With evolving business and regulatory considerations, audit teams are continually balancing the need to deliver greater client value, while being more efficient. Not an easy task.

While technology has aided the audit process in many areas, helping audit practices to better meet client and regulatory obligations, there remains one key area of deficiency across the entire process - collaboration.

The audit process still remains a document-intensive exercise between audit teams, audit committees and client management. It is often reliant on a patchwork of legacy tools and email. This loose amalgamation of tools is then added to by unauthorised shadow IT – tools that are resorted to by audit staff keen to evade the technical barriers that the “approved” tools bring with them. At best, the use of these tools can delay audit programmes or review cycles. At worst, they can expose the auditor to a breach in process or data protection.

But it doesn’t have to be like this. 

Improved collaboration has the ability to make an immediate and lasting impact. Collaboration makes day-to-day processes simpler by bringing the multiple stakeholders together. But far beyond this, greater transparency into client engagements will help drive wider value across the entire business by increasing profitability, supporting client retention and even aiding in winning new business.

By understanding that collaboration doesn’t just benefit the audit process but also the wider business, it highlights just how powerful well-executed collaboration can be. The world of the future will not be served by the business of the past. 


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