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CMA Intermediate · Corporate Accounting and Auditing · Application of Technology in Audit and Audit Trail

Which use of robotic process automation (RPA) in an audit is most appropriate?

RPA is best used to automate repetitive, rule-based tasks such as extracting invoice data or matching confirmations. Judgment areas like going concern, professional scepticism and forming the audit opinion stay with the auditor and cannot be handed to automation.

  1. ADeciding whether the going concern assumption is appropriate
  2. BAutomating repetitive rule-based tasks such as matching confirmations or extracting data from invoicesCorrect
  3. CReplacing the auditor's professional scepticism entirely
  4. DIssuing the audit opinion without partner review

Explanation

RPA suits repetitive, rule-based, high-volume tasks like data extraction and matching. Judgments such as going concern, scepticism and the opinion remain the auditor's responsibility and cannot be delegated to a bot.

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