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A new era: how technology is reshaping audit

Author: ICAEW Insights

Published: 06 Jun 2023

With the launch of our new Audit and Technology hub we aim to highlight the technology-led, ground-breaking changes that are transforming the way auditors audit companies, and how companies interact with their auditors.

There’s no doubt that technology has transformed many aspects of how we live and work, and accountants have felt this change more keenly than many. With this in mind, we’ve taken a look at exactly how this affects audit in particular. 

Our interactive graphic, How to use technology throughout the audit process, provides examples of the digital tools that are currently in use in audit, making the process more effective and efficient from start to finish. The graphic also shines a light on some of the more advanced technologies that in time may become standard in the audit process.

Accompanying the graphic, we also delve into separate but interlinking topics in six different articles. In What digital tools are auditors adopting? we take a look at whether the audit profession is on the brink of wholesale audit transformation as adoption continues at pace.

In our three-part series of articles, ‘The future of audit technology’, we show how technology is changing the audit process from the perspective of the different tiers within the UK audit profession – small firms, mid-tier firms and larger firms

Technological transformation in audit is not just affecting firms, clients too are having to adapt. Advanced workflow tools are boosting collaboration, turning the audit into a real-time continuous process providing clients with regular detailed insights rather than a once-a-year troublesome process. We see what’s changing in Enhancing interconnectedness for audit teams and clients.

Finally, and crucially, in Will new software boost audit’s attractiveness? we find out if new audit technologies can help turn the tide in recruitment at audit firms, helping them reinvigorate the profession, fending off the attractions of big tech and start-ups.

Visit the new Audit and Technology hub


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