Robotic Process Automation in Public Accounting

2019 ◽  
Vol 33 (4) ◽  
pp. 15-35 ◽  
Author(s):  
Lauren A. Cooper ◽  
D. Kip Holderness ◽  
Trevor L. Sorensen ◽  
David A. Wood
Keyword(s):  
Future Research ◽  
Process Automation ◽  
Public Accounting ◽  
Robotic Process Automation ◽  
Input Processing ◽  
Big 4 ◽  
Assurance Services ◽  
Efficiency And Effectiveness ◽  
Head Count

SYNOPSIS We investigate the implementation of Robotic Process Automation (RPA) software in public accounting by interviewing RPA leaders at Big 4 firms. RPA software automates the input, processing, and output of data to streamline repetitive, mundane tasks. Many of our findings are unique to accounting. For instance, participants report tax services are furthest along in RPA adoption, followed by advisory and assurance services. Furthermore, RPA has not impacted fees, but there is concern that clients may desire fee reductions due to decreased employee hours. Finally, unlike other technology implementations, RPA adoption is driven primarily by lower-level employees. Similar to other domains, our results indicate massive efficiency and effectiveness gains from RPA implementation. Also, interviewees do not expect reduced head count to result from RPA use. This study is the first to discuss the benefits, opportunities, and challenges to implementing RPA in accounting and serves as a catalyst for future research.

Perceptions of Robotic Process Automation in Big 4 Public Accounting Firms: Do Firm Leaders and Lower-Level Employees Agree?

2021 ◽  
Author(s):  
Lauren A. Cooper ◽  
D. Kip Holderness ◽  
Trevor L. Sorensen ◽  
David A. Wood
Keyword(s):  
Work Experience ◽  
Positive Influence ◽  
Future Research ◽  
Process Automation ◽  
Public Accounting ◽  
Accounting Firms ◽  
The Public ◽  
Robotic Process Automation ◽  
Big 4 ◽  
Recent Innovation

The use of Robotic Process Automation (RPA) is a recent innovation in the public accounting industry, and the Big 4 firms are at the forefront of its implementation. This paper examines how the adoption and use of RPA is affecting the perceived work experience of firm leaders and lower-level employees at Big 4 accounting firms. We interview 14 RPA leaders, survey 139 lower-level employees, and compare and contrast their responses. We find that the two groups generally agree that RPA is having a positive influence on the profession. Both groups believe that RPA is positively changing the work employees perform and improving employee career prospects. However, while firm leaders believe RPA will improve work satisfaction, lower-level employees report no such improvements. Our insights provide direction for the accounting profession as it increases the use of RPA and for future research studies examining related issues.

Robotic Process Automation in Public Accounting

2018 ◽  
Author(s):  
Lauren Cooper ◽  
Darin Kip Holderness ◽  
Trevor Sorensen ◽  
David A. Wood
Keyword(s):  
Process Automation ◽  
Public Accounting ◽  
Robotic Process Automation

An Exploration of Bank Confirmation Process Automation: A Longitudinal Study

2020 ◽  
Author(s):  
Paul Caster ◽  
Randal J. Elder ◽  
Diane J. Janvrin
Keyword(s):  
Technology Use ◽  
Exploratory Study ◽  
Error Rates ◽  
Third Party ◽  
Future Research ◽  
Process Automation ◽  
Data Set ◽  
Big 4 ◽  
Bank Employees ◽  
The U.S

This exploratory study examines automation of the bank confirmation process using longitudinal data set from the largest third-party U.S. confirmation service provider supplemented with informal interviews with practitioners. We find a significant increase in electronic confirmation use in the U.S. and internationally. Errors requiring reconfirmation were less than two percent of all electronic confirmations. Errors made by auditors were almost five times more likely than errors by bank employees. Most auditor errors involved use of an invalid account number, although invalid client contact, invalid request, and invalid company name errors increased recently. Big 4 auditors made significantly more confirmation errors than did auditors at non-Big 4 national firms. Error rates and error types do not vary between confirmations initiated in the U.S. and those initiated internationally. Three themes emerged for future research: authentication of evidence, global differences in technology use, and technology adoption across firms of different sizes.

scholarly journals Robotic process automation and its impact on accounting

2019 ◽  
Vol 2019 (105 (161)) ◽  
pp. 137-166
Author(s):  
Dariusz Jędrzejka
Keyword(s):  
Financial Reporting ◽  
Accounting Education ◽  
Future Research ◽  
Process Automation ◽  
Negative Effects ◽  
Research Directions ◽  
Entry Level ◽  
Robotic Process Automation ◽  
Structure Changes ◽  
Future Research Directions

