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Making Audit Matter Again: The Future of Assurance

Apr 8, 2024

Experienced auditor Alan Anderson and finance expert Blake Oliver discuss the future of assurance in auditing. They address challenges like commoditization, the need for innovation, and the importance of providing value-added assurance. The podcast explores embracing technology, redefining audit processes, understanding business through audits, and revitalizing auditing to make it more appealing and relevant in today's evolving landscape.

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Introduction

00:00 • 2min

Evolving Audit Profession in a Tech-Driven Era

01:58 • 8min

Emphasizing Understanding of Transactions and Internal Controls for Effective Auditing

09:46 • 13min

Challenges in Auditor Understanding and Knowledge Transfer

22:19 • 5min

The Challenges in Audit Process

26:54 • 4min

Redefining Audit Practices for Enhanced Quality

31:23 • 19min

Exploring the Role of Technology in Shaping the Future of Audit and Accounting

50:51 • 2min

Transforming Audit for the Future: Insights and Optimism for the Audit Profession

52:40 • 2min

Audit is at a crossroads. Commoditization and compliance mentalities have diminished its value. Now, auditors face an existential crisis. How can assurance stay relevant? Join Alan Anderson and Blake Oliver as they tackle pressing questions on audit's failure to innovate and chart a new direction focused on value-added assurance. You’ll get a dynamic diagnosis of threats plus practical ideas to transform the profession before external forces make change urgent. Discover what’s at stake if audit no longer matters and how leadership today can write a better tomorrow.

(This episode originally aired on February 28, 2024 on Earmark Webinars+)

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Chapters

(00:00) - EAP 66
(01:57) - The Crossroads of Auditing: Challenges and Innovations
(03:21) - Embracing Technology: The Future of Efficient Auditing
(06:26) - Redefining the Audit Process: Closing the Expectation Gap
(15:24) - Understanding Business Through Audits: The Value of Insight
(27:38) - The Commoditization of Audits: A Call for Change
(31:41) - Exploring the Flexibility in Auditing Standards
(32:19) - The Shift Towards a More Rules-Based Approach
(32:55) - The Impact of Standardized Methodologies on Auditing
(33:48) - Revitalizing Auditing: Injecting Fun and Quality
(36:16) - Addressing the Pipeline Issue: Making Auditing Appealing
(41:04) - The Importance of Planning in Auditing
(46:19) - Challenging the Billable Hours Model
(50:53) - Leveraging Technology to Transform Auditing
(52:38) - Concluding Remarks and Resources

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Connect with Our Guest, Alan Anderson

Website: https://www.accountabilityplus.com/
LinkedIn: https://www.linkedin.com/in/alan-anderson-0ab74227/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/