There is little doubt that technology is transforming the audit, with tech solutions giving auditors more insight than they ever thought possible.
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:
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.
Critical thinking, reasoning and problem-solving
Investigative financial skills
Ability to develop data analytics to achieve specific objectives
Instinct for business strategy and strategic insights