Adopting a Digital Audit mindset
Naturally, one of the challenges that firms are going to face when on their digital transformation journey is around education and changing the perception of what the audit has become over time.
People have an entrenched view of what the audit is and represents, and that is because for many years, the audit has been very consistent and not really evolved at the same pace that technology has.
Focus on what’s important
Firms need to focus on the view of audit in the eyes of their clients.
The other challenge to those within the profession is going to be around skills, education, and staff becoming comfortable with technology and data.
The digital audit represents a different way of the audit team performing their services – it is much more analytical and much more about cognitive ability. Firms need their teams to be able to think on their feet, to be that bit more creative and to be comfortable working with technology and handling data.
Build a winning culture
With technology continuing to make an impact to the accounting profession, firms are finding themselves on the verge of a significant shift. Therefore, the technology solution that firms adopt will need to position them on the best possible path for the future.
To thrive in the future, it’s essential that your firm can quickly adapt to change. And to do that, your organisation needs to believe it can.
It’s common to think that talent is fixed – you either have it or you don’t. If you have this mindset, then your focus will be on finding and retaining talent, not developing it. But to thrive going forward, firms need to adopt a growth mindset.
That means while things might come easier to some than others, everyone can learn and improve. Any firm that doesn’t believe its staff are capable of adapting to changes to the way they perform their roles is going to struggle to execute a successful digital transformation.
Outlook for the future
We don’t know what changes are coming in our industry, so it needs to be a core value of a firm to build teams that are capable of rising to the challenge, with agility, to whatever the next obstacle is . To achieve this, it’s essential to move away from “that’s the way we’ve always done it” thinking. Instead, focus on experimenting, testing, and learning new ways of delivering client value.