Future-Proofed: How Technology is Driving Change in Finance and Audit

Our research shows that companies have taken the leap to invest in and adopt critical technologies such as cloud (74%) and smart analytics (62%), and are now focused on maintaining security (80%) and getting the most out of these investments by addressing data management, quality and availability. The stakes to get tech right continue to be high - over half of respondents cited a high risk of failure as a top challenge to implementing  technology.

Executives must be able to play the long game because what we’re talking about is not simple. In some cases, there’s significant cost to making the type of change we’re talking about. But the long-term payback [is] ensuring that your organization has the technological capabilities to be competitive.

Robotic process automation is undervalued at this time." "With most companies looking for the best places to spend on technology, there’s low-hanging fruit [in] being able to automate manual functions and squeeze more efficiency out of their finance function holistically… It should be higher on executives’ radars.

We still need people who understand accounting and auditing [and] also IT, but they also need the traditional skills: being able to speak with management [and] the audit committee in a way that’s understandable, take very detailed findings that are uncovered through the use of technology and put it in a way that’s understandable in non-audit speak.

Must-Have Finance Technology

As the global economy becomes increasingly digital, finance functions must do more than just keep pace—they must excel.

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How Finance Tech Meets Many Demands

In finance, “digital transformation” can mean many things; it can also bring different benefits. With significant investments already committed in most organizations, and more expected to come, it’s helpful to understand what specific benefits finance tech can deliver.

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Cybersecurity Is Still A Top Challenge

Digital transformation brings many benefits, not the least being more insights and less manual work. But our always-on, fully connected world has its downsides, too.

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Cloud Usage Points to Importance of Partnerships

Cloud computing is one of the most important technological developments of the past two decades. The global economy simply could not function without it.

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With Tech, External Auditors Lead the Way

Nearly all executives (98%) report that their external audit firm uses advanced technology. 

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Must-Haves for External Auditors

According to our executives the cloud (80%), smart analytics (70%) and artificial intelligence (61%) are the top-cited must-haves for today’s external auditors.

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The Challenge of Setting Timelines

There’s no question that dramatic change is coming to finance reporting and the audit. But there’s little consensus around a timeline. Asked when they expect their external audit to be performed in a “dramatically different way,” most executives answered between four and five years (66%).

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How to Get Ahead in Finance

Download the study to find out how the widespread use of advanced technology will affect the next generation of finance professionals, and how will expectations differ between internal finance functions and external auditors.

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