The Financial Times published an article (https://www.ft.com/content/0898ce46-8d6a-11e7-a352-e46f43c5825d) which has highlighted the debate concerning whether digitalization will affect the auditing profession. The following quote is from this article.

"Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients' warehouses, which can involve scaling ladders with paper and pen in hand...The new technology, which is being piloted by companies including EY and PwC, is part of a new range of digital tools the UK's largest accountancy firms are exploring as they seek to automate parts of the audit process. Better technology can improve the quality of audit work by carrying out tasks faster, and potentially more accurately, than a human ever could. It can also assess huge volumes of data and generate new types of insights." (Murphy, 2017)

Required:

Critically discussdrivers of the growing use of technology in the audit and their impacts on the audit profession and standards.