Abstract:

The aim of this paper is to evaluate opportunities to transform current approach to external audit through the use of new technologies such as big data analytics, machine learning and Artificial Intelligence. The aim was accomplished by researching and answering two key questions: 1. What opportunities comes with new technologies and how current approach to audit can evolve? 2. What are the main barriers and limitations for this transformation? The natural next step for further research will be to work on removing the barriers and limitations, design appropriate techniques to obtain audit evidence through the usage of new technology and then implement new approach (to the possible extent) in one of the audits.