The Evolution of Audit
In the next five to ten years, assurance and audit services will bear little resemblance to what has historically been defined as audit. Data analytics, artificial intelligence, and massive databases of detailed industry information will play an important role in the formation of a dramatically different approach to assurance and audit services.
Technology will enable an approach that allows auditors to examine comprehensive data sets and enterprise-wide sources of unstructured information, rather than relying on limited, time-intensive sampling techniques. These innovations will ultimately elevate the audit model from a review of historical data to include more forward-looking insights based on predictive analytics.
MGO is committed to bringing innovation and insight to our clients. We’re working with industry thought leaders, regulatory agencies, and select partner firms to pioneer the tools and methodologies that will make assurance and audit services exponentially more valuable to our clients.