Integrated Reporting & the Future of Auditing

Abstract

Disruptive technologies and innovations have caused dramatic changes throughout numerous industries, most notably in the expectations and requirements of businesses operating on a global scale. Additionally, requirements from both financial and non-financial stakeholders continue to increase in both complexity and time sensitivity; users of organizational data require that it be produced and distributed in a timely and cost-efficient manner. In order to produce and report the information required by increasingly important non-traditional stakeholders, accounting and financial professionals must evolve and adapt to a rapidly changing and evolving marketplace. Systems and processes associated with auditing and forensics must be improved upon and integrated into the real time requirements of the market. In essence, accounting and finance must evolve into a more strategic function, and embrace a role as a strategic business partner.