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The future of audit: myths, realities and ways forward
Insights
The future of audit: market view
The audit profession faces a decisive moment: market expectations are shifting, technology is empowering auditors and strengthening quality, the case for audit’s evolution is growing and a series of headline corporate failures have raised questions about the quality of service companies can expect.
Against this backdrop, Mazars commissioned an independent research firm to take the pulse of the global market’s view on the expectations and future direction of audit, inviting stakeholders to consider necessary changes for its evolution.
This recent survey reveals the need for an evolution of audit and clearer guidelines on the scope and means of audit. With over 500 responses from 12 countries, this survey sheds critical light on what respondents expect from audit.
Six key findings
A number of trends have emerged in response to these questions:
- What is the perceived mission of auditors?
- What are the expected benefits of a company audit?
- What is the value of technology to the auditing process?
- What are the most critical skills auditors are expected to bring?
- How broader audit services would be welcome?
- What are the attitudes and appetites towards rotation and audit reform?
Dispelling four market myths about audit
- Myth 1: The primary objective of audit is fraud detection
- Myth 2: The future of audit is robotic
- Myth 3: Auditors should stick to traditional financials
- Myth 4: Companies do not want joint audit
Download the report to find the market view.
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