Will Audit Become Extinct?

Opportunities for Audit in a Changing Landscape

Most experts agree that external audits will continue, in some shape or form. Additionally, they also agree that audits will evolve with the help of a myriad of audit technologies now available or coming soon. That’s exciting for the audit profession! For example, audit technologies like artificial intelligence (AI) and predictive intelligence allow the auditor to focus on value-add and advisory services instead of mundane tasks that those audit technologies automate. Furthermore, thru audit technologies like these, the auditor can collect and organize data at a rapid pace – enabling him/her to quickly and efficiently identify risky transactions and fine tune the audit plan.

With Opportunity Comes Risk

However, even with advances in audit, auditors still need to strive to:

  • Assess risk before and during the audit, and then address the risk accordingly
  • Improve client readiness to avoid audit delays
  • Understand when advisory doesn’t impede auditor independence

Don’t Procrastinate

Considering all the new technology available may seem overwhelming. However, the technological disruption in the audit profession is only just beginning. That means future-ready firms must start taking steps now to ensure they are ready for tomorrow’s challenges. Some things to consider include:

  • Focus on automating manual audit tasks and client collaboration
  • Leverage the Cloud with a unified technology platform
  • Adopt a thorough, risk-based audit methodology
  • Recruit for new skill sets
  • Evaluate advanced solutions that are cost-effective and practical

The Tip of the Iceberg

In summary, audit is facing a challenging period that can be addressed with advanced technologies, some of which are available today. For a deeper understanding of technology’s role in the evolution of audit, read our latest white paper- Audit Technology:Unbelievable Realizations.

P.S. Here’s another blog you may find interesting, especially this time of year, Unbelievable Realizations – Busy Season Tips.

#ForwardNotBackwards #AuditOfTheFutureNow #QualityAudit

AUTHOR

LaTonya Marzo Paschal

All stories by: LaTonya Marzo Paschal