Contemporary and emerging issues in audit

​​The auditing profession has had to adjust to the rapid technological advancements. Several processes and procedures are now carried out using these advancements. 

​​(i) Explain the term “peer review” as pertains to the audit profession.

​ ​ ​ ​​Data analytics has been described as one of the modern ways of analysing data in various professional fields. 

​​​​​​​Highlight the challenges that the auditors will encounter when using data analytics during the course of the audit.

​​Explain the procedures that an auditor would carry out when performing an environment audit of a sugar manufacturing company.

​​Other than in fraud detection, suggest four other areas where forensic accounting and auditing might be applied.

​​Explain the following terms as used in contemporary audit:

(i) Cyber insurance.

(ii) Social engineering.

(iii) Data protection.

(iv) Remediation procedures.

(v) Forensic accounting. 

​​Explain the following terms as used in contemporary audit:

(i) Environmental audit.

(ii) Corporate governance.

(iii) Enterprise risk management (ERM).