Audit 2.0: From reassurance to shaping the future

The global finance function is at an inflection point. Across boardrooms from Riyadh to Stockholm, the narrative is shifting - audit and assurance are no longer backward-looking exercises tied to compliance cycles. They are becoming strategic levers for trust, transparency, and value creation. This shift was powerfully reinforced in a recent Harvard Business School (HBS) session that we all attended, where professional services leaders from across industries debated how the industry must evolve in response to a rapidly changing landscape, and this is no different for the finance function and the role that Audit & Assurance plays.

For CFOs and finance professionals operating in the Nordics and the Middle East, regions defined by vastly different regulatory approaches, but shared ambition for innovation and stakeholder confidence, this evolution is not optional. It’s imperative.

Audit as a Strategic Lens.

One of the key takeaways from our discussions at HBS was that audit and assurance, when reimagined, can be a source of strategic clarity. In the past, audit functions were often viewed as compliance gatekeepers and only seen as providing reassurance on historical data. Today, the expectation is radically different: audit must offer forward-looking insights into business resilience, operational integrity, and reputational risk.

In the Middle East, as the private and public sectors become more integrated, entities are expected to operate with a new level of governance and accountability. This creates demand for assurance services that can verify not just financial accuracy, but also performance against national metrics, goals, and localization targets. In the Nordics, the momentum around sustainability reporting and investor activism means assurance providers are being asked to validate data that was once considered immaterial for the audit file such as carbon footprints, DEI metrics and supply chain resilience.

What Boards Are Really Asking For

In one case discussion, a senior director remarked: “We don’t want just reassurance. We want relevance.” That sentiment echoes what many audit committees today are looking for. Finance professionals are increasingly expected to bring the voice of reason and risk to strategic conversations. This requires assurance that is dynamic, insightful, and in tune with the organisation’s purpose, not just its balance sheet.“

A finance leader in a professional organisation must be prepared to discuss the integrity of AI-driven models and internal controls for data privacy with the same rigor they apply to revenue recognition” states Bjoern Winkler Jakobsen, Partner at Deloitte. As stakeholder capitalism continues to develop, assurance professionals are often expected to provide an independent view on ethical sourcing or climate alignment, even when regulation is still evolving.

Technology Is Reshaping the Audit, But People Still Build the Trust

The convergence of big data, automation, and AI has changed how audits are performed. “However, the real differentiator is not technology itself, it’s the finance professional’s ability to apply human judgement and context to increasingly complex data environments” states Nikolaj Thomsen, Partner at Deloitte.

This is where complacency becomes a risk. Audit firms and internal finance teams must continually upskill, not only in analytics, but also in strategic thinking, business model understanding, and storytelling. Whether supporting a Nordic renewable energy firm or a giga-project in Saudi Arabia, assurance professionals need to articulate what the numbers mean for long-term value, not just short-term compliance.

The AI Revolution Has Arrived, But the Human Lens Is Still Critical

Honing into AI further, Artificial intelligence is redefining the core mechanics of audit. Machine learning is accelerating anomaly detection and automating repetitive tasks, once done by human auditors. Natural language models are already being used to summarize contracts, assess risk indicators, and produce draft reports.

But while the audit process may be increasingly digitized, trust remains deeply human. The real challenge for finance leaders is not whether to adopt AI, it’s how to integrate it without eroding professional judgement. Firms must build new operating models where humans and machines co-create assurance, with auditors acting as interpreters of complex, algorithmic outputs.

In the evolving landscape of artificial intelligence, the focus often gravitates towards automating routine tasks. However, a more forward-thinking approach involves leveraging generative AI to enhance and build upon existing content. This paradigm shift encourages organizations to explore innovative ways to generate more data, thereby strengthening their internal models. By utilizing such tools, organizations can enrich their data repositories, fostering a robust environment for AI development and application. “This strategy not only optimizes current processes, but also positions organizations to harness the full potential of AI, driving efficiency and innovation” states Nav Dulay, Director at Deloitte.

In both the Nordics and the Middle East, where regulatory regimes and business cultures differ, successful integration of AI will depend not just on technical fluency, but also on ethical rigor and cultural alignment.

Digital Assets and New Currencies Demand Audit 2.0

As digital currencies, tokenized assets, and decentralized finance enter mainstream markets, they are fundamentally disrupting how value is stored, measured, and transferred. This presents both an opportunity and a challenge for audit and assurance professionals. Auditors must quickly develop the skills, tools, and controls needed to offer credibility in this emerging asset class.

In the Nordics, where innovation in digital finance is advanced, regulators are now moving faster to close the assurance gap. The message is simple: audit must keep pace with monetary transformation.

Attracting the Next Generation of Audit and Assurance Professionals

To meet these new demands, the audit profession must evolve its talent strategy. The next generation of professionals is not motivated by tradition or hierarchy. They are drawn to impact, purpose, and cutting-edge tools. 

Firms must create agile, multidisciplinary teams that combine audit, tech, ESG, data, and industry expertise. They must offer career pathways that are as much about learning and innovation as they are about financial acumen. The future of audit and assurance will be built by data scientists, sustainability specialists, behavioral economists and yes, auditors who understand that challenge is a feature, not a flaw.

Regulatory Evolution Is Accelerating and Not Just in Financial Reporting

Across both the Middle East and Europe, regulation is moving at pace. From ISSB in Europe to regulatory reforms in the Middle East, finance leaders are facing heightened demands for transparency, integrated reporting, and cross-border consistency.

Crucially, these frameworks are converging not just around financial disclosure, but around ESG, tax, digital value, and corporate behavior. This creates both complexity and opportunity. Finance leaders must proactively engage with regulators, anticipate future frameworks, and ensure assurance models are future-proofed, not just for compliance, but for strategic readiness.

The role of audit committees is also shifting. They are expected to oversee a broader spectrum of risk, ranging from cyber to climate and demand assurance that spans financial and non-financial domains. 

A Call to Action 

At HBS, we were reminded that leadership is not about maintaining systems, it’s about questioning them. It’s not about protecting the status quo but shaping what’s next.

Given the increased transformation shaping finance, industries and economies, finance professionals need to ensure that they continue to upskill and develop strategic acumen which is future ready to truly unlock value from Audit 2.0.

For finance leaders in the Nordics and the Middle East, the opportunity is clear: reclaim assurance as a driver of strategic value and lead the profession into its next era – one which is rooted in insight, integrity, and impact.