The audit profession is slowly retooling itself for the modern IT age, after many years of reliance on random sampling and manual methods that are now failing to meet today’s expectations for precision.
For starters, auditors are beginning to adopt advanced technologies that could eventually make sampling of transactions obsolete. “As the systems continue to improve, as data becomes more standardized, the idea of the auditor essentially monitoring transactions as they are posted in client systems is going to reach critical mass at some point,” says Rick Ueltschy, managing partner at Crowe Horwath.
