Risks are disrupting organizations more quickly than ever before, calling into question the strength of current risk assessment and audit planning approaches.
While audit leaders have transformed their function to become more agile in the last decade, many realize they are not adequately leveraging data analytics, continuous risk assessment and partnerships with adjacent risk and control groups to get a more real-time view of the changing landscape.
Adoption of real-time assurance requires three key imperatives:
- Enable real-time changes to the audit plan
- Process a broader set of information inputs in real time
- Enable auditors to make real-time scope changes in audit engagements