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The Future of Audit

May 2017

In this industry, frequent change is something we’ve become quite accustomed to. Audit is certainly no exception. The way in which businesses are required to prepare for their audit is changing, and therefore the way in which we as auditors deliver our service must change too.

In the past, an auditor’s role was as straightforward as producing accurate and detailed accounts of company data. However, as times have moved on this has changed dramatically. It has now become essential for auditors to learn a completely new skillset; skills that are vital in order to keep up with the increase in demand for data not previously associated with audit. This data includes things such as the carbon footprint of company movement and information relating to employees.

The reason behind the demand for this kind of data comes from Government and Business Directors who not only expect financial statistics from an auditing service, but statistics which indicate whether or not a business is performing ethically and to the benefit of the local community.

This has forced our hand as auditor’s to adapt and improve our service in a way the industry has never seen before. It has made providing meaningful interpretations of data part and parcel of providing a useful auditing service.

The changes don’t just end there though, in fact most professionals agree that this is likely just the start. As the demand for different forms of data continues to grow and change, we need to make it our top priority to place ourselves at the heart of these changes.

We will achieve this by continually adapting our service to the needs of the user, and by moving towards a reality whereby we produce a continuous flow of information to the user which is not only meaningful, but practical too.

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