Will the presence of technology affect the audit regulations like SOX and COSO to transform towards digital technology? Explain the advantages and disadvantages related to the digital transformation of auditing standards and how it affects the professionalism of internal auditors.
As a time passed by in the era of digital transformation, which causes the growth of globalization, it is undeniable that it will have a massive change impact on the development of the industrial world. The presence of advanced technology in the 4.0 era has transformed the entire sustainability of the industrial world in order to improve the competitiveness and meet the growing market demand. These demands have changed the point of view of top management so that they can guide their business continuity based on technology. PT MayorMinor is a company that has changed its strategy by using a cloud-based private ERP that integrates all departmental systems within the company, which provides benefits for the company, such as cost efficiency, paperless and communication processes easier. However, there are still some human resources that are not yet open to technological developments, which creates a large gap. Furthermore, because the system was built in-house, the applied technology still requires a development stage, such as when the invoice entry is still human. Then there is still something in the registry system that is done with human help because there is no conformance to accounting standards, such as registration costs that humans enter.
Will the presence of technology affect the audit regulations like SOX and COSO to transform towards digital technology? Explain the advantages and disadvantages related to the digital transformation of auditing standards and how it affects the professionalism of internal auditors.
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