Introducing Inflo Workpapers:
See the Digital Audit in action
A profession at a tipping point
Over the last few years, the global audit profession has come under increasing pressure to change. After a succession of high-profile frauds, auditors are under greater scrutiny from governments and the media, and some difficult questions are being asked.
People outside of the profession are asking why auditors don’t make use of emerging technologies to mitigate risk and add value for clients. Meanwhile, people within the profession are asking themselves how they’ll keep up with clients’ technological expectations – and how they’ll attract the brightest talent from the ‘born digital’ generations into auditing.
It’s clear that we’re at a critical juncture in the evolution of our profession, as it enters the digital age. We need to examine the entire audit process at a fundamental level and ask the most difficult questions of all: What must change if our profession is to thrive in the future? And how can we change it?
Analogue methods in a digital world
The challenge for many auditors is that the methodologies used throughout the profession were built for a different time. While the Big Four have the resources to create proprietary methodologies – and bespoke software to support them – most firms are trying to conduct audits in a digital world using analogue tools.
The methodologies firms rely on to comply with auditing standards haven’t adapted to the needs of the market or the true capabilities of modern technology. The ‘checklist culture’ they encourage has a profound impact on the quality and value of audit work.
We’ve heard the demand to go further. Our market-leading data analytics solutions have helped firms achieve big gains over the last five years. And now they’ve seen what’s possible, they want to move from audits that just incorporate technology, to audits that are entirely planned and performed based on data.
Our answer is Inflo Workpapers – a new Inflo module that harnesses the full power of data analytics, automation, and AI to deliver the world’s first Digital Audit solution for the end-to-end external audit process.
And now’s your chance to be among the first to see it in action.
Appointed Chief Executive in 2006, Michael’s leadership has seen ICAEW embrace a vision of building a world of strong and sustainable economies, transforming itself into a professional accountancy body with a truly global identity and reach.
Michael regularly meets ministers, policy-makers and regulators from around the world, and is a frequent media commentator on economic and business issues. He has recently led the institute’s response to the Covid-19 crisis, providing ICAEW members with insight and guidance to support their businesses and themselves in practice. He also passionately believes that the wider emerging forces which are already changing the very nature of work – such as technological disruption - present ICAEW Chartered Accountants with many more opportunities than threats, and is committed to helping the profession meet these challenges.
Mark has been at the cutting edge of accounting technology for over 10 years. Spending his career developing technology that empowers accounting firms with cutting-edge computing power, he is the brainchild behind Inflo.
Mark created Inflo to help customers improve team productivity and the quality of work as well as create a stronger proposition to increase the value of accountancy to organisations. Mark was recently named in the Top 5 Accountancy Age 35 under 35.
Mark’s subject matter expertise gives him a unique perspective on accounting as his team works closely with organisations around the world to take full advantage of emerging technology trends. He also regularly shares his expertise on how technology is going to shape the future of accounting as a keynote speaker at international conferences.
Inflo Workpapers Launch Event - OnDemand
Watch our Inflo Workpapers virtual event on-demand to discover how you can redefine not just how audits are conducted, but the value they deliver to your clients.
Mark Edmondson, CEO of Inflo, explored our vision for a new world of auditing. A world where audits are completed in a fraction of the time, to a higher level of quality. A world where talented young people are excited about entering the profession. And a world where auditors are perceived as guardians of the public interest and trusted advisors to their clients.
By watching on demand, you can:
- Hear from Michael Izza, CEO of ICAEW, who offered his perspective on the urgent need for change in the auditing profession
- See Inflo Workpapers in action, and learn how it can help you bring greater speed, collaboration, and value to your audits
- Be among the first to access our exclusive community for audit professionals wanting to enhance their way of working.