• Home
  • About Us
  • Search Jobs
  • Submit Resume
  • Articles
  • Testimonials
  • Clients
  • Contact Us
Have you taken our Salary Survey?
  • My Account
  • Saved Jobs
  • My Searches
  • My Badges
  • Logout
Accountant Jobs. Find accounting jobs in Auditing, Insolvency, Business Services and Tax.
  • About Us
  • Jobs
  • Articles
  • Testimonials
  • Contact Us
Search Jobs
Find Talent

Search


OR

Submit Resume

  • Insolvency
  • Tax
  • Business Services
  • Auditing
  • Superannuation

Pro-Active Predictive Analysis Is The Future of Audit

By Leslie Zeder
 
974
Views
Tweet

According to KPMG, modern technological developments are proving a major boon for auditors, with data, technology and increased processing power allowing today’s auditors to pin-point potential risky areas unlike ever before thanks to predictive analysis.

These days auditors can monitor business transactions all year round using data analytics, whereas in the past audits were begun using paper and pen.

The Catalyst For The Change in Process?

According to KPMG’s, D&A leader, Peter Russell, this shift in auditing process has been driven by:

  • An increase in processing power
  • New technological developments
  • Availability of data

Audit Is Evolving Thanks To Predictive Analysis

According to Mr Russell, the 2 key advantages of the broad scale adoption of these new investigative algorithms and routines are that they allow auditors to identify outliers and significant movements within data.

“Data-driven audits can mitigate your risks a day by showing back to you how your business is performing against the risk framework that you've set. This changes the relationship between the auditor and the client from a reactive to a pro-active one,” explained Mr Russell.

Gain A Deeper Insight Into The Ins & Outs Of Business Operations

These new algorithmic tools & analysis technology arm auditors with evidence in the form of hard figures and analytics evidence, giving auditors a much greater and deeper insight into and understanding of, their client’s business operations.

This deeper insight means auditors can engage their clients in a conversation on a more profound level.

“We can drill down into particular transactions to discuss things in a bit more depth than we were able to previously. We’re not just taking this information from you, we’re analysing your information and engaging in a two-way conversation that we've never had before,” Mr Russell said.

Predictive Analysis Will Play A Key Role In The Future Of Audit

Predictive analytics represents the future of audit according to Mr Russell because it aids auditors & their clients to perform pre-emptively in reply to data disparities.  

Keep an eye on Accountant Jobs for the latest accounting related jobs, or follow us to stay up to date with our latest accounting blogs.

Follow us on Facebook
Follow us on Twitter
Follow us on LinkedIn

You might also be interested in:

MYOB annouces Paycorp acquisition

MYOB annouces Paycorp acquisition


Alongside strong full-year results, MYOB has announced $48m acquisition of Paycorp.

Deloitte and Bitcoin: How e-Currency Can Change an Industry

Deloitte and Bitcoin: How e-Currency Can Change an Industry


As one of the world’s big four invests in black market technology, we have a look at how it can be used to change the accounting industry as we know it today.

Customer Satisfaction: Small Banks On Par With Major Institutions

Customer Satisfaction: Small Banks On Par With Major Institutions


When it comes to service quality, Australian customers are enjoying the effort of smaller banks


Find Accounting Jobs Here: http://www.accountantjobs.com.au/jobs.aspx

Navigate
  • Home
  • Jobs
  • Submit Resume
  • News / Blogs
About Us
  • About Us
  • Testimonials
  • Contact Us
Links
  • AuditingJobs.com.au
  • BusinessServicesJobs.com.au
  • InsolvencyJobs.com.au
  • TaxJobs.com.au
Copyright 2021 PC Recruitment Pty Ltd. All rights reserved.

Privacy Policy - Cookies