Since the shut-down in March, EY audit teams have executed a data-first, digital audit for hundreds of private companies. The value of the data-first audit lies in both the execution of a high-quality audit, and the delivery of an effective process for data capture and analytics, reliable and real-time analysis, and insights into business processes.
"Businesses that embrace technology in their business practices can gain even deeper insights into their financials with a data-first digital audit," says Randall Tavierne, EY Private Global Assurance Leader, in his article How digital audit can enhance private business board oversight functions. "By connecting technology-driven client information with automated processes, the audit team can focus on more important areas so they can identify potential risks and advise how to address them."
With the markets and economy in such a state of flux, private business leaders are faced with tough decisions every day. Having a consolidated view of the business, and the benefit of objective and independent data-driven audit insights can serve as a valuable jumping off point. Leaders that have a consolidated view into their organization are best positioned to navigate recovery and prepare for new challenges that may arise in the future. A data-first digital audit offers transparency and helps to build trust as we look to the opportunity of a post-pandemic world.
For a deeper look at the value a data-first digital audit brings to your private business, read How digital audit can enhance private business board oversight functions.