What is a Digital Audit?
Over a decade ago, accounting firms moved from paper-based audit systems to paperless. In most cases, this simply moved a ‘document-centric’ audit approach from paper to electronic but continued the same ‘audit binder’ approach that has been in place for decades.
As a profession, we’ve changed our storage media and document formats, but we’ve not meaningfully changed processes, outputs, or client value. Fundamentally, the way the audit is conducted has remained essentially the same.
Where does the profession go from here?
Enter the Digital Audit
The Digital Audit is transformational.
It’s a new way of thinking about the value of the audit, and it’s a new way of conducting the audit. It involves rethinking how and why your firm provides audit services, and it enables an entirely new service experience and level of value for your audit clients as well as your staff.
It genuinely empowers the auditor:
- Audit teams work directly with the data from the very beginning of the audit.
- Robust analytic capabilities allow auditors to efficiently drill down to investigate unusual variances, then craft well-informed questions and inquiries.
- Audit team members are less dependent on the client for every answer to every basic question, and when client explanations are needed, team members are able to initiate this from within the platform.
Taking a leap of faith
An auditor should welcome disruption, divergent thinking and creative problem solving. Next-generation audit is about encouraging innovative responses to how audit can do things differently.
Inflo have helped many firms do just that.
Inflo’s Digital Audit platform offers a one-stop shop for accountancy firms. It incorporates intuitive data analytics, a progressive audit methodology developed by our team of audit experts, and an audit platform powered by emerging technology.