THE IMPACT OF DIGITALIZATION ON STATUTORY AUDITING IN SERBIA

Jelena Gruslav; Goranka Knežević; Miroslav Perić

doi:10.5937/ejae23-57134

Jelena Gruslav Univerzitet Singidunum
Prof. Dr Goranka Knežević Profesor dr https://orcid.org/0000-0003-3642-7682
Doc. dr Miroslav Ž. Perić Doc dr https://orcid.org/0000-0002-7531-4114

DOI: https://doi.org/10.5937/ejae23-57134

Keywords: digitalization, audit, Serbia, technology, skills, cyber security

Abstract

Digitalization is profoundly transforming audit operations in Serbia, significantly enhancing audit processes' efficiency, accuracy, and speed. This paper investigates how the adoption of digital tools and technologies is reshaping traditional audit methodologies. Key advancements include the integration of data analytics, automated systems, and blockchain technology, which collectively revolutionize the way auditors conduct reviews and assessments. The digital shift is not merely about adopting new tools; it fundamentally alters the skill sets required for today's auditors. Professionals must now navigate complex digital environments, develop competencies in data interpretation, and harness analytical tools to derive meaningful insights from vast amounts of information. Emerging challenges, such as cybersecurity threats, also require auditors to stay vigilant and responsive to safeguard sensitive data. While digitalization offers substantial benefits—including increased data precision, enhanced reporting capabilities, and streamlined workflows—it also necessitates substantial adaptation. Firms must invest in innovative technologies, upgrade their infrastructure, and prioritize ongoing skill development to effectively leverage these advancements. This strategic focus will allow audit firms to remain competitive in a rapidly evolving landscape while addressing the multifaceted challenges posed by the digital age. Ultimately, embracing digitalization is crucial for enhancing the value and effectiveness of audit services in Serbia.

Author Biographies

Prof. Dr Goranka Knežević, Profesor dr

prof. dr Goranka Knežević
Rektor/ Rector

Doc. dr Miroslav Ž. Perić, Doc dr

Doc. dr Miroslav Ž. Perić docent/Assistant Professor

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