There are many technology advancements that auditors can use to help with data analytics, analysis, data mining and other audit functions. Data analytics can allow auditors to better understand the accuracy of the reported information.

While the pandemic showed auditors and companies alike that virtual audits are viable, aligning those new operating practices with a thorough understanding of new auditing standards and watching internal controls will help ensure accuracy.

As business transactions have become more complex, there has been increased scrutiny on financial statements by regulators and stakeholders. The peer review process is a valuable tool in evaluating a CPA firm’s system of quality control.