Reinventing the audit with new analytics technology
The digital revolution is fundamentally reshaping the economy. The ever-increasing pace of technological change is a challenge to the continuing competitiveness of companies, but it also creates new opportunities. New state-of-the-art technologies present exciting prospects, and change to the way in which we at Deloitte, as a professional services firm, approach the work we do with our clients.
The audit profession in particular has an opportunity to reinvent itself, to shift from being compliance-focused to becoming creators of high-value services and support. At Deloitte, we experiment continually with new, disruptive approaches to revolutionise the audit and its impact. With the help of analytics and artificial intelligence tools, our audit teams are automating the more routine tasks, and transforming the traditional audit to offer a smarter and more efficient process.
Audit analytics can provide a dynamic view of the bigger picture that goes beyond a static snapshot of past performance. It allows us to identify trends and make insights for better-informed decisions and more in-depth risk assessments.
This in turn creates a shift in the auditor’s profile. Data extraction, integration capabilities and a good understanding of analytical tools are now essential skills. Formerly focussed on crunching numbers, the profession today involves greater technological ability and outside-the-box thinking. For this reason, in addition to developing breakthrough technologies, we are also investing significantly to equip our people for this new landscape. Next to providing further training for our certified accountants, we are increasingly hiring more people who are able to combine both financial and regulatory expertise with best-in-class data analytical skills.
Read how we've enhanced our capabilities with innovative solutions for the audit of "J. Safra Sarasin Group"