Understanding the Transformative Potential of Computer-Assisted Audit Tools and Techniques (CAATTs) in the Accounting Profession

Abstract

The transformative CAATTs enhance auditing with technology-driven approaches and data analytics. While widely used in large audit firms, their benefits and future impact on accounting remain uncertain for smaller firms. This study aims to provide a theoretical overview of CAATTs, examining their concept, benefits, and significance compared to traditional audit methods. It also explores the challenges associated with CAATTs' adoption. Through up-to-date insights from previous studies, the research sheds light on the potential impact of CAATTs on the auditing sector. Additionally, this study reviews the existing literature that addresses the obstacles hindering CAATTs' adoption in small and medium-sized firms and offers strategies to overcome these adoption challenges. The aim is to provide a better understanding of these innovative tools and their role in shaping the accounting profession. By leveraging CAATTs' capabilities, auditors can enhance their efficiency, accuracy, and effectiveness in conducting audits, paving the way for a more promising future of accounting endeavours.