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Audit must evolve or die

11 April 2016

The traditional audit process is not delivering enough, claims ACCA head of audit and assurance, Andrew Gambier.

Following a series of roundtables he said that in developed countries there were strong views that while the audit and assurance process was important, it was neither timely nor offered insights as to where businesses could have done better.

The roundtable found that in countries where audit is still being developed it was valued far higher than in countries where it has been long established.

Gambier said that investors had said they want real insights into how a company could have addressed risk better and where they could have maximized profits.

Gambier went on: “While the traditional approach might reassure regulators and company bosses, its usefulness to investors is shrinking all the time, prompting questions over its future.

Business leaders expect information in real time, so why do we expect investors to wait months for the audit reports.”
He felt that auditors need to now look at how they can use technology to deliver a high quality audit in a more efficient and timely manner.

* For more read the ACCA report ‘The Future of Audit’.

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