The future of auditing: Where are we going as firms?

“The future will be driven by data, which will be developed with AI and in the cloud” – Philippe Vannier.

 

September is #AuditorProud month, a celebration that started a few years ago in the United States and has spread to different countries where being an auditor is a reason to be proud (like Mexico). To celebrate this, we wanted to talk about a topic that has been in our minds for quite a while: the future of auditing.

It’s common for people outside this industry to think that accounting, and therefore auditing, are slow to innovate. But the truth is, that auditors have gone a long way when we talk about progress and technology.

If we look at the scenario 10 or 20 years ago, we can imagine accountants with pens, papers, and calculators. Nowadays, auditors all over the world are using drones and machine learning to automate their observations. It should be mentioned, that this allows auditors to focus on those tasks that really require human analysis.

 

As Philippe Vannier (Executive Vice President of Big Data & Security Solutions at ATOS) says: “The future will be driven by data, which will be developed with AI and in the cloud. Companies need to understand technology to survive and prosper tomorrow”.

Here in VLH, we know that audit firms must reinvent themselves and be disruptive in order to attend the future’s needs. That’s why we came up with a list of 10 tendencies that will guidethe reorientation of our client’s processes and systems to change:

1- The connection of services (mobile).

2- Delivering specialized digital solutions.

3- Front innovation (connectivity).

4- Artificial Intelligence.

5- Change of the thinking paradigm design.

6- Take advantage of Fintech.

7- Amplified exploration of the Internet.

8- Migration to real-time payments.

9- Commercial loans digitalization.

10- Accounting movement based on production technology.

In VLH, we are planning change towards these technologic tendencies, and to the uses that satisfy society, and therefore, companies. To start, we consider that it’s necessary that we evaluate the Corporative Government Model of SMB’s and family companies, which in Mexico, are most of the companies.

If you want to do an audit or need consultancy on how to innovate in your business, contact us. Our accountants and consultants can help you out.

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