Abstract

The study investigates the current state of technology adoption in Cameroonian audit firms, identifying primary challenges, evaluating perceived benefits, and exploring future priorities for technology investments. Utilizing both open and closed-ended questionnaires, the study collected quantitative and qualitative data from various audit firms. Descriptive and inferential analyses, including correlation, were employed to interpret the data.

The findings reveal a high adoption rate of audit automation software and data analytics tools, highlighting their recognized efficiency and accuracy benefits. However, the adoption of cloud computing platforms and robotic process automation (RPA) tools remains moderate to low, indicating potential growth areas. The study’s correlation results, with a Pearson correlation coefficient of 0.096 (p-value = 0.507), demonstrate that firm size does not significantly influence technology adoption levels. Similarly, a Pearson correlation coefficient of 0.000 (p-value = 1.000) indicates no relationship between the overall level of technology integration and the primary area of practice within the firms.

Financial constraints emerged as the most significant challenge to technology adoption, followed by lack of technical expertise, cyber security concerns, resistance to change, integration difficulties, and lack of awareness and training opportunities. Addressing these barriers through financial support, training programs, robust cyber security measures, change management strategies, and seamless integration solutions is essential for facilitating technology adoption.

The study also found that technological adoption significantly enhances audit quality and efficiency, with key benefits including improved efficiency and productivity, enhanced data analysis capabilities, increased effectiveness of risk assessment procedures, improved audit quality, reduced audit risk, and better client communication and reporting. These benefits underscore the transformative impact of technology on audit practices and the importance of continued investment in technological advancements.

Future technology investments should focus on training, cloud-based solutions, strategic planning, sophisticated audit software, security, and data analysis tools. Support from regulatory bodies and professional organizations through enforcement, standardization, subsidies, training, and clear standards will be crucial in overcoming barriers and facilitating widespread technology adoption.

Read More: Accounting Project Topics with Materials