The future of audit is bright, but complex. Is your business ready?
Nowhere near ready
You’re confused by the myriad changes and new demands in the audit and assurance field. Yet AACA’s research has confirmed the importance of its role in the operation of capital markets and wider economic activity.
Your first step as audit and assurance professionals is to develop the right mix of skills and competencies to fulfil your roles properly in order to meet future demands.
Made a good start
Your organisation is starting to respond to changes in the audit market. It is aware that the volume, velocity and variety of data in financial statements is increasing, and that professionals working in audit and assurance will face new technical challenges over the next decade.
The next step is to prepare for - and embrace - these changes.
Your organisation is aware of technology and emerging trends and embracing them where appropriate. Mobile, big data, robotics, digital service delivery and real-time assurance all have transformative potential.
But this is about more than the latest technology - you also need the skills to make the most of them.
Your organisation is already equipping its people with the competencies needed for audit and assurance. The next step is to weave professional ethics into this future-proof picture, as it remains vitally important.
Audit and assurance professionals need to be able demonstrate integrity, independence, and professional scepticism.
Yes. What’s next?
Congratulations - your team is equipped with the right competencies. But your organisation has also taken a holistic approach to the future of audit and assurance by including softer skills, such as business acumen, analytical thinking, forensic audit and cross-functional working.
Maximising audit quality depends on this global perspective.