The intersection of technology and quality in the audit
There is little doubt that technology is transforming the audit, with tech solutions giving auditors more insight than they ever thought possible.
How technology enhances quality
The overall topic of advanced technology is a big umbrella. When it comes to improving audit quality, precisely which tech is making a difference? There are three major areas that help reveal where exactly technology can have a significant positive impact on audit quality:
- Using bots to analyze entire data sets and spot anomalies
- Leveraging advanced technology, like artificial intelligence and data visualization, to improve a company’s own internal controls
- Employing automation technology to free up auditors to do more meaningful work
As audit technology becomes more powerful and intelligent, the human touch will always be vital because, aside from fundamental accounting and finance skills, most executives believe financial reporting staff must continue to bring skills of their own.
What job skills are most valued by leaders of financial reporting teams?
80%
Critical thinking, reasoning and problem-solving
66%
Investigative financial skills
66%
Ability to develop data analytics to achieve specific objectives
57%
Instinct for business strategy and strategic insights
Ultimately, technology is a powerful enabler that can help auditors improve accuracy, completeness and overall audit quality.
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