“Why do you still do what you do?” Well, after 27 years in the profession I can honestly say I am more excited about audit than ever before.
No: really! Let me explain…
This renewed enthusiasm stems not just from the changes and opportunities coming from investment in new technologies, but from how it will truly evolve the way we engage with companies and clients.
Audit can sometimes be considered by businesses as non-commercial as we are focused on historical financial performance, or being a box-ticking exercise that is a necessary evil in financial reporting.
More so than ever, we are using our position at boardroom tables to challenge businesses on their strategic plans through horizon scanning, trend spotting and sharing our unique view across sectors and geographies.
The rise of AI has sparked conversations across industries, yet most businesses are still grappling with what it means for them.
While some are deeply embedded in AI development, the majority are unsure how to apply it meaningfully. Even within our profession, there’s a learning curve.
I’ve had to retrain myself, embracing tools I never imagined using. I know that’s not the end of it, either.
And I’m going to make a bold statement: the assumption that younger generations are tech savvy and fluent in all things digital, including AI, is misleading.
Understanding AI requires more than completing a module or playing around on open-source large language models; it demands grasping its principles and learning how to apply them in real-world contexts. That’s where experience and understanding nuance comes in.
This shift is not just about technology; it’s about mindset. The traditional path of learning a skill and applying it linearly no longer holds. AI challenges us to think differently, to adapt and evolve.
Each situation presents a unique question, and the tools at our disposal empower us to explore multiple branches of inquiry.
This non-linear approach is what makes the future of audit so compelling.
Gone are the days of flipping through thick manuals for answers. Today, we have real-time access to data, news and insights that allow us to understand the businesses we audit and sectors they operate in more deeply – sometimes even before they do. This proactive, horizon-gazing capability positions us not just as auditors, but also as strategic advisers.
The profession has undergone significant changes over the past two decades. From the regulatory focus of Sarbanes-Oxley in North America to the compliance-heavy environment post-financial crisis in the UK, audit has often been seen as being about form-filling.
But now, there’s a greater expectation for us to truly understand the businesses we audit: their risks, their operations, and their strategic challenges.
At EY, our global connectivity and investment in data systems set us apart. This includes $1bn of global investment in audit technology, which we announced in 2022, and is being used to drive audit quality.
We are also continuing to deploy AI capabilities across our firm, in line with our commitment to our principles of responsible AI. We can leverage insights across sectors and geographies, making knowledge sharing seamless.
AI isn’t here to take jobs; it’s here to enhance them. It simplifies the complex, puts information at our fingertips, and enables our teams to develop a deeper understanding of the world around them. New roles will emerge, and ongoing upskilling will be key. Ultimately, this is not just transformation, it’s reimagination.
Audit is evolving from a compliance function into a strategic cornerstone. And that, to me, is the most exciting part of the journey ahead.
So, it’s not so much “why do you still do what you do?” – it’s “why would I not?”
Partner Content in association with EY
