Chicago-based IPA 100 firm BDO USA (FY23 net revenue of $2.9 billion) shares its inaugural 2024 BDO Audit Innovation Survey, which found that companies increasingly expect their firms to leverage advanced technologies like AI to enhance the audit process, believing that this will lead to a higher-quality audit. However, survey results also indicate that companies believe working with experienced, effective audit professionals is just as important as ever.
“We know that innovations like AI are reshaping the audit landscape, but it’s essential that we understand finance leaders’ top priorities and challenges in this shift,” says Demetrios Frangiskatos, national MP of assurance operations. “What we learned validated the critical importance of aligning audit technology with client needs and underscored the demand for auditors who can skillfully leverage these tools to maintain and enhance audit quality.”
The survey, which polled 200 finance leaders at middle-market companies, sought to better understand how technology is impacting the audit experience by gaining insight into which technologies companies are investing in. The results reveal that when properly utilized, advanced technology is expected to enhance the audit experience for both finance teams and their external auditors. But despite the perceived benefits, the use of advanced technology in the audit doesn’t circumvent all challenges.
Download the full BDO Audit Innovation Survey at https://insights.bdo.com/Audit-Innovation-Survey.html
