![]() ![]() ![]() The impact of COVID-19 is a case in point. This is precisely what the audit of the future must look like and must do otherwise it will cease to be relevant. For an audit to be effective it must assist the management and directors of entities to achieve their strategic objectives. ![]() This has transformed auditors into analysts.” This has been seen to provide better insights into the operations of business entities. As Tanaka Chikukwa explained, “auditors are now able to analyse and test 100% of the data quickly and accurately, not just a subset. Audits are now being conducted on whole population sets as we shared in last week’s Zimbabwe Independent article A Short Guide to Data-Driven Audits. For example, whilst the traditional audit was conducted on a sample or subset extracted from a population of transactions, the future dictates that for the auditor to provide useful information, they have to provide assurance on the whole population of a particular type of transaction. Technology has enabled auditors to work and use technology to provide better insights to their clients. Whoever thought that an audit could be conducted remotely? And yet this is the norm now. However, it is clear that technology is revolutionizing the way audits are being conducted now and into the future. This has been the bedrock of audit for centuries. In order to fulfill their tasks, auditors have been required overtime to spend a significant amount of time on their clients’ premises in order to interact and observe the actions of management. It is no wonder that globally the role of the auditor has fallen under tighter scrutiny with regards to issues concerning auditor independence, and the scope and quality of today’s audits.Īuditors have been known to perform their audits primarily based on the premise of inquiry, observance, and reperformance. With the rapid technological advancements, legislative changes, and the catalytic effects of Covid-19, every sector is being challenged including the auditing profession. This is no doubt an exciting and demanding role to fulfill especially in the current climate. The credibility of financial reports underpins various transactions that may be entered into for trading and investment purposes. It is common knowledge that audited financial information is essential for both companies and individuals alike. The need for specialisation in the auditing profession will play a more significant role going forward.Technology has enabled auditors to work and use technology to provide better insights to their clients.The financial reporting environment has changed significantly.Technology is revolutionising the way audits are being conducted now and into the future. ![]()
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