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The audit in 10 years

Accounting Today, 2022-04, Vol.36 (4), p.6-8

Copyright SourceMedia Apr 2022 ;ISSN: 1044-5714

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  • Title:
    The audit in 10 years
  • Author: Hood, Daniel
  • Subjects: Accounting ; Audit quality ; Auditing ; Auditors ; Automation ; Computer security ; COVID-19 ; Financial statements ; Real time ; Risk assessment
  • Is Part Of: Accounting Today, 2022-04, Vol.36 (4), p.6-8
  • Description: Experts in auditing imagine the ways this core service of the profession will be radically different in a decade Imagine a high-tech control room, with wall-sized screens full of KPIs and digital renderings of transaction flows, and rows of monitoring stations staffed by vigilant professionals who are keeping an eagle eye on the state of an organization in real time, offering course corrections and issuing warnings on dangerous risks within seconds of their arising. Through the platforms that both our clients are creating for their data - which will be supported by next-generation technology that isn't around yet - and our technology, the auditor is going to be able to seamlessly pull information in a way so that we can assess risk at a level that I would suggest will be as close to real time as possible ... whereby transactions will be flowing through systems and you can almost audit the transaction and be done with it," said Jon Raphael, chief innovation officer at Big Four firm Deloitte & Touche. "Automation creates capacity for an auditor to focus on areas that require greater judgment and insight ... so that they have time to focus on areas that really make a difference in the work that we're doing, such as being more deliberate in performing our risk assessment procedures, because you can use a digital methodology coupled with data analysis, and you can do a more precise and deliberate risk assessment," said Paquette. " "For well over 20 years, we've been deeply involved in identifying and developing the standards and guidance development for assurance on nonfinancial subject matter," she said, citing the success of SOC reports, as well as the profession's early involvement in integrated reporting, and pointing at opportunities in ESG, cybersecurity, privacy, processing integrity, data integrity, and even identity protection and authentication around fast-developing technologies like deep fakes.
  • Publisher: New York: SourceMedia
  • Language: English
  • Identifier: ISSN: 1044-5714
  • Source: ProQuest Central
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