Common Audit Findings in Businesses: What to Look Out For and How to Address Them
We'll explore common audit findings within businesses, what they mean, and how to address them effectively to strengthen your organisation.
The Changing Role of Accountants and Auditors
11 March 2020
Businesses today have access to fast–growing technologies, connectivity across the globe and more flexible ways of working that weren’t around a few years ago. The world is changing and we need to adapt.
Auditors & accountants of the future will not only need to demonstrate that they have the key technical knowledge and skills to complete the role, but that they also possess the interpersonal and communication skills to challenge thinking – using confidence and personal insight to enable businesses to grow and compete in a post-Brexit economy.
The after-effects of questions surrounding audits conducted by ‘The big 4’, have called for greater confidence in the audit market. There is a general shift towards more regulation and stronger governance which could have an impact on the role. Accountants will need to be more aware of the environment which businesses are operating in and the factors that affect their growth and therefore more able to identify potential discrepancies.
Technology
Digital technologies have already started to have an effect – cloud-based accounting and book keeping systems are already being implemented and there is a feeling we are still a bit behind in the accounting world, but you need to bear in mind these systems still invariably need a ‘human’ to interpret the data and make informed decisions.
There are different ways of funding that are now emerging – for instance, blockchain, digital wallet payments – however, do any of these place a block on cash, how long do they take to be received? These are questions you need to be aware of.
Data Analytics
The use of data analytics are now more important to businesses with real-time reporting, allowing them to respond to changes in performance and make decisions more quickly. Business performance improvement is key to this in today’s fast paced world. Our advisory role will look beyond just data to provide strategic and management advice.
The role is now evolving to become more of business advisor and you will be expected to look beyond the data and numbers – being able to interpret, explain and advise on strategies becoming the norm as you collaborate with the business on forward-thinking strategies.
Multi Cultural Teams
Teams are becoming more diverse so you will need to understand international cultures, countries and possess the interpersonal skills required with which to interpret different data and communicate with different teams across countries, continents and time-zones.
Do you have what it takes?
There is already a skills gaps with talent recruiters struggling to find people with the necessary sector knowledge, business awareness, communications skills and global perspective required to fully embrace these roles and help business owners meet their ambitions.
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Understanding the Economic Crime Levy: What It Means for Businesses
As part of its broader efforts to curb financial crime, the UK government has introduced the Economic Crime Levy (ECL).
