Audit without technology

Cheng: Given the fast-paced development of technology in financial markets, the development of computer-assisted audit techniques (CAATs) for carrying out computer and system auditing will have significant implications for the work of auditors

And a recent Forbes Insights survey showed that 58 percent think technology will have the biggest impact on audits over the next three to five years

Even with all the benefits of cognitive technology, the human auditor still needs to make the critical decisions and offer key analysis and insights

When auditing more sophisticated financial products, it is virtually impossible to carry out the audit without technology

On the other hand, there are threats—cyber security, confidentiality of clients’ information and our audit working papers, and the risk of accidental loss of data or leak of information by staff and hackers