Firms that have been introducing and experimenting with remote audits are finding it easier to embrace and collaborate with clients through cloud audit tools. As offices vanish or become optional, remote audit engagements may become the standard as client teams and documentation are spread out across multiple locations, including home offices.
In-office audits may no longer be practical or feasible for some clients.
Firms and clients are embracing remote auditing
The transition to more remote and hybrid working environments has required an adjustment for everyone. Fortunately, new technology and tools have arrived just in time to facilitate the transition, including the ability to conduct audits remotely. Auditing will be increasingly conducted remotely, and more strategic discussions and activities will happen with clients in person, outside of the audit cycle.
Remote auditing should not be mistaken for remote auditors. Developments in business communications has resulted in a preference for email and video meetings which are enhanced by cloud-based tools for gaining access to information and deep analytics. Clients are finding it easier to communicate via email and auditors are able to spend more time focusing on the work rather than communicating to client offices.
Success in transitioning to remote auditing lies in instilling confidence in both teams and clients. There are similar concerns on both sides around three issues: security, communication, and risk management. Fortunately, technology has evolved to provide tools with the functionality to mitigate some of these concerns.
1. Security and confidentiality
Educating clients on the types of professional, high-quality, secure technological tools that your firm is utilizing for audit engagement is important for transparency and trust. Using tools that have been designed by and with accounting professionals in conjunction with data security experts is better than repurposed software.
2. Communication
In a world where we are constantly connected, addressing communication concerns may not be based so much on the quantity but on the quality of communications. Training your audit teams to be comfortable and efficient using the tools available to them in a fashion that facilitates a “single source of truth”, a level of accountability, and information accuracy can all be attained through technology, training, and execution. The right technology allows you to provide insightful outputs and reports.
Client collaboration is key. Regardless of where audits are performed, the correct information needs to be received from clients to perform the job effectively. Cloud technology allows for transparency and project management functionality. As with all good communication, it is a two-way street.
3. Risk management
In an environment where regulatory and compliance issues are constantly changing and fines and penalties for non-compliance are high, clients may be concerned about vulnerability or exposure to changes. Therefore, one of the main aspects of remote auditing is risk management, both of the client's risks and of the audit itself.
AuditoriaOnline is prepared to help throughout the process with the benefits of significant cost reduction and increased efficiency in audit work, generating significant results for our clients.
