With the explosion of available data and the advent of more powerful capabilities to analyze it, audit is poised for profound and rapid change. From a technology perspective, the application of data and analytics (D&A) capabilities in the audit represents a major step forward in terms of the quality and insight that can be obtained. This report analyzes the areas in which the audit needs to evolve and the main challenges and factors affecting this transformation. It also discusses how visions about the future of audit vary depending on the respondents’ years of experience.
This report is based on a survey of 151 respondents in the U.S. in December 2014 (13 audit committee chairs and members, 22 CEOs, 15 CFOs, 20 other C-level executives and controllers, 30 directors of financial reporting, 21 investors, 26 audit associates, two current accounting students and two audit professors).
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