The role of big data analytics in auditing financial statements with the improvement of audit quality in Vietnam

Abstract

This study was conducted to examine the challenges and limitations in applying big data analysis in auditing financial statements with the improvement of audit quality in Vietnam. By qualitative research method, on the basis of direct content analysis from published articles and reports on the application of new technology in auditing to provide more clarity on the challenges for auditors and auditing companies. The results of the study show that some of the main challenges faced by auditors and auditing firms include: Data availability and quality; Data privacy and security; Limited technical expertise and resources; Outdated infrastructure and technology; Cost and return on investment; and Legal and ethical considerations. Based on the results of the study, some recommendations are made to help auditors improve the quality of audits, enhance risk assessment and increase efficiency. The application of big data analysis has the potential to revolutionize the auditing industry in Vietnam, contributing to the creation of more accurate and valuable financial statements.