ACIIA - IIA India International Summit 2023

Over the decades, the global financial reporting atmosphere has changed due to the emergence of new risks, rapid technological advancement, unpredictable events, changing business conditions, and more. As a result, it has induced volatility, uncertainty, complexity, and ambiguity (VUCA) in the auditing world today.

Prashant Chikhal, Director, Risk Assurance and Advisory, highlights the importance and benefits of an agile auditing approach. He begins by accentuating the four important pillars and key elements of the agile auditing process. Furthermore, he talks about the transition phase from a traditional to an agile auditing approach and how the agile auditing process provides companies with a competitive edge.

He also discusses the growing role, benefits, and use of technology in auditing while stating the advantages of the agile auditing process, such as faster results, better risk management, increased flexibility, improved decision-making, shorter audit cycles, and more.

Besides this, Prashant covers the challenges and risks of the agile auditing approach and how companies should take the necessary steps to overcome them with the requisite skill sets.