The role of auditors is evolving, driven by the need for trust and assurance. It’s fueled by the ongoing digital transformation, allowing our profession to grow into new areas, build trusted relationships and deliver a better audit experience.
Delivering that better audit experience means meeting changing demands. Auditors are being called on to assure environmental, social and governance issues, non-GAAP metrics and technologies such as blockchain ledgers. We’re evolving with these changes to deliver what the market needs before the market needs it.
In order to evolve our role to best serve the capital markets, we must create efficiencies and capitalize upon them. The audit profession is consistently advancing and institutionalizing quality and tailoring the audit experience to optimize processes, foresee risks and explore new possibilities. Our ongoing transformation is giving our professionals the capacity to listen to the market, develop a deep understanding of the industry and build relationships.
A high-quality audit does not necessarily constitute a good audit experience for clients. KPMG is developing and implementing innovative audit technologies, including end-to-end automation and digital platforms that streamline data extraction and transformation. These tools allow for more consistent and efficient collaboration between auditors and clients, eliminating pain points and reducing demands on clients’ time. They also enable us to deliver on the moments that matter, whether that’s implementing new auditing or regulatory standards, adapting to industry trends and disruptions, or working with board members and C-suite executives. Our technology tools provide deeper insights and improve the overall audit experience, and crucial to fostering solid relationships that drive growth.
As we prepare to tackle new challenges and serve clients, we nurture a sustainable culture that attracts diverse talent, provides continual upskilling and empowers our people to own their careers and proactively develop skills that will be the hallmark of next-generation auditors. Upskilling our audit professionals is imperative: Next-generation auditors needs technological acumen to understand our clients' technology and drive continued digital transformation.
While technologies such as cloud, automation, AI and blockchain present opportunities for organizations to improve efficiency and unlock value, they expose businesses to operational and cybersecurity risks. As clients navigate these challenges, deploying more advanced audit technologies creates opportunities for auditors in risk assessment and technology assurance. Auditors are being called on to assure the technologies themselves — the digitized controls that collect, process and store data.
We’re always looking around the corner for emerging areas beyond the traditional audit where the capital markets are demanding reliable and comparable metrics. As the audit profession evolves, so must auditors. Building professional relationships with clients and using new techniques to solve challenges will set our profession apart as it continues its transformation.