While Australia’s Big 4 auditing firms are scrambling to address their rapidly declining audit quality by investing in automation technology, Profectus has the technology on hand, ready to go now.
When you’re investing in audit services and exposing your organisation’s confidential finances with a third party, you understandably want to be confident in the quality of services you’re receiving. Yet the results from the latest audit quality review conducted by corporate watchdog, the Australian Securities and Investments Commission (ASIC) has revealed otherwise, with the standard of audit work conducted by Australia’s Big 4 having declined rapidly over the past year.
ASIC’s annual review evaluates whether the big accounting firms have done enough work in several key audit areas on a slew of risk-targeted files. According to the Australian Financial Review, this year’s results marked a drastic drop in quality across the industry, with negative findings for the nation’s six biggest audit firms increasing by 9 per cent, and Deloitte and KPMG receiving the poorest results.
The news has subsequently prompted immediate action from the Big 4, with firms now pledging to increase their investment in technology and staff training to improve the quality of the work. However, the task of simply implementing new technology and upskilling staff isn’t a quick fix but rather something these companies will need to commit to establishing, designing, and engineering over the course of several years – not months.
The good news is you don’t have to wait several years for the Big 4 to develop the required software and automated analytics platform to have peace of mind as Profectus is already one step ahead – and has been for years.
When it comes to compliance and financial risk, we believe near enough isn’t good enough and our industry-leading suite of Audit and Compliance Technologies have been developed to ensure clients aren’t leaving any money on the table. From automating compliance for complex contracts such as freight, logistics and contact labour to our new accounts payable compliance software offering, Xelix, these compliance technologies recover up to 35% more than a traditional recovery audit and give you granular, transactional level control. Most importantly however, our software is tried, tested and ready to go now, meaning you can be on the road to complete compliance confidence in weeks!
Whether you think it’s time to part ways with the big four or are looking to find out more about our Audit and Compliance Technologies, visit: https://www.profectusgroup.com/our-services
To read the full AFR article on the results of AISC’s audit, visit: https://www.afr.com/companies/professional-services/deloitte-kpmg-pledge-tech-and-training-drive-to-improve-audit-quality-20221031-p5bu9b