Financial Statement Audits: Literature based Benefits and Challenges of Using Robotic Process Automation

 Paper Title:

Financial Statement Audits: Literature based Benefits and Challenges of Using Robotic Process Automation
Authors:
Angel R. Otero and Ryan P. Fink, Florida Institute of Technology, USA
ABSTRACT
Robotic Process Automation (RPA) is a new technology that is increasingly being used in various industriesto automate repetitive and rule-based tasks. In the context of financial statement audits (FSA), RPA can significantly improve audit quality, efficiency, and effectiveness. The purpose of this paper is to explore and discuss key benefits and challenges from using RPA in FSA. This paper also presents a detailed literature review supporting RPA in FSA, including the factors driving adoption and barriers preventing its implementation. Lastly, the paper providessuggestions and recommendations for audit firms and practitioners regarding the use of RPA in FSA.Overall, this research paper contributes to the growing body of knowledge related to benefits and challenges of using RPA in FSA,and further provides insights into how audit firms can effectively adopt this technology to improve the quality, efficiency, and effectiveness of financial statement audits.

KEYWORDS
Robotic Process Automation, RPA, financial statements, audits, accounting

Volume URL:https://airccse.org/journal/IJAIT/current2023.html
Pdf URL: https://aircconline.com/ijait/V13N3/13323ijait02.pdf

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