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The Auditor's Companion
Cover page -- Title page -- Copyright page -- Dedication -- Contents -- Acknowledgments -- Preface -- Introduction -- User Guide -- Dictionary: Entries A-Z -- Appendix A: Abbreviations and Acronyms -- Appendix B: Auditing and the Law -- Appendix C: Non-English Terms -- References -- About the Author.
Book
The Principle of Responsibility for the Performance of State and Municipal Needs as the Goal of the Monitoring and Audit of Procurement
Introduction: monitoring and auditing has become a novel contract system in the sphere of public procurement, established by the Federal law of 05.04.2013 No. 44-FZ “On contract system in procurement of goods, works, services for state and municipal needs”. Methods: in order to improve the efficiency of the practical application of legal norms regulating the control over the implementation of state and municipal procurement, in addition to implementing financial and administrative controls, special attention should be paid to monitoring and audit in the field, as a final result, for financial support of public procurement is possible only if the legitimate and efficient use of funds of the respective budgets. Results: this article focuses on the issues of monitoring and auditing in the implementation of state and municipal purchases, as well as issues of responsibility of the actors of the contract system on the results of these events. Conclusions: the results of the conducted research it is established that in the Russian Federation for state and municipal needs spent a significant amount of public financial resources. The practice of application of the contract system has revealed certain weaknesses in the implementation of state (municipal) procurement in connection with this legislation established two new institutions – monitoring and auditing, aimed at checking the efficiency of use of public funds spent through this system.
Journal Article
Artificial intelligence for audit, forensic accounting, and valuation : a strategic perspective
Strategically integrate AI into your organization to compete in the tech era The rise of artificial intelligence is nothing short of a technological revolution.AI is poised to completely transform accounting and auditing professions, yet its current application within these areas is limited and fragmented.
eBook
Trade and transport facilitation assessment : a practical toolkit for country implementation
The Trade and Transport Facilitation audit toolkit provides a simple and cost-effective instrument to analyze bottlenecks in international supply chains and to prepare corrective measures. Its key insight is that considerable knowledge can be easily obtained by interviewing key participants in the commercial or procedural transactions that combine to form international supply chains. These participants include private service providers such as freight forwarders, exporters, transporters and bankers as well as public agencies such as customs, port authorities, and transport regulators. The first chapters introduce the conceptual framework and some of the reasons for conducting an audit. The third describes the implementation of the audit including planning and scheduling, resource requirements and organization of the analysis and preparation of the reports. The annexes provide additional information on the concept, the methodology and content of the audit. The Interview Guides provides the scope for the meetings and checklists for all categories of interviewees and field visits.
Book
Is it all hype? ChatGPT’s performance and disruptive potential in the accounting and auditing industries
ChatGPT frequently appears in the media, with many predicting significant disruptions, especially in the fields of accounting and auditing. Yet research has demonstrated relatively poor performance of ChatGPT on student assessment questions. We extend this research to examine whether more recent ChatGPT models and capabilities can pass major accounting certification exams including the Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), and Enrolled Agent (EA) certification exams. We find that the ChatGPT 3.5 model cannot pass any exam (average score across all assessments of 53.1%). However, with additional enhancements, ChatGPT can pass all sections of each tested exam: moving to the ChatGPT 4 model improved scores by an average of 16.5%, providing 10-shot training improved scores an additional 6.6%, and allowing the model to use reasoning and acting (e.g., allow ChatGPT to use a calculator and other resources) improved scores an additional 8.9%. After all these improvements, ChatGPT passed all exams with an average score of 85.1%. This high performance indicates that ChatGPT has sufficient capabilities to disrupt the accounting and auditing industries, which we discuss in detail. This research provides practical insights for accounting professionals, investors, and stakeholders on how to adapt and mitigate the potential harms of this technology in accounting and auditing firms.
Journal Article
Is artificial intelligence improving the audit process?
How does artificial intelligence (AI) impact audit quality and efficiency? We explore this question by leveraging a unique dataset of more than 310,000 detailed individual resumes for the 36 largest audit firms to identify audit firms’ employment of AI workers. We provide a first look into the AI workforce within the auditing sector. AI workers tend to be male and relatively young and hold mostly but not exclusively technical degrees. Importantly, AI is a centralized function within the firm, with workers concentrating in a handful of teams and geographic locations. Our results show that investing in AI helps improve audit quality, reduces fees, and ultimately displaces human auditors, although the effect on labor takes several years to materialize. Specifically, a one-standard-deviation change in recent AI investments is associated with a 5.0% reduction in the likelihood of an audit restatement, a 0.9% drop in audit fees, and a reduction in the number of accounting employees that reaches 3.6% after three years and 7.1% after four years. Our empirical analyses are supported by in-depth interviews with 17 audit partners representing the eight largest U.S. public accounting firms, which show that (1) AI is developed centrally; (2) AI is widely used in audit; and (3) the primary goal for using AI in audit is improved quality, followed by efficiency.
Journal Article