The future of audit: market view – myths, realities and ways forward
Against this backdrop, Forvis Mazars commissioned an independent research firm to take the pulse of the global market’s view on the expectations and future direction of audit, inviting stakeholders to consider necessary changes for its evolution.
This recent survey reveals the need for an evolution of audit and clearer guidelines on the scope and means of audit. With 501 responses from 12 countries, this survey sheds critical light on what respondents expect from audit. It highlights six ‘standout findings’, including: the perceived mission of auditors and the expected benefits of a company audit; the value of technology to the auditing process; the most critical skills auditors are expected to bring; how broader audit services would be welcome; and, last but not least, the attitudes and appetites towards rotation and audit reform.
The findings provide insight on four market ‘myths’ surrounding what audit can be expected to achieve, how it is delivered, what areas auditors should cover, and the real appetite for joint audit.
Dispelling four market myths about audit:
- Myth 1: The primary objective of audit is fraud detection
- Myth 2: The future of audit is robotic
- Myth 3: Auditors should stick to traditional financials
- Myth 4: Companies do not want joint audit
Download ‘The future of audit: market view – myths, realities and ways forward’ below
As well as dispelling four myths about audit, the report addresses three important questions to policymakers surrounding audit’s evolution, the broadening of audit services and how to foster the right skillsets. Later in the report, findings are broken down according to region, organisation type and job profile.
Improving the relevance and quality of audit
Audit is, and always has been, at the heart of what we do. That’s why we are committed to finding ways to strengthen our profession and work with others to evolve our industry.
Download the report to find the market view on:
- What companies expect an audit to deliver
- The global appetite for reform and joint audit
- Companies wanting auditors to extend their range of services beyond financial audits
- The attributes of a good auditor
- How technology empowers auditors’ skills and not replace them
- And more.
Forvis Mazars Accounting Services in the Philippines
Having resources that complement your finance and accounting team can help you focus on your core. Our in-house experts combine both knowledge of accounting standards and familiarity with local regulations to satisfy the accounting outsourcing requirements of our clients.
Our clients benefit from accurate and timely bookkeeping services, transaction processing and more. The accounting services we provide include either full or partially outsourced bookkeeping, restoring accounting books, preparation and filing of applications for Bureau of Internal Revenue (BIR) approvals, processing of receipts and other bookkeeping services in the Philippines. Regardless of the needs, we offer excellent accounting services in the Philippines that would complement any pre-existing team.
Our team offers accounting services and reporting services that meet your unique needs and fit with your existing functions. These can range from helping prepare monthly reporting, annual statutory statements for local requirements, inputting accounting entries, documentation review, and more. Our team of finance specialists, working with companies across multiple jurisdictions, will also coordinate business relationships across individual countries to ensure you always receive a consistent and integrated service.
Visit our page on Accounting Services in the Philippines to contact us and ask any inquiries regarding accounting for your business in the Philippines or you may click the box below this page.
