Auditing Software: Review and Analysis of the Advantages and Changes in Accounting Software and Profession

Abstract

The continued growth of accounting software for auditors along with its growing ease of use is reducing the need for services provided directly by the professional auditors. Businesses are increasingly opting to replace professional accounting services with more affordable auditing software, causing the profession to feel the impact of technological advances. This study reviews and analyzes the advantages of auditing software, and business satisfaction with the software across criteria including cost, customer support, ease of use, and final overall rating satisfaction. The review indicates that companies can reduce audit service costs by using software; risks include increased errors using accounting professionals who lack a strong understanding of auditing concepts and procedures. However, this study confirms that the use of auditing software for auditing and tax cannot fully replace the advice of a professional due to the underlying complexities of the codes. Auditing cannot fully be replaced because the human needs to be in place to gather sufficient evidence to conclude a written opinion.