Affiliation:
1. Clark Atlanta University, USA
2. New York University, USA
Abstract
The auditing and compliance sectors have changed significantly with the digital revolution. Technology improvements are driving this change, which is altering how financial reporting and regulatory compliance are done. For digital corporate reporting, the international financial reporting standards (IFRS) taxonomy has been adopted, and auditors and compliance specialists have adapted to their enlarged roles in managing digital financial data. The introduction of new technology is examined in this chapter, along with the effects of digitization on auditing and compliance and the global relevance of IFRS. As the potential and problems of the digital era change, the benefits of automation in data analysis, risk assessment, and compliance monitoring are also highlighted.
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