2011: Enhanced data mining
External auditors increasingly adopted advanced data mining tools such as Audit Command Language (ACL) to facilitate data analysis and data mining. To streamline this process, Crowe developed a standardized menu of routines that enable auditors to use these tools – no technical expert involvement needed – allowing for broader adoption.
2012: Accelerated digital workflow
Web-based team collaboration tools gave clients a way to manage requests for the documents needed in advance of each audit. Crowe used these advancements in the CiRT® client portal, a project management tool that allowed clients to view progress and communicate with the engagement team before and during audits.
2016: Real-time collaboration
With new digital workflow tools and the increased availability and security of Wi-Fi, external auditors were able to collaborate from remote locations without separate files on each computer. When building the Crowe Insight® platform, Crowe took advantage of ubiquitous, secure connectivity to create a web-based work paper system that enables live collaboration and execution.
2018: Powerful data analytics
External auditors accelerated their use of data analytics and business intelligence software, allowing for deeper insights and more advanced data visualization. Crowe ramped up its use of data analytics tools to extract more value out of client data.
2019: Automated confirmations
Robotic process automation (RPA) helped external auditors digitize the confirmation process, reducing the use of paper and enabling automatic logging of customer responses. Crowe was able to further streamline and centralize this process using RPA technologies.
2020: Transition to cloud computing
External auditors began using cloud-based work paper platforms with autoscaling capabilities, serving more clients and enhancing collaboration. Crowe updated the CiRT client portal to become Crowe Secure Information Exchange, which moves all communication to the cloud and allows for vast data ingestion.
2023: AI-assisted audits
While the use of artificial intelligence (AI) in audits is still in its infancy, we expect it will become increasingly prevalent and contribute to enhancing audit efficiency and supporting audit quality. External auditors are coming to view AI and other technologies as valuable assets in automating manual tasks and accelerating decision-making processes, enabling them to focus on making key judgments as a result.
What's next: Quantum computing
The future is rife with transformational technologies that have the potential to revolutionize industries such as accounting and auditing. Large language models and generative AI already are disrupting content creation industries. With the impending advancements in quantum computing, the potential for data analysis and prediction capabilities will reach unprecedented heights, ushering in a new era of possibilities.
