Playbook for auditors provides a roadmap for audit professionals as AI and other advanced technologies transform the sector - and warns that human factor remains critical
Chartered Accountants Australia and New Zealand (CA ANZ) and ACCA have released the Audit and technology playbook: A practitioner’s guide, a comprehensive guide aimed at helping audit professionals adapt to the rapidly advancing technological landscape.
The development of advanced technologies such as artificial intelligence (AI), machine learning and blockchain is reshaping the audit profession. For example, Generative AI alongside increasingly sophisticated data analytics allows auditors to analyse huge amounts of data in just a few seconds, uncovering patterns that were previously invisible and providing greater confidence than traditional methods.
The playbook provides actionable strategies to equip auditors with the skills and tools necessary to navigate this digital transformation. It addresses the opportunities and risks it presents, identifies key trends and provides a framework for audit practices – particularly small and medium-sized practitioners (SMPs) – to adapt.
It also emphasises the importance of balancing technological advances with professional ethics, judgement and human oversight, and highlights the risks of over-reliance on technology.
Simon Grant, CA ANZ Group Executive - Advocacy and International, emphasised the importance of embracing new technologies while maintaining the core principles of the profession. 'Technology is opening up new possibilities in auditing that were out of reach only a decade ago. However, the human element remains as important as ever. Our professional scepticism, judgment, and ethics must remain at the forefront as we integrate these new tools into our practices.'
Mike Suffield, Director of Policy and Insights at ACCA, said: 'Advanced technologies can allow auditors to gain deeper insights into the businesses they audit. But there’s a very real danger of relying too heavily on technology, such as through automation bias where technology subtly influences an auditor’s judgment.'
Key sections of the playbook include guidance on developing a digital strategy, investing in staff skill development, and implementing governance structures to maintain audit integrity.
The guide was informed by extensive research and roundtable discussions with members across several markets.
The Audit and technology playbook: A practitioner’s guide is now available for download on the CA ANZ and ACCA websites.
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About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
Guided by our purpose and values, our ambition is to lead the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.
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About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 139,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
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CA ANZ and ACCA have formed a strategic alliance to shape and lead the future of the accountancy profession, and bring new resources to their memberships.