The auditing profession is facing unique technical challenges. These can be summarised briefly as:
• The rise of Internet based retailers and service providers with diversified international operations.
• The siting of key aspects of Internet based retailing operations in low tax jurisdictions using transfer pricing to move funds out of high tax areas into low tax jurisdictions or by carrying out actual trade in one country and invoicing from another, low tax, one – thus claiming that they are actually trading from the low tax jurisdiction even though all they have there is an office and computer invoicing system.
• The increasing use of blockchain and cryptocurrencies, principally Bitcoin.
• The question of going concern relating to high technology businesses developing specialised software applications.
• The potential use of Cryptocurrencies for money laundering and fraud.

Required:
a) How are these types of development likely to affect the auditing profession of the future?
b) How will this affect the skills required of individual auditors?