New trends on CAATTs: what are the chartered accountants' new challenges?

Abstract

Computer Assisted Audit Tools and Techniques, CAATTs, represent nowadays a regular presence on Chartered Accountants', CAs, daily tasks: several previous researches state that Generalized Audit Software is present in CAs' routines and some specific tools are conquering their space among these professionals' preferences. Present research reveals that "Data Extraction and Analytics" and "Sampling" tools are the most common Information Technologies on Auditing work. Computer Assisted Techniques related to data mining are still not expressive in this reference group or are only utilized by a small group of experts, mainly at big companies. New trends on CAATTs are rising mainly as a consequence of changes in business and technology. This paper intends to draw the big picture on that topic and anticipate new trends on the area: Big Data, Cloud Auditing, Emerging Technologies will be presented. This paper discusses also how can auditors be prepared to the new trends and proposes a new classification for Computer Assisted Audit Tools and Techniques.