Auditors must use latest tech tools for quality audits: CEPR

Auditors need to be equipped with the latest available technological tools to execute high quality audits, right-leaning think-tank Centre for Economic Policy Research (CEPR) has said in a new report.

"The business in present times is becoming larger and more complex. It is becoming difficult for the auditor to really access the complete data and study the systems to achieve the in-depth examination and subsequent analysis," CEPR said.

"The limited tools to access and analyse the data and study the systems to bring out effective reports is becoming a big challenge and these limitations are across both the large and small enterprise," it added.

According to the report, a rapid increase in the volume of data requires auditors to be equipped with the latest available technological tools to analyse a much higher volume of data in their audits than previously required.

Vijay Gupta, a former central council member of the ICAI, said, "The globalised businesses of the clients that the audit firms serve, calls for the latest audit techniques and processes that needs to get deployed by such audit firms, the absence of which becomes a handicap in apt deliverance of their duties."