Development Needs

Development Needs

Development Needs – Skill Set. The test companies have recognized the change in new technologies. They have already faced the digital challenges with varying degrees of progress, adapting internal processes and structures to the new requirements and requirements.

The data and information volumes will demand even more judgment from the examiner. The human factor will therefore become more important in this profession. Accordingly, the activities of the auditor and his development to Auditor 4.0 become even more important – and the profession itself more demanding and interesting.

The previous training structure of the basic training of an auditor as well as the company-internal further education and training units will have to be adapted to the changed requirements. Training institutions such as universities, universities of applied sciences or experts’ societies must also undergo a change in their training program. They must extend the previously historically appropriate expertise in business administration and accounting to other disciplines.

The final exam has in practice already covered other disciplines such as process orientation, internal control system and IT. Thus, the future examiner must expand his knowledge of these non-traditional disciplines and collaborate more closely than ever before with data analysis specialists. In this way, he can acquire stronger analytical and scientific competencies and refine his financial and industry-specific knowledge.

For the audit firms, this initially means investing and restructuring the education and training concepts for targeted personnel development and successful placement of the new skills. This has to happen both in the technical and technical area as well as in dealing with new technology-based tools for the examination, up to the obtaining of examination proofs and ensuring a high-quality examination documentation.


Changes are accompanied by challenges. Concern over the auditor’s independence, data security, transparency and more will require intense dialogue between companies and their auditors on how much data to share and how information should be stored and protected. In addition, it requires a substantial commitment to the regulatory authorities. These must recognize that the data analysis revolution primarily strengthens the test quality and ensures compliance with the auditing standards.

The future will be that we need new methods and principles to be able to test and evaluate virtual currencies such as bitcoins, not cash, in the future. The inventory of a warehouse in the industry, for example, is no longer semi-manual, but mitĀ¬hilfe carried out by drones.

The digital age has changed the auditing industry and the profession of auditor. At the same time, it opens up opportunities to further increase test quality and develop new services in the audit. A shift away from the traditional manual audit work to the paperless annual audit is already clearly visible. That alone does not bring any plus in efficiency and effectiveness. For the time being, the use of new technologies requires an investment both from the test companies and from the audited companies. The focus must be on long-term benefits and the desired added value.

The goal of being more efficient and effective can only be achieved if the audited companies, audit firms, regulators and regulators cooperate and integrate and integrate the advanced technologies in their work structures.

Reasonable audit security. The auditors confirm in their audit report that the audit evidence obtained is sufficient and appropriate as a basis for an audit opinion. As a rule, the use of new technologies makes it possible to improve test safety and quality, inter alia, by analyzing the entire population using automated process and control analyzes or tests. Additional, flanking audit procedures of IT controls and data integrity are, however, evaluated in this context.

Rethinking is required. All stakeholders in the capital market system need to adopt a new way of thinking. This is the only way to ensure that the audit remains a clear pillar of trust. The way we look at advanced technologies in the future should provide more value, relevance, and value to financial reporting than was previously the case. While audit firms must invest in people and technology to dig deeper into the data and expose more about a company’s business and its risks, the audited companies must be agile and open to a new way of working with the auditors his.