A new future for audit

From high-profile corporate collapses to regulatory reform, external events have shaped the profession for decades.

Now, insights from data and emerging technologies like Generative AI are transforming how businesses operate, requiring different skills from tomorrow’s auditor. And while technology will disrupt how audits were once delivered, the need for trust and confidence will be even more important.

Increasingly, clients and stakeholders will need real-time, always-on due diligence and an audit partner that looks beyond the annual report.

So, how do we embrace change and continue to bring trust to the things that matter? Three Deloitte NSE leaders share their perspectives on what the future may hold for audit and assurance.

 

How are you preparing?
We’re exploring a range of future scenarios so we can innovate and adapt now to meet emerging stakeholder and client needs. We’re looking at what will be required from the audit of the future, defining the skills our people will need, the shape of our business, emerging trends and of course how we integrate evolving technology. 

As individuals, we’re used to a constant live feed of data about ourselves, seamlessly integrating into devices and interfaces around us. What if the same were to become true of businesses, with a live dashboard of company ‘health’ and ‘trustworthiness’? 

We are embedding AI into our audit and assurance processes, empowering auditors and freeing them to apply uniquely human judgement and insight.

Trust can’t exist between two machines; it’s between two humans. We’re becoming more tech-enabled but remain clear on the role humans play, such as ethics, cultural and emotional intelligence, creativity and the power of human-to-human connection. 

What does the auditor of the future look like?
Increasingly, as the breadth of what matters to stakeholders increases, the auditor of the future will need to have access to a much broader blend of skills. These include deep tech knowledge, as well as specialist skills around risk and value drivers of a company – climate, strategy and business models. They’ll also need team strength to respond to a world where we provide forward-looking opinions and assess broader company health and trustworthiness. 

Will the role of audit change? 
Some things won’t change, some things might, and other things definitely will. We’ll always protect the public interest – although the scope of that might vary – and act with independence and integrity. What will change? Stakeholder expectations and their needs, and the drivers of trust and confidence. 

How can Deloitte stand out from competitors? 
Everyone is talking about how technology will transform the audit. Our true differentiators remain our people and culture. The next decade will be defined by trust and value, shaped by disruptive technology. We are actively preparing for this future, and our people, purpose and values are the bedrock to deliver that trust and value.   

What excites you about this transformation?
We're not just thinking about the usual five-year planning horizon, we're thinking about how our careers as auditors might evolve. That’s exciting.

 

What’s happening in your local market?
Clients want someone who can provide more value, and I think auditors are perfect for this role. We understand a company, its business, procedures and controls, and we build close, trusting relationships with our clients.

The same is happening with our people. They don't want to only be an accountant, for example, they want a more immersive experience. 

How have you responded?
At Deloitte Central Mediterranean, we’re integrating audit and assurance. It’s not specialists working closely with audit, it’s the same team. 

It creates ideas, opportunities and experiences. It encourages collaboration and new career paths and by mixing skills and capabilities, you build the scepticism of the auditor into the advisory. 

What does this mean for the next generation of auditors?
Audit provides a hugely-valuable training ground for people in the early stages of their careers. Then, after a few years, they can move on to become a specialist in assurance, or sustainability, for example. We encourage young people to explore opportunities because they have so many ideas. 

 

What are the priorities in the Nordics?
We’re focused on how to get more value from audits. So, how do we look ahead? How do we deliver the quality and predictability clients require and remain a pillar of trust in a complex, tech-enabled world? With more businesses exploring AI, how do we provide assurance that the tech is trustworthy? 

We need to make sure we’re bringing the full palette we have at Deloitte and are working seamlessly across borders.

How is this shaping the talent agenda?
Reskilling and upskilling are hot topics. We want to provide the best talent experiences to attract people and help them become future-proofed auditors.

What opportunities does this create? 
With our strong Audit business in place, we have invested heavily in building up Assurance, IT Audit, Data & Analytics along with a strong technology platform. Building these foundations creates a clear opportunity for Deloitte Nordics to lead the next chapter of Audit & Assurance by re-thinking how value is created through audits and embracing technology-enabled assurance. We aim to differentiate ourselves as the most trusted and forward-looking business and employer in the market.

Is it an interesting time for the industry?
I think the industry is going to change a lot. With more people using AI, if we can tap into the idea of verifying what’s real and what’s fake - that would be a game changer for the audit industry.