The future of audit: market view – myths, realities and ways forward

TagsFinancial auditCorporate reportingIndependent assurance & reviewsTraining services+4

The audit profession faces a decisive moment: market expectations are shifting, technology is empowering auditors and strengthening quality, the case for audit’s evolution is growing and a series of headline corporate failures have raised questions about the quality of service companies can expect.

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The future of Audit in APAC

Against a backdrop of shifting market expectations, Mazars released an independent report titled The future of audit: market view. The report highlights ‘standout findings’ and myths about audit with 501 responses from 12 countries.

September 2021 | The Future of Audit in APAC

Financial audit is the foundation on which trust and integrity are built into financial markets around the world. However, the profession in Asia-Pacific faces a decisive moment and the public interest is at stake.

Against this backdrop, 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.