Watch our video with highlights from the event and interviews with the panellists.
Jeanne Boillet, Global Assurance Innovation leader, EY, kicked off the debate and MEP Ivana Maletić gave a welcoming speech. Alain Deckers, head of the Corporate Reporting, Audit and CRAs unit, DG FISMA, moderated the panel that comprised of Sue Almond, member of IAASB’s data analytic working group, Global Head of Assurance, Grant Thornton International Ltd, Mark Edmondson, CEO, inflo, Prof Marleen Willekens, KU Leuven, Olivier Boutellis-Taft, CEO, AccountancyEurope. ACCA’s Head of Audit and Assurance Andrew Gambier gave concluding remarks.
Discussions revolved around how data mining/analytics can reinforce the quality of the audit, and how auditing standards will evolve as a result of digital transformation. Speakers also tackled the role of the auditors and finance professionals in embracing change - how to adapt their skills, training and education-, as well as the major challenges of big data in auditing, from a 'behavioral' auditing perspective.
The debate confirmed that Data analytics and AI can have significant benefits for audit quality and create opportunities, but also risks in relation to the audit process. Digital and AI tools will be critical to meeting the need to constantly review the expectations around audit and assurance.