The paper seeks to explain the concept of robotic process automation (RPA), the ways it impacts accounting, and suggest future research directions. A literature review of previous studies and state-of-the-art sources has been conducted to reveal research gaps. The results provide insights into the nature of the accounting transformation. The potential for automating accounting processes with RPA is high, and robots are predicted to replace accountants for a considerable part of their tasks. That could lead to the disappearance of entry-level accounting positions and, simultaneously, the creation of new accountant roles. Future accountants’ responsibilities will go beyond bookkeeping and financial reporting towards business advisory and leading the RPA transformation. The change entails the need to improve their soft skills, and technology and data skills. It calls for more studies on an effective method to integrate these skills into the accounting education model. Further research is required to examine the potential negative effects of employing robots. These relate to the unnecessary human-robot competition, unintended organisational structure changes, deskilling, and building expertise and knowledge management. Finally, to obtain a more comprehensive view of the impacts of RPA performance, more in-depth research is needed to account for all the financial and non-financial effects of RPA implementation.

scholarly journals Process Management and Robotic Process Automation: The Insights from Systematic Literature Review

2021 ◽  
Vol 85 (1) ◽  
pp. 87-106
Author(s):  
Inga Stravinskienė ◽  
Dalius Serafinas
Keyword(s):  
Process Management ◽  
Business Processes ◽  
Industrial Revolution ◽  
Advanced Technology ◽  
Future Research ◽  
Process Automation ◽  
Systematic Analysis ◽  
Robotic Process Automation ◽  
Fourth Industrial Revolution ◽  
Managerial Perspective

Abstract During the Fourth Industrial Revolution, the digital transformation revolutionised both individual organisations and entire industries. One such advanced technology is Robotic Process Automation (RPA). However, organisations do not always make the progress by using the RPA to increase the efficiency of their business processes. The scientific sources lack the synthesis of Process Management (PM) and RPA and insights into their interrelationship. This article aims to fill the gap in the systematic analysis of interrelations between PM and RPA from a managerial perspective by identifying less researched areas and formulating insights and recommendations for future research.

Perceptions of Robotic Process Automation in Public Accounting

2019 ◽  
Author(s):  
Lauren Cooper ◽  
Darin Kip Holderness ◽  
Trevor Sorensen ◽  
David A. Wood
Keyword(s):  
Process Automation ◽  
Public Accounting ◽  
Robotic Process Automation

Intelligent Process Automation in Audit

2019 ◽  
Vol 16 (2) ◽  
pp. 69-88 ◽  
Author(s):  
Chanyuan (Abigail) Zhang
Keyword(s):  
Artificial Intelligence ◽  
Emerging Technologies ◽  
Use Case ◽  
Process Automation ◽  
Implementation Framework ◽  
Robotic Process Automation ◽  
Audit Efficiency ◽  
Efficiency And Effectiveness ◽  
Potential Applications ◽  
Intelligent Process

Intelligent process automation (IPA) achieves flexible and intelligent automation by combining robotic process automation (RPA), artificial intelligence (AI), and other emerging technologies. This paper focuses on the utility of IPA for the audit profession. Specifically, this paper provides a framework for implementing IPA in audit engagements using the concept of audit workflow. A simple prototype based on a simulated use case is constructed to illustrate the IPA implementation framework. The potential applications of IPA in pension and inventory audits are provided, and the expected impacts of IPA on audit efficiency and effectiveness are discussed.

Efficacy of Social Media Utilization by Public Accounting Firms: Findings and Directions for Future Research

2014 ◽  
Vol 29 (2) ◽  
pp. 5-21 ◽  
Author(s):  
Brenda Eschenbrenner ◽  
Fiona Fui-Hoon Nah ◽  
Venkata Rajasekhar Telaprolu
Keyword(s):  
Social Media ◽  
Knowledge Sharing ◽  
Future Research ◽  
Public Accounting ◽  
Accounting Firms ◽  
Business Objectives ◽  
Success Stories ◽  
Big 4 ◽  
Public Accounting Firms ◽  
Second Tier

ABSTRACT Social media presents a new platform for businesses to communicate and interact with others, both internally and externally. Social media may be utilized for activities such as sharing success stories and providing industry updates. Although a plethora of opportunities to achieve business objectives with social media usage exists, the efficacy of its use by public accounting firms is unclear. This article identifies the business objectives that Big 4 and second-tier firms are pursuing with social media. Primary business objectives being fulfilled by social media include Knowledge Sharing, Branding and Marketing, and Socialization and Onboarding. The findings suggest that Big 4 firms are pursuing Knowledge Sharing on Facebook™ and Twitter™ to a greater extent than second-tier firms, while second-tier firms pursue Socialization and Onboarding on Facebook and Branding and Marketing on Twitter to a greater extent than Big 4 firms. Suggestions for business opportunities and future research are also identified.

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