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 integrating into our clients systems and data and leveraging 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 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 the future will be discussed.
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