Thomson Reuters has released a special report, Four Keys to the Future of Audit, which addresses the most pressing challenges facing the audit profession by grouping these issues into four main categories: quality, innovation, talent and relevance.
The report proposes that for CPAs to maintain their reputation as trusted advisors, reimagined audit services must be the future. It then provides an expert perspective on how firms can successfully approach the audit of the future, embracing technology to better understand their clients’ businesses and transforming challenges into opportunities.
“Many firms do not realize their audits are still living in the past. Advances in technology and the massive proliferation of available information have created a new landscape for financial reporting,” said Alan Anderson, CPA, founder of ACCOUNT-ability Plus, LLC, executive director of Rutgers AICPA Data Analytics Research (RADAR) Initiative and former senior vice president of Member and Public Interest at AICPA. “To successfully impact the future of audits, firms must understand the key challenges currently facing the audit profession so they can identify the needs that must be met by the audit of the future.”
“The way that firms go about performing audits is going to change substantially, and it’s already beginning,” added Scott Spradling, CPA, vice president, Audit and Accounting segment with the Thomson Reuters Tax & Accounting business. “Thomson Reuters is delighted to be at the forefront of that change with our groundbreaking cloud-based audit technology platforms. This report provides valuable insights into how our profession should be thinking about the future of audit.”
The report addresses innovation through data extraction, analytics, and through cloud and cognitive technology. It also highlights the learning challenges auditors face, looking at experience-based learning, and provides tips on how audit teams can communicate to add insight and drive relevance.
The free report is available for download.
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