The Future of Audit has been saved
The Future of Audit
An evolving financial reporting ecosystem in Singapore
To examine how the audit profession should evolve to meet both the current and emerging needs of all stakeholders, Deloitte Southeast Asia has collaborated with the Nanyang Technological University, Singapore (NTU Singapore) on a joint research to understand the shifts in the audit landscape before and during COVID-19.
Without a doubt, the COVID-19 pandemic has exacerbated many of the existing challenges faced by organisations, and exposed them to new sources of risks. In this complex and volatile environment that we live in today, the role of audit – that is, to bring integrity and trust to the financial reporting ecosystem by increasing transparency across and between stakeholders – has only grown in importance.
Deloitte Southeast Asia and NTU’s Nanyang Business School jointly undertook two sets of research in the first half of 2021: a survey that sought to understand the effects of COVID-19 on the external audit process from the perspectives of audit committee members, board members, and CFOs; and a series of three virtual focus group discussions with auditors to understand some of the opportunities and challenges that they have identified while conducting audits in the midst of the pandemic.
Download this report to learn more about the following:
• ‘Outside-in’ and ‘inside-out’ perspectives on four themes relating to the external audit process: stakeholder expectations; audit efficiency; technology adoption; and talent and skills.
• Opportunities and challenges while conducting audits during the pandemic.
• How the audit profession can take steps today to ensure its relevance tomorrow.
If you are keen to discuss this topic further or would like to know more, please feel free to reach out to our SEA CCG team.