Future Of Audit In Digital Economy

Audit function should keep pace with changes in digital technology. FILE PHOTO | NMG

By Ndirangu Ngunjiri

Digital technology is rapidly growing across diverse fields, including blockchains, robotics, 3D printing, artificial intelligence, and the internet of things. We are now entering the 4th Industrial Revolution and technology is drastically changing the way we live, work, interact, and do business.

In the modern business world, the gold standard of corporate governance is reliable internal control over financial reporting. Good financial reporting is an indicator of good corporate governance. Automation and artificial intelligence will result in effective, secure, and reliable performance across all government and business processes.

The audit function is a key element of good governance and accountability in both public and private sector organizations. Auditors play a critical role in protecting organizations and promoting governance, risk management, and controls.

Audit function should keep pace with changes in digital technology. An organization’s technology-based processes and activities must result in decisions and actions that are in line with its ethical, social, and legal responsibilities. An audit is intended to provide assurances that proper governance structures are in place and followed, including oversight and accountability surrounding the government’s or an organization’s use of digital technology.

Governments and organizations should heavily invest in new technologies for more efficient and effective management of their functions and processes. This includes better IT mobility, enhanced cloud platforms, and improved technology infrastructure…Read more>>

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