Audit Strategy: Transformation vs Optimization

Business as Usual or Unusual Business?

When it comes to audit strategy, status quo can be comforting – especially for the risk adverse. However, if you are truly looking to move your strategy forward, you have to be radical, innovative and embrace change.

The Challenges

For many auditors, it’s overwhelming to make sense of a myriad of data and create valuable insights for clients. Also, the peer review process is being scrutinized, which puts audit quality under a microscope. Then, add fees and client expectations to the mix … and even the most seasoned auditor may be struggling to keep up.

Start Your Audit Strategy with Technology

Consequently, technology truly is the key to more efficient and insightful audits. In fact, firms wired for success should focus on these steps to aid in transforming their technology:

  • First is digital collaboration. To remain relevant, your firm must be digital.
  • Second is data ingestion. Correlating data from multiple sources and storing it in a centralized location is critical.
  • Third is data analytics. Being able to work with a plethora of data is a prerequisite.
  • Fourth is machine learning, artificial intelligence and automation. Advances in computer processing speed and data storage makes these technologies a significant component of today’s audit practice.

Dig Deeper

In closing, there’s no need to fear change when you’ve got the right audit strategy driving your processes. Obviously, transformation requires time, introspection and a willingness to embrace a new norm. So, it is important to continue learning. Therefore, for a more in-depth look at what it really takes to transform your audit strategy, read our latest white paper by L. Gary Boomer and Sandra Wiley of Boomer Consulting, Inc., Tools & Talent: Transform Your Audit Strategy. It is what this blog is based on.

P.S. Also consider reading, Audit “2020” – Laser Vision with a Data Strategy! It compliments this blog’s content.

AUTHOR

LaTonya Marzo Paschal

All stories by: LaTonya Marzo Paschal