Recent Trends in Auditing

Auditors have improved their service offerings by utilising the most recent technical
improvements in conjunction with these developments in the sector.

Here are a few significant developments:

#1

Internal auditors have had to spend most of their time, effort, and resources on SOX
compliance activities in recent years. Internal auditors must now assess their
performance and narrow their attention on stakeholders' expectations and risk-based
audits. Fraud and enterprise-wide risk management are also becoming more
important.

Additionally, risk management needs to receive more attention in today's

technologically advanced businesses, especially since these risks could affect
businesses more quickly. Additional duty is being generated by activities related to
fraud detection and IT security auditing.

#2

A web-based integrated audit management system is replacing legacy systems, point

applications, and paper-based products in businesses because to technology
developments. These aids the Chief Audit Executive in strengthening and
streamlining the internal audit function so that it can provide greater strategic value
while operating more cheaply.

A transparent and collaborative workplace, improved enterprise-wide visibility, and

data-driven decision making are anticipated benefits. The solutions and technologies
that are now on the market offer a trustworthy way to keep an eye on access controls,
track closed-loop processes, and analyse significant data and KRIs.

Nikhilesh Tiriveedhi [A.C.A. B.com]