The Future of Audit: A Modified Delphi Approach
31 Pages Posted: 16 Jan 2011
Date Written: November 7, 2010
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
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