In this edition of Global Boardroom Insights, KPMG’s Audit Committee Institute asked audit committee chairs and audit professionals from around the world for their views on the current state of the audit.
Where does audit quality stand today? What are the drivers and indicators of audit quality and what are the expectations of the auditors? What does the long term hold for auditing? What innovations can companies expect to see in auditing in the next 3-5 years?
We posed these and other questions to seasoned audit committee chairs and audit professionals; and while their answers differ in nuance and emphasis, several themes are clear. Audit quality remains strong today, but the push for greater transparency and insight into the auditor’s work, and the advent of data analytics tools to help auditors scrutinize a much wider pool of transactions, continue to raise the bar for the audit profession.