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Modern audit in terms of digitalization of the economy: Challenges and prospects for development

Vol. 22, Iss. 10, OCTOBER 2019

Received: 27 September 2019

Received in revised form: 4 October 2019

Accepted: 9 October 2019

Available online: 15 October 2019

Subject Heading: AUDIT ACTIVITY

JEL Classification: М41

Pages: 1154–1169

https://doi.org/10.24891/ia.22.10.1154

Petukh A.V. Kuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation
petuh.a@kubsau.ru

ORCID id: not available

Safonova M.F. Kuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation
safsf@yandex.ru

https://orcid.org/0000-0002-5825-4316

Subject This article deals with the issues of transformational change of modern auditing in the context of the development and adoption of digital technologies.
Objectives The article aims to conduct a comprehensive study of the methods of digital continuous audit, totality of its elements, and the techniques to form a modern audit paradigm.
Methods For the study, we used the methods of analysis and synthesis, induction and deduction, and systematization.
Results The article identifies elements of digital continuous audit, including specialized software that optimize audit procedures, blockchain technology, artificial intelligence, and cognitive technology. It proves that when applying the digital audit techniques, any transactions subject to material risk should be considered in the most thorough manner.
Conclusions and Relevance Under the further development of digital audit, the audit technology will keep on getting transformed as well. Automated data processing, electronic document management, remote access to any information and analysis system make field audit impractical. The results of the analysis of the development of IT technologies in the area of auditing, as well as the formulated proposals can be applied in the theory and practice of audit.

Keywords: digital audit, IT system, automation, blockchain technology

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