Remote Auditing for an Evolving World

The audit has been evolving steadily for many years and after these unprecedented past few months, audit software is set to reshape the finance industry.

Due to the lockdown, firms have been forced to rethink the way they do business and automation is something that is now, very much so, on the top of everyone’s agenda. The main reason for this is to liberate auditors, leaving them with more time to analyse and collaborate with their clients.

Mckinsey Global Institute estimated in 2018 that around 49 percent of work activities could be automated by the end of 2020. 

Meaning that basic accounting work would be automated, leaving auditors with more time to dig deep, analyse high-risk and to liaise with their clients. An important software evolution that responds to this hypothesis is the cloud remote auditing add-on which makes it possible for auditors to use a two-way, real-time communication flow and to securely send signed letters and documentation, receive client files and respond to requests, all in the safety of the secure cloud.

Adopting this type of “remote” automation will radically alter the way we operate, meaning that the professional evaluation and judgment will be more important than ever. The necessity to be able to collaborate with our clients in a risk free environment all whilst exchanging views and opinions will be key to a successful automated audit.

So as the audit evolves we need to remember that technology coupled with a well trained workforce will be synonymous to success but, there cannot be one without the other. If we want to guarantee the audit of the future, teams need to be armed with the right technology but also know how to reap the benefits of the chosen software.

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