Accountants, auditors turn to technology to cope with change

Accountants and auditors coping with an onslaught of new requirements are beginning to regard technology as a critical means of compliance. In fact, some would say it’s the only realistic means to achieve compliance.

Like other areas of the business, accounting and auditing are in something of a transformation as part of a digital mega-trend that is driving technological advancement. The digitizing of information has been going on since about the early 2000s, says Will Bible, audit innovation leader at Deloitte & Touche.

Using a variety of different tools and approaches over many years, companies have been converting their information on products, services, and customers to digital data, developing new processes for how they do business along the way. That sets the stage for the next phase of technological advancement, which is automation...