Audit clients continue to become more global, diverse and technology reliant while the audit methodologies used by most firms hasn’t fundamentally changed in 25 years. While there has long been discussion that the future audit will shift from attesting on past results once per year to delivering real time assurance very little has been accomplished to date. This session will discuss approaches to virtual integration to client’s systems and data to leverage data analytics. Leveraging “big data” through use of “data analytics in our audit processes are sure to be future foundational capabilities. This session will layout a virtual audit model for how that could work, the potential benefits, and the current barriers around moving this from myth to reality.
During this session, specific recommendations will be presented to start positioning the firm for virtual engagements will be discussed. Topics Include: a) Out Instant Gratification Culture, b) Audit of the Future – Dynamic Integration, c) Use of Data Analytics Continuous Auditing, d) Virtual Continuous Audit models, e) What can I do today? and f) Moving Ideas to Action.
1) Participants will understand the benefits of moving to virtual auditing
2) Participants will learn how to set up a virtual audit practice in their firm