Private companies can use the power of connectivity to benefit from a digitally transformed audit that enhances quality while driving value.
Private businesses are embracing today’s technology transformation to streamline processes, improve workflow efficiencies, increase productivity and, most importantly, remain competitive. They are using digital platforms, software and apps to communicate, collaborate and manage or access data to enhance everything from production to blockchain solutions. Their actions are inherently creating data-rich environments that make it easier to conduct business while simultaneously cultivating a wealth of information for insightful analytics.
Recognizing the opportunities technology provides, these forward-thinking private businesses also want to harness the power of connectivity to generate more robust audits. As my colleague Hermann Sidhu, EY Global Assurance Digital Leader, has noted in his recent article Is connectivity within the digitalization of the audit an overlooked opportunity? companies desire the increased value a digitally transformed audit can offer. This type of dynamic audit technology can utilize digital channels within all processes, connecting the audit team members with each other and the audited company, as well as fostering effective project management.
According to Sidhu, a leading digital audit platform empowers users by:
- Digitizing the generation of work papers
- Centrally storing relevant data
- Providing real-time audit-status updates
- Offering mobile functionality for improved connectivity