DIGITAL TRANSFORMATION OF AUDIT BUSINESS: NEW HORIZONS AND PERSPECTIVES

Abstract

The formation of an innovative economy raised the question of the relevance of research into the process of digital transformation in the audit business. In recent years, the world community is rapidly moving to the digital economy, which requires audit firms to adapt to new conditions and form modern innovative approaches to their work. The development of the most modern technologies and methods allows to ensure a reliable audit and complete perfection in the work of auditors. Nowadays, the success of any business depends on the ability to adapt to new conditions and use modern technologies to improve work efficiency. This highlights the importance of studying digital transformation processes in auditing. The article presents the authors' research on the impact of digital transformation on the audit business and the potential for improving the quality and efficiency of audit services. The key benefits and challenges that accompany this process are discussed. Audit issues related to the digitalization of the economy are being studied, which leads to the development of new strategic approaches to conducting audits. Software products are considered that can not only automate the audit process, but also ensure the quality of service and identify business problems. It is important to consciously choose audit software to assess the specific needs and potential opportunities of the audit firm. The general findings of the study support the concept of expanding the audit scope by exploring such opportunities as improving the effectiveness and quality of audit review; expanding the geographical coverage of the audit; increasing competitiveness and attracting new customers; increasing the efficiency and automation of the company's internal activities; processes, ensuring flexibility and adaptability of business to changes; increasing transparency and strengthening trust with clients; innovative business models and the development of rational strategies to increase the competitiveness of audit companies in the context of the digital economy. Such research results allow a better understanding of the importance of digital transformation in the audit business and contribute to the development of strategies to achieve competitive advantage in this sector.