Auditor of the future
The audit profession is about to face the greatest disruption it’s ever encountered
Each year, springtime represents both a period of natural revival and the end of the audit season for many companies and their auditors. This audit process has remained essentially unchanged over the past 3 decades, since the computer-assisted audit has started.
The constant technological progress and the overflow of Information have created a new landscape for financial reporting. Nowadays, the abundant information is accessible and easy to use. Moreover, the advancement in different technological fields such as AI, machine learning, cognitive computing, OCR and many more, has a tremendous unrealized potential to significantly Influence and optimize the audit process and the auditor’s job. Thus, while continuously improving audit quality and lowering the risk of error.
Besides that, the need for deeper and more relevant insights regarding the organization’s financial condition and performance is extremely significant.
Yet, progress will not come without challenges and obstacles such as data security, transparency and even auditor independence. All of these, among others, will require an intense dialogue and engagement between companies, auditors and regulators regarding the shared data, the way it is stored and protected and the demonstration that it actually strengthen the audit quality.
When we come to think of that, the classic accountant is just not skilled for this new world. Hence, the process described above must be accompanied by an equivalent professional training in areas outside the auditors’ historic skill set. The auditor practitioners will need to adopt a completely new set of skills and work methodologies, such as cyber forensics, risk management, analytics, and IT.
In Deloitte, we strive to make that change, and not just adapt ourselves, but initiate and lead the progress in our profession. Our first step was to jointly create and accounting and technology BA with IDC's Business School.
Learn more about our approach to Audit Innovation here: