Keeping the financial record for a business with high accuracy is one of the auditing teams’ foremost works. They are actual fact-checkers or information verifiers of the firms. However, with the emergence of the Covid-19 crisis, things have changed as well as the work too. All sectors, including financial and non-financial, are battling for their survival. Thousands of workers are losing their jobs amid the financial crisis.
Although the Pandemic Era has taught us an important lesson about the imperativeness of technology. Today, all sectors have been marching towards online platforms rather than being stick to physical work.
Andrew Marks, the Audit director at William Buck in Melbourne, says, “the technology was there before, but the Covid-19 era has taught the significance as well as the necessity of technology.”
Today, we are connecting and doing our auditing work from remote areas too. It means, earlier, we weren’t sure, but now we are doing our all conversation and auditing works through video conferencing applications like Zoom or Google.
Covid-19 Impact on Auditing work
The auditors are often termed as the capital market protectors. From elite street investors to banks, the finance people build their trust and make future decisions based on the accuracy of auditors. And today, amid the most significant financial crisis, the role of Auditors is going to be huge for the big firms and finance people. So, let’s find out how Covid-19 has impacted the Auditing work-
The Pandemic has brought some technological pieces of evidence that we can run the economy through online mediums too. However, auditing work requires accuracy, and we need to attain some professional standards also. With proper technology infrastructure, the home-office concept of auditing is currently functioning. And we can say this functioning will be going to last long.
Amid the Pandemic, online work has become a vital part of our lives. But at the same time, the online data leak and cybercrimes are becoming significant concerns.
While speaking on the interests of cybersecurity and necessity of online work, Mark Hucklesby, a national technical director, Grant Thornton, New Zealand, said, “we need have to have encrypted services while sharing or working on client’s data. The cloud software is equally important for preserving the standards and privacy of the client’s information.
Obstacles in Auditing
Mainly the external auditing is now majorly depending on the clients. It means they depend on the clients to get the right information and documents upload. For example, the Australian National Audit office reached its clients for proper access to information and timely uploading.
The current Pandemic Covid-19 has brought some unprecedented challenges, which almost caused the unbearable repercussions like life threat and economic crisis among the people. Both problems are causing enough pain to society. So, it is up to you now, whether you want to strive and work hard for life or accept the fate.
And adopting technological change is also one of the ways through which we can revive our economic conditions. So, these were a glimpse of auditing work that will be adopted by most firms in the future.