Overview: Advances in technology have impacted many facets of the auditing process- from assessing risk and internal control to conducting substantive procedures. These changes both create challenges

Overview: Advances in technology have impacted many facets of the auditing process, from assessing risk and internal control to conducting substantive procedures. These changes both create challenges and offer opportunities for auditing professionals.

Prompt: For this short paper, you will use the internet to research the impact of a specific technology on auditing. You will provide a description of the technology, an explanation of its current and potential future impact on auditing, and a suggestion of how auditing and auditors can better adapt to the changes brought about by the technology. Use the resources provided in this module for help choosing and researching a topic.

Specifically, the following critical elements must be addressed:

Overview: Careful planning is a critical part of the success of every audit. However, planning is not simply done at the beginning of the audit but is a continuous and iterative process in which the results of one stage of the audit often necessitate revisions to plans for the next stage.

Prompt: Using your analysis of the business environment of RNS from Milestone One, as well as your textbook reading on planning an audit of cash accounts, write an audit program (plan) that could be used to evaluate RNS’s internal controls for cash. Be sure your program addresses each component of internal control.

Specifically, the following critical elements must be addressed:

Technology Description: Provide a brief description of the technology you chose.Impact on Auditing: Provide an explanation of the current impact of the technology on auditing and its potential future impact. Support your analysis

with research.Suggestions for Adapting: Provide suggestions for how auditors can better adapt to the changes brought about by the technology. If the technology you chose creates challenges for the profession, make suggestions for how auditors can adapt to meet these challenges. If the technology offers opportunities for the profession, make suggestions on how auditors can better adapt to take advantage of these opportunities. Support your suggestions with research.

RubricGuidelines for Submission: The short paper should follow these formatting guidelines: 2–3 pages, double spaced, with 12-point Times New Roman font, one-

inch margins, and citations in APA style.

I. Write an audit program for internal control of cash in Word or Excel. The following components must be included:

Control environment

Risk assessment

Control activities

Information and communication

Monitoring

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