ENG22SS02. Rewriting the Book on Auditing, presented by Wolters Kluwer

To submit a question or participate in polling, click the link above. The next exciting frontier for auditors is data-driven auditing, which goes beyond just data analytics. It's about leveraging data throughout th entire audit process, including ingesting data from outside sources, leveraging the data created when performing audits, and visualizing that data for better sense of data connections - like how risk connects to procedures and whether we're over/under auditing. Seeing those relationships, not just in an index file but visually on-screen, is the biggest change coming the audit profession. The challenge for firms that continue their traditional approach to auditing is they will find themselves boxed out as firms who do adopt a data driven approach will be more efficient, provide better insights back to their clients, and be a more attractive option when it comes to finding and retaining talent. During this 50-minute solution session, we’ll discuss: Similarities and differences that matter between a data-driven audit and traditional auditing. The downside to your audit workflow, and you firm, if you wait too long to implement change. What innovative technologies are here, or coming, that will help. Attendees will leave this session clearly understanding the value a data-driven audit will bring their firm, and have an action plan to progressively implement change toward driving the highest value-add to their audit workflow.

Learning Objectives:

• Recognize what skill sets will prove essential for a firm to stay competitive and meet client expectations.
• Identify new technologies available to accounting firms that will help them embrace the evolution of a data-driven audit.