The Future of Audit: A Modified Delphi Approach

31 Pages Posted: 16 Jan 2011

See all articles by Miklos A. Vasarhelyi

Miklos A. Vasarhelyi

Rutgers Business School

Danielle Lombardi

Rutgers University

Rebecca Bloch

Fairfield University - Charles F. Dolan School of Business

Date Written: November 7, 2010

Abstract

The purpose of this study is to discuss the future of the audit profession. If the future of the profession can be predicted, then professionals will have the opportunity to prepare in advance. Expert consensus is used as a basis to generate modifications in the audit profession. A modified Delphi method is used to obtain this expert consensus based on participant predictions of audit methodologies, standards, and skill sets that will be in place in the future. This study contributes to the literature by using the modified Delphi method to develop predictions as to the direction of the audit industry. This is a timely study as the profession is adopting International Financial Reporting Standards. IFRS will bring a shift from rule-based to principles-based accounting standards and require a greater degree of auditor judgment. The Delphi Method has been proven useful in other industries and has yet to be applied to the overall audit industry.

Keywords: Audit, Delphi Method, Information Systems, Expert Panel

Suggested Citation

Vasarhelyi, Miklos A. and Lombardi, Danielle and Bloch, Rebecca, The Future of Audit: A Modified Delphi Approach (November 7, 2010). CAAA Annual Conference 2011. Available at SSRN: https://ssrn.com/abstract=1740716 or http://dx.doi.org/10.2139/ssrn.1740716

Miklos A. Vasarhelyi

Rutgers Business School ( email )

180 University Avenue
Ackerson Hall, Room 315
Newark, NJ 07102
United States
973-353-5002 (Phone)
973-353-1283 (Fax)

Danielle Lombardi

Rutgers University ( email )

Janice H. Levin Bldg., Room 121
94 Rockafeller Road
Piscataway, NJ 08854-8054
United States

Rebecca Bloch (Contact Author)

Fairfield University - Charles F. Dolan School of Business ( email )

N. Benson Road
Fairfield, CT 06824
United States

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