RegTech Will Help Transform Audit

Liv Watson, Co-Chair, ICAEW Natural Capital Accounting, Structured Data Task Force and Senior Director, Strategic Customer Initiatives at Workiva | March 5, 2018 |

RegTech, that is Regulatory Technology, will probably have a profound effect on the audit profession—and audit will need to adapt, according to Liv Watson, Co-Chair, Institute of Chartered Accountants of England and Wales’ Natural Capital Accounting, Structured Data Task Force and Senior Director, Strategic Customer Initiatives at Workiva. Business now “live and breathe” in real time but audit has yet to adjust to this new norm—audit still operates on an annual basis at the end of the year. RegTech will allow for audit analytics during the entire year, and a more trusted audit. “Continuous auditing, continuous reporting—that train has left the station. Are you on board?”

 

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