Audits and COVID-19: A paradigm shift in the making

Area of Science:

• Auditing and Accounting
• Information Systems
• Business Management

Background:

• The COVID-19 pandemic highlighted vulnerabilities in traditional auditing practices.
• Existing remote auditing methods are often rudimentary and insufficient.
• Current business environments demand alignment with digitalization, automation, and AI.

Purpose of the Study:

• To propose a new paradigm for auditing services.
• To address the need for updated practices considering pandemic risks and technological advancements.
• To explore how new technologies can reshape auditing.

Main Methods:

• Conceptual analysis of auditing practices.
• Examination of the impact of technological adoption on auditing.
• Identification of key elements requiring transformation in auditing.

Main Results:

• New technologies necessitate a fundamental rethinking of auditing service delivery.
• Technological advancements impact auditing actors, processes, spaces, training, and services.
• A shift from the old to a new auditing paradigm is enabled by these changes.

Conclusions:

• Nonfinancial audits under the new paradigm are vital for firms in the international marketplace.
• Embracing technological evolution in auditing is essential for competitive advantage.
• The proposed new paradigm enhances a firm's ability to participate and thrive globally.