Real-time collaboration
Robotic process automation (RPA) helped external auditors digitize the confirmation process, reducing the use of paper and enabling automatic logging of customer responses. Crowe was able to further streamline and centralize this process using RPA technologies.
Technology solutions included:
Crowe High Value Function dashboard
5. Monitor
External auditors increasingly adopted advanced data mining tools such as Audit Command Language (ACL) to facilitate data analysis and data mining. To streamline this process, Crowe developed a standardized menu of routines that enable auditors to use these tools – no technical expert involvement needed – allowing for broader adoption.
Technology solutions included:
High-value function inventory
2011
Web-based team collaboration tools gave clients a way to manage requests for the documents needed in advance of each audit. Crowe used these advancements in the CiRT® client portal, a project management tool that allowed clients to view progress and communicate with the engagement team before and during audits.
Prebuilt criteria assessments available to measure:
Regulatory impacts
Product impacts
Competitor impacts
Reputational impacts
2. Prioritize
With new digital workflow tools and the increased availability and security of Wi-Fi, external auditors were able to collaborate from remote locations without separate files on each computer. When building the Crowe Insight® platform, Crowe took advantage of ubiquitous, secure connectivity to create a web-based work paper system that enables live collaboration and execution.
3. Cascade
Technology solutions included:
Crowe Entity Manager
Quantum computing
4. Assess
External auditors accelerated their use of data analytics and business intelligence software, allowing for deeper insights and more advanced data visualization. Crowe ramped up its use of data analytics tools to extract more value out of client data.
Technology solutions included:
Crowe Advanced Compliance engine
UCF-based assessment packs
Powerful data analytics
Accelerated digital workflow
Enhanced data mining
1. Identify
2. Prioritize
3. Cascade
4. Assess
5. Monitor
Automated confirmations
Transition to cloud computing
What’s next
2020
2019
2018
2016
2012
2011
AI-assisted audits
2023
Enhanced data mining
Accelerated digital workflow
2012
Real-time collaboration
2016
Powerful data analytics
2018
Automated confirmations
2019
External auditors began using cloud-based work paper platforms with autoscaling capabilities, serving more clients and enhancing collaboration. Crowe updated the CiRT client portal to become Crowe Secure Information Exchange, which moves all communication to the cloud and allows for vast data ingestion.
While the use of artificial intelligence (AI) in audits is still in its infancy, we expect it will become increasingly prevalent and contribute to enhancing audit efficiency and supporting audit quality. External auditors are coming to view AI and other technologies as valuable assets in automating manual tasks and accelerating decision-making processes, enabling them to focus on making key judgments as a result.
The future is rife with transformational technologies that have the potential to revolutionize industries such as accounting and auditing. Large language models and generative AI already are disrupting content creation industries. With the impending advancements in quantum computing, the potential for data analysis and prediction capabilities will reach unprecedented heights, ushering in a new era of possibilities.
Transition to cloud computing
2020
Quantum computing
What’s next
AI-assisted audits
2023
Enhanced data mining
Accelerated digital workflow
Real-time collaboration
Powerful data analytics
Automated confirmations
Transition to cloud computing
AI-assisted audits
Quantum computing
Robotic process automation (RPA) helped external auditors digitize the confirmation process, reducing the use of paper and enabling automatic logging of customer responses. Crowe was able to further streamline and centralize this process using RPA technologies.
External auditors accelerated their use of data analytics and business intelligence software, allowing for deeper insights and more advanced data visualization. Crowe ramped up its use of data analytics tools to extract more value out of client data.
With new digital workflow tools and the increased availability and security of Wi-Fi, external auditors were able to collaborate from remote locations without separate files on each computer. When building the Crowe Insight® platform, Crowe took advantage of ubiquitous, secure connectivity to create a web-based work paper system that enables live collaboration and execution.
Web-based team collaboration tools gave clients a way to manage requests for the documents needed in advance of each audit. Crowe used these advancements in the CiRT® client portal, a project management tool that allowed clients to view progress and communicate with the engagement team before and during audits.
External auditors increasingly adopted advanced data mining tools such as Audit Command Language (ACL) to facilitate data analysis and data mining. To streamline this process, Crowe developed a standardized menu of routines that enable auditors to use these tools – no technical expert involvement needed – allowing for broader adoption.