AUDITING CHALLENGES IN THE ERA OF DIGITAL TRANSFORMATION
This research investigates the challenges faced by auditors in the era of digital transformation. The objectives are to identify the key digital tools and technologies impacting auditing, to assess the challenges auditors face in adopting these technologies, and to evaluate the impact of digital transformation on audit quality and efficiency. A survey research design was chosen to collect data from auditing professionals, ensuring a broad understanding of the current challenges. Using Taro Yamane's formula, a sample size of 210 respondents was selected to provide a robust dataset. The study focuses on Lagos, Nigeria, known for its dynamic business environment and rapid technological advancements. The survey instrument's reliability coefficient score was calculated at 0.88, indicating strong reliability. The findings reveal that digital transformation presents both opportunities and challenges for auditors. While technologies such as data analytics and automated auditing tools enhance audit efficiency and accuracy, they also require significant investment in training and infrastructure. Auditors face challenges related to cybersecurity, data privacy, and the need for continuous upskilling. The study recommends that auditing firms invest in modern technologies and provide ongoing training to their staff to navigate the complexities of digital transformation effectively.
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