An Assessment of How Industry 4.0 Technology is Transforming Audit Landscape and Business Models.

This paper aims to explore the impact of the latest advances in technology on audit profession and business models. Specifically, the study examined the effects and usage of the technologies that encompass Industry 4.0 upon the audit process. The study makes use of a qualitative research approach, which is based on a literature review and survey results from different research and consulting companies publications. The literature is primarily sourced from Professional Accounting bodies, the Big 4 publications, Newspapers publications, Google Scholars etc. The finding revealed that audit profession is at an important crossroads, as advances in technology and the massive proliferation of available information have created a new landscape for financial reporting and opening up the needs for a new skill sets that are relevant to the industry now and in the future. Therefore, it is imperative that those in the audit and finance profession invest in understanding and developing these technologies to benefit their respective sectors.