Quarterly Newsletter

Target Audience?
Auditors/Audit firms.
Key Words?

Audit of the future.

In the next 5-10 years, audit as we know it will completely change with the use of new Technology. Although many of the top Global Firms have started over the past 3-4 years to implement these new technologies within their audit programs, there is still a ways to go.

Having worked in the Big 4 new technologies have been implemented and the relative accounting procedures have been updated to introduce these technologies, however, it will take more time for the auditor’s mindset to change as well as the regulators to accept the new audit evidence leading to the audit report.

Data visualization will no longer be optional for audits. The data visualization tools will enable auditors to easily find important trends and outliers that require further attention without having to manually examine data samples. Data visualizations have the power to translate auditor findings into the language of the C-suite, reducing the risk of breakdowns in communication.

As a result, clients will have a leg up in addressing risks to their business, correcting failures in internal controls and identifying potential cases of fraud. This will of course make the auditors indispensable to the clients and having the “add-value” of identifying detail points within the Company’s operations rather just having the high-level discussions of findings without really digging into the details of the Company’s operations.

usage of technology will help automate procedures such as confirmations, setting up leadsheets, JE testing and many other factors. As robots work 24/7 without any sick leave, vacation requests, they prove to be a better tool to provide efficiency and effectiveness in an audit.

Technology will be adopted by clients, our competitors and the regulators soon enough where when the auditors do not adapt to this technology, they will be left out of the market for not adopting these changes that are inevitable.