Friday, April 6, 2012

friday, april 18, 2008 Exciting Changes in Auditing

Exciting Changes in Auditing

Recently a question was posted in the Auditing Section of LinkedIn regarding what are considered exciting changes in auditing. As usual the subject matter prompted me to post the following response:

In my opinion the following represents some of the key exciting changes in the audit industry:

1. The Internet has provided auditors with research capabilities that have not been fully realized. Service provider consolidations have improved the types of resources and tools available which greatly benefits small and medium internal audit functions. Internal auditors can now tap into templates for the audit process 24/7/365. The global audit network is available to answer questions and share information at a level never before experienced.

2. Business failures and the resulting mandated legislation such as Sarbanes-Oxley have highlighted the importance of internal controls and accountability for all organizations. These have cast internal audit in a new light that has raised the status and recognition of the function as a key component of the risk management system within organizations. While the legislation was directed at large publicly traded corporations the effects have filtered down to small and medium size companies, not for profits, and governmental entities.

3. There are more opportunities for jobs and career advancement in auditing than ever before. According to the Occupational Outlook Handbook; Strong growth of accountants and auditor jobs over the 2006-16 decade is expected to result from stricter accounting and auditing regulations, along with an expanding economy. The best job prospects will be for accountants and auditors who have a college degree or any certification, …

4. There still seems to be an emphasis within the higher education system to direct students to public accounting rather than internal auditing. Internal audit practitioners should get involved in teaching a future generation of auditors that the public accounting and CPA track may not be for everyone and that there are other options. A greater emphasis needs to be placed on fostering integrated auditors that are comfortable with available and developing CAATTs.

Jim Kaplan The Global Resource for Auditors


Following is the link to the question as well as other responses:

If you would like to comment on what you feel are exciting changes in auditing please respond either here or via the LinkedIn Answers section. (btw this is another example of ways for auditors to use the Internet).

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