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The audit of the future
Written on Jul 26, 2018
The audit is evolving, and users want more than generic pass/fail reporting.
“Users want specific, actionable observations; observations beyond the financial; and future-focused, rather than historical perspectives,” writes Laura Hay, CPA, in the July/August issue of CPA Voice. “The CPA continues to be an opportunity profession, but to attract the next generation with the skillsets to deliver on this expanded expectation, the audit needs to become less about compliance and litigation defensibility, and more of an exploration, requiring curiosity and the application of independent judgment.”
Mainstreaming technologies such as data analytics and artificial intelligence allow the audit to examine entire data sets and use analytics tools to detect patterns and anomalies. When it comes to risk management, business complexity has heightened the importance of risk identification and gaining an understanding of an organization’s risk management policies and practices.
Read more ways the profession is leading the audit transformation now.
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