may increase audit efficiency. All of these innovations could enhance the perceived value of an
audit and take this function out of the Commodity Trap.
For example, the use of technology may enable auditors to examine 100% of a client’s transactions, and to sort entire populations of transactions to identify anomalies. This would make it
easier to focus on areas of potential concern and drill down on those items that may have the
highest risks.
So, we need to ask how we can hasten and improve the use of big data and data analytics in
the audit process. And we also need to ask ourselves what the auditor of the future will look
like. Will they have a computer science or engineering degree rather than a more traditional
business and accounting background? At the very least, I believe they’ll need a strong foundation
in data analytics, problem-solving, and strategic thinking, along with more traditional skills
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