Create a Dynamic Experience with Audit Innovation
BKD's National Director of Assurance Services is charged with advancing our approach to audit through innovations in our methodology and is supported by using new technologies. Audit innovation or modernization is a hot topic firms are addressing and clients want to understand so that they can have confidence their firm is bringing the best available tools and ideas to the process.
A few major areas where we are investing include:
- Dynamic workflows – By leveraging cloud services and simple construction tools (low-code environments) we are rebuilding many of our processes to create dynamic workflows that deliver tailored results more effectively. Rather than just having an industry-based form, each answer to each question informs the next and drives a more precise process for the auditor and the client in gathering information and taking action.
- Artificial intelligence (AI) – We have launched a product firmwide that allows us to ingest and organize unstructured data, e.g., leases, debt agreements, revenue contracts, etc., much more effectively. It also allows our teams to focus more on risk and assessment rather than information gathering. We also are using AI techniques to create better anomaly detection and planning tools for our audits.
- Project management – Through continued investments in BKDconnect, our secure client portal, and by deploying team-based project management tools, we are creating a stronger delivery culture by enabling our teams to track milestones more effectively and balance and deliver the right resources at the right time.
- Blockchain – While we believe blockchain is likely years away from dramatically affecting most of our clients, we have blockchain and other “advanced technologies” in our overall strategic approach, dedicating resources and producing BKD Thoughtware®and other guidance to help our teams and clients stay abreast of these areas.