Digital auditing: What are you waiting for?

May 23, 2024

Traditional auditing methods, once the backbone of financial assurance, are quickly being outpaced by market demands and businesses now require a digital approach to auditing. The slow pace of change in audit, while understandable, is a luxury that US accounting firms can no longer afford, especially when technological solutions offer a clear pathway to enhanced accuracy, efficiency, and client satisfaction as well as supporting staff recruiting and retention efforts.

What’s interesting is that it’s not as though firms in the US are reluctant to embrace a digital future - far from it - it’s that they haven’t been given the tools to truly succeed. Take the market incumbents, for example, who have moved their ‘desktop solutions’ onto the cloud in response to market shifts. While they are technically now ‘cloud solutions’, they’re not digital-first and as such the experience is still clunky. Thankfully, however, audit firms are no longer torn between a couple of slow, incumbent providers, instead presented with a range of intuitive, data-driven audit solutions.  

It’s time for US firms to look beyond a) the comfort of outdated methods and b) their frustrating experiences to date, and consider how digital audits can truly propel them into a future where they are better equipped to handle the challenges of modern business practices.  

The benefits of digital audits

By integrating advanced digital tools into the audit process, firms across the US can tackle the inefficiencies that have long plagued traditional methods. Here’s how we know digital audits make a significant impact:

Enhanced accuracy and speed

Digital audits leverage automated processes and sophisticated analytics to reduce human error and accelerate the audit lifecycle. This shift speeds up the audit process and enhances its accuracy, providing a double benefit to both auditors and their clients.

Comprehensive data utilization

Traditional audits only scratch the surface of available data. Digital audits, on the other hand, utilize comprehensive data analytics to delve deeper into the financials, uncovering insights that might otherwise remain hidden. This approach allows auditors to provide more detailed and strategic feedback to clients and present it intuitive formats.  This helps auditors to become business advisors and helps their clients to better understand their financial information so they can make informed business decisions.

Increased operational efficiency and quality

By automating routine tasks, digital audits free up valuable auditor time. This time can then be redirected towards more complex and value-added activities, ultimately leading to higher job satisfaction and reduced burnout among audit staff.  Increased efficiency also allows for more focus on key tasks and automations also ensure consistency throughout audit documentation; both reduce errors and enhance audit quality.

Scalability and flexibility

As firms grow and take on more clients, digital audit tools can easily scale to meet increased demand without the need to proportionally increase staff. This scalability ensures that firms can expand their services efficiently and maintain quality as they grow.

How to get started - Where Inflo comes in

Platforms like Inflo are designed to be intuitive and user-friendly, fitting effortlessly into existing systems, ensuring a smooth transition to more advanced auditing methods. With Inflo Workpapers for example, the platform automates time-consuming tasks like data collection and verification, streamlining the audit process while maintaining high standards with less manual effort.  

Inflo Data Analytics dives deep into financial data, providing auditors with the insights needed to identify trends and potential risks that traditional methods might miss. Communication is also enhanced with Inflo Collaborate, which organizes and tracks all communications with clients, increasing transparency and minimizing the chances of miscommunication.  

By leveraging these tools, whether individually or as a full suite, US audit firms are equipped to exceed current expectations for speed and efficiency, delivering high-quality, comprehensive audits that align with the demands of today's market.

How to go digital with confidence

Despite the clear benefits, the transition to digital audits can be daunting for many firms, especially those accustomed to traditional methods, or burnt by previous experiences. Concerns about the complexity of new systems, the training required for staff, and potential disruptions during the transition phase are exacerbated by frustrations related to earlier investments in DAS that may not have met expectations.  

Here’s how Inflo helps alleviate these concerns and supports firms in embracing digital audits confidently:

Ease of integration

Transitioning is ever easy, but it is possible to minimize the pain. Inflo is designed to be compatible with existing business systems, to ensure that implementation is smooth and minimizes disruption to ongoing operations. In turn, this helps firms maintain continuity in their services while transitioning to more advanced audit processes. Inflo’s Proven Process for onboarding and team of audit experts are also on hand to support this implementation.

Comprehensive training and support

At Inflo we understand that adopting new technology can be a significant change for audit teams. That’s why we provide an established onboarding (Inflo’s Proven Process) and continuous support to ensure that all users are comfortable and proficient with the tools through Inflo Academy. This support ranges from dedicated learning plans to tutorial videos relevant to them to hands-on support from our audit experts.

Risk mitigation

Transitioning to digital audits introduces new processes that may initially seem risky. Inflo helps mitigate these risks by offering robust security features and backup options that ensure data integrity and compliance with industry standards, reducing the fear of data breaches or compliance issues.

Embracing the change for US firms

Don't let hesitation block your firm's potential. By adopting digital audits, firms can overcome frustrations to meet evolving market demands and boost audit quality and client satisfaction through automation and advanced analytics.

Inflo facilitates this transition by integrating seamlessly with existing systems, enhancing quality and efficiency with tools that empower auditors to deliver insightful audits, ensuring client satisfaction and operational excellence.

Embrace the transition towards digital audits and join the ranks of firms who have already elevated their auditing practices. Browse our website or book a demo to find out how Inflo can help you take that first step and thrive in today's dynamic business environment.  

So, what are you waiting for?

Find out today what we can do for you!