As a heightened risk profile prevails and increased regulatory pressures accelerate the disruption of business models, fresh challenges are created. New needs, including cybersecurity, mass data analysis and increased non-financial reporting issues, are also changing the role and scope of the auditor’s mission.
In the face of these challenges, the profession’s continued transformation is essential. By exploring the powerful levers of technology, human capital, and collective intelligence at their disposal, auditors can develop new pathways and paint a clearer picture of what the auditor of the future will look like.
At the same time, questions such as how far audit firms and internal audit departments can evolve to meet new client expectations without jeopardising their independence and strong ethics need to be resolved.
At Forvis Mazars, we intend to address the complexities of innovating in a regulated profession. Through debate and discussion of the benefits and limitations of technology, human capital and collective intelligence, we invite you to move forward together.
No longer just a buzzword, artificial intelligence (AI) is becoming a more accessible solution for many companies looking, among other things, to streamline the reporting processes and improve efficiency. While AI in environmental, social and governance (ESG) reporting is still in its infancy, its application is increasingly seen as the future. Yet, as with any new and evolutionary solution, there...
Companies are increasingly turning to machine learning (ML) solutions to gather and manage data needed for reporting purposes. A form of artificial intelligence (AI), ML works by exploring data to learn and identify trends and patterns in a data set. Certainly, ML can be used to improve the reporting process by harnessing data algorithms to speed up and make the reporting process more efficient. However,...
Digitalisation has transformed how the financial world operates, and a similar transformation is set to impact the internal audit function. With compliance becoming increasingly complex and stakeholders placing higher demands on businesses, the ability to manage data in real time and respond in days rather than weeks is a top advantage.
In fast-paced and increasingly regulated environments, data analytics can be vital in helping companies conduct business and improve performance. Yet, as technology continues to evolve, ensuring that data analytics’ potential is maximised is becoming increasingly challenging. Part of the challenge for companies is to clearly understanding how data analytics can benefit the business and how to build...
In the last two years, we've all become more familiar with using artificial intelligence (AI) to ask questions and get information quickly and easily online. Improved access to large language models (LLMs) such as ChatGPT, Google Gemini and Claude has opened the door to intelligence previously only available to data scientists.
The development of artificial intelligence (AI) technology is gaining momentum. Already, it can create texts, answer questions, write pieces of music, and paint pictures in the style of Vincent van Gogh. Increasingly, AI is also being used in auditing to automate routine tasks.
Is artificial intelligence (AI) a helpful tool for auditors, or is it considered a direct competitor? AI's development is set to impact every aspect of our lives, including the audit function.
Continuous audit, sometimes referred to as continuous monitoring, is a phrase often thrown into the conversation when we talk about innovation in audit. In reality, however, there is a general lack of understanding of continuous audit’s full potential and how it can be implemented.
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