SYNOPSIS
To increase audit quality and decrease costs, audit firms have adopted technology to reduce routine tasks and increase the sophistication of data analysis. As a result, the Staff Auditors (SA) function has undergone a major shift requiring SA to be involved in more complex tasks involving higher level analysis, judgment, and greater technical skills. In addition, because technology has reduced the size, composition, and duration of time which the audit team spends at the client premises, the traditional on-the-job learning model of SA involving extensive interaction with senior audit team members has been altered. SA are by default becoming the face of the auditor at the client’s premises. Firms and educators need to rethink the nature of the training of SA and address the education and skill set of the students entering the audit profession. We discuss the implications, opportunities, and challenges of these changes for both firms and educators.
JEL Classifications: M42; M40.
