The impact of modern technology-based audit systems on improving the quality of financial reports in the banking sector

Abstract

This study aims to analyze the role of modern technology-enabled audit systems in enhancing the credibility and quality of financial reports issued by banks. It also aims to determine the impact of using smart audit tools and techniques on the level of transparency and disclosure in financial reports. In the applied aspect, the study focused on studying the impact of technological audit systems on improving the quality of financial reports at Rafidain and Rashid Banks in Ramadi. This was achieved through a questionnaire distributed to employees specializing in auditing and accounting. Forty-seven valid questionnaires were retrieved for data analysis using SPSS, enabling accurate and reliable examination of the relationships between variables. The study results confirmed that the presence of trained and qualified personnel to use technological audit systems is a crucial factor in achieving the desired effectiveness. This requires banks to enhance their investments in training and technical qualification to ensure optimal use of these systems. The results of the correlation coefficient and statistical analysis indicate a strong, positive relationship between the adoption of technological systems in auditing and the quality of financial reports in banks, confirming the validity of the study's main hypothesis. The study recommended that Rafidain and Rasheed banks continue to adopt modern technology-based auditing systems and continually update them to keep pace with developments, given their clear impact on reducing errors and enhancing audit quality. It also recommends implementing ongoing training programs for audit and financial staff, focusing on skills in using technological auditing systems and data analysis, to ensure maximum benefit from these systems and enhance employee efficiency.