Original content provided by BDO US.
Technology is taking auditors into the 22nd century.
While auditors are beginning to explore the possibilities afforded by technology, including predictive analytics and the cloud, expectations are changing quickly. Soon, investors and regulators alike will expect auditors to be experts in technology and all the ways it can enhance the audit process. At the same time, clients will demand an audit experience that only a tech-enabled audit can offer. As technology continues to shake up the audit landscape, the assumptions the world has held about how auditing works will evolve. Gone are the days of manual, analytic processes. A new era is upon us — are auditors ready for what that means?
Here are five ways the audit is changing, and what that means for the auditor of the future:
By 2025, the audit as we know it will be unrecognizable.
It’s impossible to overstate how transformational technology is for the audit process. Savvy auditors are keeping abreast of new technology, from predictive analytics to virtual reality and beyond, and already imagining ways it can be used to enhance the value of the audit to both clients and key stakeholders. The trick is to avoid becoming complacent — what’s cutting edge today is outdated tomorrow. Stay ahead of the curve by preparing to adopt technology that doesn’t even exist yet — your future self (and your clients) will thank you.
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