Discussion:
Deirdre
With the advancement of information technology accounting, like many other professions, has reaped the benefits. The software systems available to the accounting profession have the ability to differentiate to the client and/or function. Specifically for auditing, the advancements have enabled auditors to use their time and resources more efficiently and more accurately. Just in the short time I have worked with IDEA and the limited functions I know how to perform, I can see the time and accuracy benefits from the program.
I believe that with the advancement in information technology, like with any changes in an industry, there are pros and cons. IT can help prevent fraud and increase compliance with accounting standards but it may also make it easier to defraud or aid non-compliance with accounting standards. With technology, there lacks a face to face interaction that may prevent fraud or non-compliance as part of the internal control system. On the other hand, technology can aid in having real-time, up to date data for tracking errors in the accounting system. I believe that as long as there are proper internal controls to combat the insecurity of technology than it can make it much easier to comply with accounting standards along with easing the anxiety of an audit.