When it comes to performing audits, you are in control of what you or your team does – their actions, processes and performance are your responsibility.
However, one side of audits that is somewhat out of your control is what we call “the client-side conduct.”
This is as it sounds – it’s the way your client provides documents, data, and information to your team.
If it isn’t accurate, efficient, and delivered on time, your team can face some serious challenges through no fault of their own.
Client-side issues often introduce significant challenges that can undermine audit efficiency and effectiveness because they can lead to inconsistent data, fragmented communication, and a lack of transparency between the client and the auditing team.
In our experience, this usually comes from poor levels of technological adoption by your clients, which can result in a mismatch of data formats and storage solutions.
On top of this, your clients may have internal processes that are not streamlined or standardised, further complicating the auditor’s ability to conduct a thorough and efficient review.
This then makes it difficult for your auditors to quickly gather and verify information.
The disjointed nature of these outdated systems often leads to data silos, where information is isolated and difficult to verify, compounding the client-side challenges of ensuring thorough and reliable audit processes.
As a senior management figure in your firm, you undoubtedly recognise the burden outdated systems place on your teams – increasing the risk of errors and compromising compliance.
We’ve found that the use of traditional methods for data collection and storage is becoming increasingly untenable.
In the face of stringent compliance requirements and the need for precision, auditors are turning to technological solutions to remain competitive.
New standards in the auditing industry
Many firms are now shifting to cloud-based, information-gathering technologies to help with controlling the client-side aspect of audit quality.
We believe that this is part of a broader transformation within the audit sector, where firms are moving towards more dynamic and integrated data management solutions to remain competitive.
The systems being integrated by audit firms are often for the purpose of collecting data which is up-to-date and accessible but maintained within an overarching framework of accuracy and consistency.
With embedded real-time data analysis tools, these platforms are giving audit teams the ability to swiftly pinpoint and correct discrepancies, enhancing compliance and reducing the risk of errors.
All of which goes a long way to keeping the firm competitive.
Furthermore, cloud-based systems are being used to promote enhanced collaboration between audit teams and their clients.
(This is where Glasscubes sits in the market).
Information-gathering tools, like Glasscubes, allow for enhanced quality control throughout various stages of the audit process by ensuring all team members and clients have consistent and immediate access to the same information.
We see the movement towards these technologies as not just maintaining pace with technological advancements but rather firms are redefining what constitutes robust quality control in auditing through technology.
In other words, information-gathering technology isn’t helping with compliance, it is the new compliance.
Adopting these advanced tools is rapidly becoming the standard for quality and compliance in auditing.
Looking ahead, firms that cling to outdated methods may find themselves at a disadvantage, unable to meet the industry’s evolving demands.
In contrast, those that embrace these innovative technologies are distinguishing themselves, demonstrating a commitment to excellence and a proactive stance on compliance that will likely define the future of accountancy.
To start your journey to being a technologically savvy firm, consider integrating Glasscubes information-gathering solution into your audit processes.
Glasscubes can help you with the digital transition , click here to find out more.
