Powering an Open Age of Professional Service
This Collaborative R&D project led by Engine B on 'Powering an open age of professional services’ was funded under the Next Generation Services challenge by Innovate UK. The project explored how making data more accessible though an innovative open data model promises to transform the future of audit. The project was led by Engine B with partners from Oxford Brookes Business School, University of Birmingham, Imperial College London, and Microsoft.
Future of Audit Event - 25th January 2022 @ 08:30
On the 25th January 2022 we held the Future of Audit breakfast panel discussion chaired by Professor Tim Vorley (Oxford Brookes), Winn Faria (Innovate UK KTN), and Dr Cristian Gherhes (Oxford Brookes). The morning saw a lively discussion reflecting on the series of reports on 'Audit: A Changing Landscape?’ that we have published throughout January (see below).
The 2 panels which brought experience and expertise from large and small auditors, industry bodies, regulators and technology providers debated the promise of AI to transform audit. The implications for audit quality, challenges and opportunities of digitalisation, and the adoption of new technologies were all discussed, along with what is the future of audit. The even finished with Andy Newnham giving a demonstration of the Engine B platform.
Access to the videos of the event click below.
Panel 1
Bob Booth [Finance & Supply Chain Transformation Lead, UKI & Senior Partner - IBM]
Andy Newnham [Business Development Lead, Engine B]
Dianne Simpson-Price [Innovation Lead, UK Audit, RSM]
Ben Avery [Mathematics & Data Specialist, Grant Thornton]
Winn Faria [Innovate UK KTN]
Panel 2
Franki Hackett [Head of Audit & Ethics, Engine B]
Mike Suffield [Director – Professional Insights, ACCA]
Ben Avery [Mathematics & Data Specialist, Grant Thornton]
John Toon [Senior Manager, Beever and Struthers]
Cris Gherhes [Oxford Brookes University]
Audit : A Changing Landscape
These reports present insights on our research exploring how making data more accessible promises to transform the future of audit. The project team at Oxford Brookes Business School undertook research with firms, regulators, stakeholders and clients to understand more about the changing audit landscape. You can download the 4 reports below.
Is Your Firm 'Future Audit' Ready?
In order to think about how future ready firms are to engage and embrace new technologies in the design and delivery of audit services we employ a simple transformation framework based upon the willingness, capability and capacity to transform. You can download this framework developed by the project team at Oxford Brookes Business School to both identify current strengths and areas for development here.
The aim of the framework is to encourage firms, and teams therein, to think about the factors and conditions that are key to becoming future ready. Many of the issues that are central to becoming more future ready require a business model that is able to adapt - what we define in terms of the configuration of the firm. In order to innovate the configuration of the firm requires a clear understanding about how the firm creates value for clients.
Creating a Roadmap
A major challenge facing many audit firms is understanding what the future of audit will be like and imaginging how thew will adapt and operate to meet the needs of clients and regulators. These six simple steps help avoid the resistance to change by imagining what would improve audit and how this can be achieved.
Project Team
Dr Cristian Gherhes
Hilary Smyth-Allen
Dr Sebastian Fuchs
Prof Tim Vorley