Big Data means big changes for the audit profession

 2014-05-01

An article for which ACL’s vice president of strategy, John Verver, was interviewed has published in Compliance Week. The article examines how the auditing profession is starting to look at how to leverage Big Data in audits. External audit firms are making some big investments into cutting-edge data analytics that could dramatically deepen the reach of external auditors into corporate books and records.

John is interviewed alongside several other industry leaders including spokespeople from Grant Thornton, Deloitte & Touche, the PCAOB, and ACL customer, Forensic Strategic Solutions. The article concludes, “Audit firms haven’t substantively changed the way the profession goes about doing an audit in a long time. This is frankly overdue.”

As analytic technology becomes more readily available and as audit firms take a beating from regulators and the capital markets over audit quality issues, external auditors are turning to Big Data for answers. “Virtually all of the Big 4 and others have very sizable projects around transforming the effectiveness of external audit procedures through the use of technology,” says John Verver, vice president of audit technology firm ACL. “They’re focused on the quality of the audit, reducing the risk, and improving the efficiency and effectiveness.

(Source: ACL Blog)

Thursday, May 1, 2014 In: Hot Topics Comments (None)

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