This has been an interesting and unexpectedly tough term for me -
but I made it with the skin of my teeth it seems!
The article that I chose was one from KPMG where their chief audit
strategy officer was interviewed on the trends shaping the future of
audit. One of the key words that stuck out to me in his excerpt was
where he said that clients are ready and waiting for us to become
next-gen auditors. This hare and turtle race between becoming this
level of auditor and keeping up with the technology that surpasses us
daily is scary.
It is no surprise that the pandemic brought in new ways of navigating
the workforce and creative new paths to getting the audit process
completed. The top trends that Fuller pointed out that are here to
stay are:
1. technology and data
2. operating models
3. a total upskill of the audit professional
4. demand for assurance services
This article as a whole confirmed my beliefs on where audit is headed.
I fear technology to the extent that this article brings up, us having to
compete/keep up with technologies advancements in our fields.
While technology can be and is a huge help in data retrieval, larger
sample sizing, and faster research it can also be what is working
against us in understanding it quick enough. The amount of
information that technology can process is loads beyond what the
human brain can at any point, so how do we keep up? There will
always be the need to apply real time logic and economic factors to
scenarios that technology will not always be able to do. That is where
an auditor I believe can make a real difference long term. Link to
article listed in references.
Farrell, J. (2021, March 19). Trends shaping the future of Audit. KPMG
US. Retrieved October 24, 2022, from https://info.kpmg.us/news-
perspectives/advancing-the-profession/trends-shaping-the-future-
of-audit.html
