How quickly have audit firms have shifted their ways of working?
A recent Accounting Today survey found that just over half of audit firms in the US have some or most staff working remotely. Auditing remotely is not a new concept; however, just as companies
had to adjust to employees working fully remotely, auditors too needed to quickly adapt their audit procedures and communications to fulfil their obligations while working completely remote, all pretty much overnight.
The survey also showed that firms had some challenges to overcome but were fairly equipped to continue to serve their clients remotely. Many audit firms were already exploring the possibilities of remote working, as many industries are, but the pandemic accelerated the move towards digital service delivery.
Globally across we have seen firms adapt quickly to the changes COVID-19 has presented.
For some, the move to digital has been challenging while others have been agile enough to adapt, but the unprecedented scale and speed of the situation has been without a doubt difficult. Productivity and project management is very different when teams are not physically together. Audit processes have adapted, as clients are working remotely, and firms have worked hard to ensure quality of work is not impacted. There has also been a concern for wellbeing of staff. Firms have been busier than ever guiding and supporting clients through challenging times with the mental health and well-being of staff being high on the agenda for firms, helping staff adapting to this ‘new normal’ we all find ourselves in.
This is a topic we discussed in more detail on a recent webinar, you can watch the ICAEW webinar on demand now – Accelerating Digital Transformation in Compliance & Advisory Services.
Also, why not check out our How to Master Remote Auditing Top Tips Guide. This guide has been developed to help teams understand and implement the techniques necessary for successful remote auditing practices, continuing to perform effective, high quality audit services which deliver value to clients.
This blog post is a shortened segment from our Is technology that targets fraud the future of audit article.