AUDITS & ASSURANCE
artificial intelligence capabilities to provide organisations with data-driven business insights as well as evolving reporting and regulatory requirements ,” will be vital going forward , explains Kalia .
“ Audit firms are also using data analytics and in-house technology to effectively audit data held and processed in clients ’ IT systems , to better identify risks ,” adds Pera .
While KPMG states that investments in technology are critical , there is no onesize-fits-all solution . With new technologies and expectations evolving rapidly , auditors need to constantly upgrade their skills and approach to bridge the skills gap . “ The emergence of cutting-edge tools and innovation transforming audit has accountants thirsty for the knowledge to keep pace and thrive in the future of audit ,” notes Kalia .
Another benefit for the future is remote working , Pera explains that such workplace models “ provide more flexibility and agility in both the delivery and connection with clients . Looking at a market such as the Middle East for example , specialist resources can operate virtually across geographies rather than being restricted through physical presence . This has also benefited work-life balance as teams are not required to travel extensively and be present in office or at the client site all the time .”
Reflecting on the future for audits and assurance , Pera comments that “ moving forward , auditors will be expected to exercise extraordinary judgement while evaluating asset impairments , valuations and estimates , even as they operate within uncertain markets exacerbated by the pandemic . The challenge ahead is to leverage technology without compromising data security and audit quality .”
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