Demystifying the future of the audit

Accounting

Nobody is safe from change, not even the world of auditing. In audit firms, we’re already seeing discussions related to the people, processes and technologies that will be needed to support the audit of tomorrow. Audit committee members and corporate finance professionals should not only be aware of these ongoing conversations, but also actively participating in them so they too can understand how the audit is evolving — and what that means for their businesses. 

These changes may seem overwhelming, but the good news is that change happens over time. Auditors and clients can and should use that intervening time to prepare for what’s to come, so they find themselves ready to meet the challenges of tomorrow.

While certainty is out of our control, we can make some well-informed predictions that sketch the general shape of audit’s path to the future. Here are three predictions on the evolution of the audit, and three ways you can respond.

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