A new report from CPA.com and the AICPA creates a snapshot of what a typical audit firm transformation looks like, based on feedback from 54 U.S. firms of various sizes and maturity levels.
The report details emerging technologies like artificial intelligence as the principal catalyst for audit transformations. More than three-quarters of the firms surveyed said they are using AI or advanced automation tools, but nearly the same percentage of firms said they don’t have a formally documented transformation plan.
The report provides a template for more organizing plans to change, with the authors encouraging readers to share the report with firm leaders and forward-thinking co-workers. Based on the responses, the authors compiled five key themes for audit transformation.