Digitalization and Innovation in Auditing 2021 Whitepaper
The rapid uptake of digital auditing solutions today is changing client expectations and the fundamental nature of the audit.
At Inflo, our goal is to educate and support the profession to embrace change and deliver a more valuable audit to the end-client.
Our Digitalization and Innovation in Auditing whitepaper provides guidance to audit firm IT leaders, senior auditors, and decision makers on best practice Digital Audit adoption. The information presented is based on the experiences of eleven early adopter firms that have successfully adopted Digital Audit tools and are moving toward implementing a full Digital Audit process.
The case for a Digital Audit comes mainly from two sources: regulators and clients. Other key drivers include the pace of technology adoption, the widespread move to hybrid work, and the need to address staffing challenges. The benefits can be quantified in terms of time and cost saved. But there are also profound qualitative benefits, ranging from a more collaborative relationship between auditor and client to the delivery of actionable insights.
Our research tells us that the Digital Audit delivers clear benefits around rapid identification of issues, the ability to deliver enhanced client insights, and staff satisfaction. But we also found that challenges exist, and they relate more to firm culture than technology adoption. Read more below.
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