Improve audit quality and detect hidden risks faster
There’s an increasing amount of regulatory pressure to improve audit quality and open up the market to smaller audit firms. This is resetting expectations around the use of digital technology as an enabler for achieving these improved standards.
Intelligent data solutions for audit firms
The audit sector is changing. Auditors must get to grips with regulatory changes and data challenges and open their minds to new, empowering ways of working.
There’s increasing pressure from regulators - Regulators, such as the Competition and Markets Authority (CMA), are calling for improved quality of services and increased competition.
There’s sporadic use of common data standards - Common data standards (AICPA) and SAF-T) are voluntary and not widely used and don’t cover unstructured data, such as emails, PDFs – all crucial to getting the big picture throughout an audit process.
ERP versions are abundant with differing quality - There are many conflicting definitions and standards when it comes to data. And the process of obtaining client approval for the provision of data to the auditors is time-consuming. Every time an audit is performed, this time-consuming, inefficient data extraction analogy is applied.
There’s a lack of competition - The choice is too limited with the Big Four audit firms conducting 97% of the audits of the biggest companies. And smaller audit firms cannot always afford expensive data extraction solutions, creating an unfair playing field.