Chief Risk Officer and Managing Partner of Industries Pat Cummings spoke to Bloomberg Tax about how technology is transforming the accounting and auditing environment.
"We know that there are going to be significant improvements and advancements given the fact that technology is moving so quickly and profoundly, just transforming the auditing industry and profession."
"As auditor of the future, we should be focused on leveraging technology to test entire populations of data."
"For all of us, for the accounting profession, I think change management is going to be key. And we have to understand and appreciate that mistakes are going to be made and we cant be afraid to course correct when necessary."
"In terms of impact for our clients, using new technologies hopefully will be able to provide more meaningful value-added insights and services to management, the tools should enhance the audit by automating the time consuming tasks that we talked about before, the tasks that are more manual and route in nature."