The audit, transformed.

The field of auditing is undergoing significant changes due to advancements in technology and evolving market demands. Auditors are being encouraged to adopt a more technology-driven approach to address client risks and improve risk assessment. Artificial intelligence (AI) is seen as a crucial tool in making audits more efficient and thorough, with areas like risk identification, data analysis, and fraud detection being prioritized for AI use. New tools and platforms are being developed to streamline audit processes and enhance efficiency. Additionally, the rise of environmental, social, and governance (ESG) reporting is transforming the audit landscape, as auditors incorporate ESG factors into their assurance processes. However, challenges exist, such as the lack of standardized reporting frameworks and subjective nature of ESG metrics. Auditors are using advanced technologies like AI to analyze and verify ESG data, but also need to strengthen their skill sets in data analytics, technology, and soft skills to meet client demands for strategic insights and guidance. [Extracted from the article]