The Future Of Auditing: How Digitization Is Revolutionizing An Industry

One hears more and more often that auditors will hardly be needed in the future due to digitization. Is that correct? no There is no question that artificial intelligence will radically change the industry – and is already doing so. We explain why you should still consider becoming an auditor.

Artificial Intelligence: It’s Getting Serious

One thing has been certain for some time: Artificial intelligence is gradually finding its way into our everyday work, creating new jobs in the IT environment and changing existing professional fields. At universities in particular, there is a fear that the profession of auditor will become less important in the future.

Change In The Industry

Anyone who fears that things will look bad for auditors in the future, rest assured: Experts agree – the auditor’s job will not be replaced by digitization. However, technology is taking on more and more tasks.

In the future, auditors would therefore have to combine their specialist knowledge with an in-depth understanding of digital technology in order to be able to understand and assess the complex business processes of customers. However, according to Zemmrich, the increased level of demands in the future activity of the auditor would also require new training and career models.

Of course, that can also make the job even more exciting: the computer does boring routine work on huge amounts of data. The data is becoming more diverse and available in real time.

Auditors only deal with the demanding facts – namely with the analysis and evaluation of these. Innovative data analysis tools and techniques further enhance the audit processes.

Human vs Machine

Another example of a future topic in auditing is the challenge of making banks “financially quake-proof” so that they can survive future crises without state aid.

In direct customer contact in particular, artificial intelligence will not play a major role in the future. But where does the use of AI make sense and where are human skills indispensable?

That Means For Your Studies

Universities and training institutes are far behind and still teach the classic, sometimes very outdated content of business administration. Auditors today need a lot more technical basics. Hopefully, this will soon be reflected in the curriculum of the Chamber of Public Accountants and the universities, but until then, students should deal with IT topics themselves and bring their knowledge up to date.

Also Read: Automation Is Changing The World Of Work