Ways to improve audit automation in the current conditions of audit activities

Lokhanova Nataliia
Doctor of Economics, Professor, Head of the Department of Accounting, Analysis and Audit, Odesa National Economic University, Odesa, E-mail:profnat08@gmail.com, ORCID ID: https://orcid.org/0000-0003-3888-1299

Cite this article:

Lokhanova N. (2024) Ways to improve audit automation in the current conditions of audit activities. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Napriamy udoskonalennia avtomatyzatsii audytu v suchansykh umovakh zdiisnennia audytorskoi diialnosti; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 1-2 (314-315), pp. 26-33.

Abstract

The purpose of the study is to conduct a comparative analysis of audit automation software on the Ukrainian market, to identify the advantages and disadvantages of such programs that need to be eliminated, to propose recommendations for improving the capabilities of audit software products in order to improve the processes of performing and documenting audit procedures during the provision of audit and other related services. The purpose of the study is to analyze the audit automation software products on the Ukrainian market, identify their advantages and disadvantages, and provide recommendations for improvement. The research methodology is based on the application of a systematic approach, a survey, analysis of literature and audit practice, and comparative analysis. The result of the study is a set of recommendations that determine the directions for improving audit automation software products. It is advisable to improve the functionality of audit software products, which can be achieved by: developing templates of documents for performing substantive audit procedures, in particular for conducting detailed tests on specific economic objects (assets, capital, liabilities, income, expenses and financial results); developing instructional materials for performing audit procedures and filling out working documents in the course of the audit, which can be done jointly by scientists and software vendors. This would significantly improve and accelerate the work on the implementation of audit tasks. The practical significance lies in the assessment of the advantages and disadvantages of audit software products, which will allow auditors to choose them taking into account the tasks set, as well as in identifying areas for improving the functionality of such products.

Keywords

audit, audit programs, audit documentation, audit automation, audit process.

JEL classification: M400; DOI: https://doi.org/10.32680/2409-9260-2024-1-2-314-315-26-33

UD classification: 657.6:65.011.56

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