence

Artificial intelligence and robotics are helping to simplify complicated and routine activities. In particular,
AI delivers intense precision which will lead to reduce operation costs as well as increase overall
efficiency. The AI technology supports the transformative position of today's auditor from a process-
centered specialist to being a key strategic collaborator. Thus, artificial intelligence will not replace
auditors in future but with full adoption the auditing process will made much easier.

Cloud Based Computing

Today, cloud-based computing service providers, such as Google Cloud, Amazon Web Services (AWS),
and Microsoft Azure provide digital devices on demand with pooled computational tools and data. This
allows auditors to conduct auditing and checking activities from either place, as well as the opportunity
to include cloud-based working papers, documents, and reports. Consequently, this has presented an
opportunity for auditors to collaborate with their consumers is opened up by cloud-based computing.
Thus, rather than mundane procedures, auditors can now invest more time interacting with consumers
on key market concerns.

Mobile Devices

The availability of an array of mobile phone devices implies that nearly infinite knowledge and company
information is accessible to individuals. Auditors and accountants take advantage of the connectivity of
mobile devices to further close the differences between their businesses and their customers. By
conducting internal tasks such as posting time sheets, issuing invoices, inserting receipts, or making cost
claims from smartphones or tablets, modern mobile devices enable professional service organizations
handle their company when on the run.
Social Media

Auditing firms are now leveraging social networking sites such as LinkedIn, Twitter, and
Facebook to market their operations. They use the platforms to frequently utilize to connect with their
existing and prospective consumers while growing their brand reach at the same time. The value of
incorporating conventional messaging in their overall company growth plans is understood by many
technical service organizations, but many companies do not understand the power of leveraging social
media marketing into their long-term marketing strategy.