Following a string of high profile business failures – and the economic implications of COVID-19 – the role and quality of audit is under the spotlight, with many demanding change. From the initial economic freefall to the role of government financial support and the struggle to get back to ‘business as usual’, balance sheets have become extremely fragile.
A drastic and strategic change in the audit process is now more vital than ever. The industry must move from an outdated, rules-based audit approach to a methodology that focuses on proactively identifying and managing risk. Shifting from a static annual audit process that only reports after the event – and therefore misses vital information to a near-continuous, data-driven approach will enable rapid, actionable insight to be used not only within the audit itself, but across the entire business.
Stuart Cobbe, Director of Growth, Europe, MindBridge outlines the role of machine learning, artificial intelligence (AI), and a risk-based approach to rebuilding faith in audit and providing businesses with tangible, lasting, and provable business value.