Author : Caitlin Hickey
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (113 download)
Book Synopsis The Effect of Drones on the Audit of the Organic Crop Industry by Big Four Accounting Firms by : Caitlin Hickey
Download or read book The Effect of Drones on the Audit of the Organic Crop Industry by Big Four Accounting Firms written by Caitlin Hickey and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The agricultural segment is projected to be worth $32.4 billion for transformational technologies; this is the second highest opportunity segment for transformational technologies. Being that drones consist of one of the eight essential technologies, drones have the potential to transform the audit of the organic crop farming industry (PwC, 2017). The organic crop farming industry will be able to support this investment through buyers of organic products, such as General Mills, Inc. and SunOpta, Inc., as the farmers of this industry may not be able to afford the hefty cost of an audit from the Big Four accounting firms (IBISWorld, 2018). These buyers of organic products possess the funds for the bill and desire these services due to recent changes from consumer behavior and frauds surrounding organic inputs. The Big Four accounting firms will face a number of challenges in the upcoming years, one being the need to control costs to remain competitive with current and future clients (IBISWorld, 2019). By incorporating drone technology into the audit of organic farms, auditors will be able to recover time to focus on the quality and decisions regarding the audit. While the investment of drones will require a significant amount of capital, many the big four accounting firms are already in a position to support this advancement. First, accounting firms will be prepared for potential data breaches and legal positions as they will already require changes to their information infrastructure from other technologies and will be incentivized to protect client information to maintain healthy client relationships. Furthermore, accounting firms will be equipped to handle drone technology through current online-based platforms, digital skills trainings, locations that foster future developments, and 3D imaging software applications. Drones will prove to be a valuable asset to the Big Four accounting firms in the organic crop sector as unmanned aerial vehicles will save precious time and money. With continued investments and research, drones could prove to be promising for other unexplored areas such as the conflict minerals segment.