The pandemic has impacted how many individuals conduct their business. For example, remote work has continued to be popular among companies and will most likely continue long-term due to COVID-19.
Similarly, it has been found that the pandemic has also affected how companies conduct audits. A survey conducted by AuditBoard, a leading cloud-based platform for auditing, found five key trends caused by the pandemic and it is believed these will most likely be long-term.
The five trends found are the increased use of technology, being more innovative with gathering and analyzing evidence for audit processes, face-to-face meetings being replaced with virtual, audit teams focusing on emerging risks, and lastly teams continuing to work in a remote environment. Here are a few of the findings that the survey concluded for each of the trends:
Increase in use of technology
Prior to lockdowns, many businesses relied on face-to-face meetings and access to physical information. Today, audit teams must be comfortable with new technology such as cloud-based platforms to help automate workflows and streamline processes. It was found in the survey that 91% of respondents believed that technology will continue to be an important part of the audit process, while 34% strongly agreed with this statement.
Audit teams will continue to use creative ways to gather evidence for audit processes Many staff members had to come up with creative solutions during COVID and this process is sure to continue. Due to employees finding new efficiencies and methods to gather information, companies should continue to find ways to improve their audit process. With 83% of respondents agreeing, it is obvious that it is important for businesses to embrace nontraditional ways of working.
Virtual meetings will continue to be utilized
It has been found that 72% of survey respondents agreed that virtual meetings are here to stay. Individuals indicated that they rely heavily on technology for their meetings and feel that communication has become more efficient using this method.
Audit staff will focus more on upcoming risks
Thanks to the pandemic, many audit professionals are now focusing on emerging risks. Businesses should put their focus on continuously assessing risks and performing assessments more frequently.
Remote work has become the new normal
It has been proven that workers can do audits from their homes and that the job does not have to be performed in a commercial setting. Approximately 68% of survey respondents agreed that although a portion of the job may need to be done in office, it doesn’t need to be exclusively in this setting. This method can be beneficial for many businesses as they do not have to keep audit staff internal and they can also hire remote workers for the position.
Although COVID has been disruptive in many ways, it has shown businesses a new normal and has helped streamline many processes. Today, many audit professionals now have more flexibility but also have become more efficient in their position.
https://www.cpapracticeadvisor.com/2021/09/13/5-covid-impacts-on-internal-audit-that-are-here-
