In the digital era, industries in various sectors continue to adapt by utilizing technology to increase the efficiency and effectiveness of their businesses. One sector also feels this technological development’s impact is audit. The world of auditing has transformed significantly with the presence of global cloud-based audit platforms that enable real-time updates around the clock. This digital transformation not only makes the audit process more efficient but also more transparent and accurate.
This was conveyed by EY Indonesia’s Assurance Services Partner, Agung Purwanto, in a Guest Lecture with the theme Digital Audit held by the Faculty of Economics and Business UGM on Friday, June 7 2024. In front of dozens of students from the Faculty of Economics and Business UGM, Agung explained material entitled The Use of Emerging Technologies to Enhance the Audit Quality: Now, Next, and Beyond.
Agung revealed that the transformation in the audit process had taken quite a long journey. Before 2000, the audit process was carried out manually using paper. This step is very time and energy-consuming. Auditors must take a substantive approach that requires much time to serve clients.
Entering the 2000s, the use of Excel became common in auditing. Then, in the mid-2000s, technology began to develop rapidly. Data analytics and risk-based audit approaches are starting to be implemented, providing greater efficiency in the audit process.
“This digital transformation not only makes the audit process more efficient but also more transparent and accurate,” he said.
In his presentation, Agung outlined four main principles that must be applied in digital audits. The first is connecting the audit team and clients to communicate more effectively and efficiently. Second, automation, namely automating the audit process to increase efficiency and reduce the possibility of human error. Third, analyzing data with advanced technology to identify anomalies and risks more precisely. Lastly, driving value is creating added value for clients through the use of sophisticated and innovative technology.
Agung also explained several innovative technologies used by EY in the digital audit process. The various technologies implemented are aimed at increasing transparency and efficiency in conducting audits.
FEB UGM held a Guest Lecture in an effort to provide in-depth insight for its students regarding the role of digital technology in improving audit quality and providing significant added value for clients. This is in line with FEB UGM’s commitment to support the Sustainable Development Goals (TPB/SDGs).
Reportage: Adella Wahyu Pradita
Editor: Kurnia Ekaptiningrum
Sustainable Development Goals
