Hybrid working has gone from being a fantasy of many disgruntled commuters to an essential part of working life.
However, remote working has posed challenges for auditors.
Where once it was possible for an auditor to walk into an office and have immediate access to everyone and everything needed, remote working can place people and documents out of reach.
The Institute for Chartered Accountants in England and Wales (ICAEW) monitor auditing quality, and their latest report sheds some light on how hybrid work is affecting the sector as a whole.
How has remote working impacted auditing standards?
While it is difficult to determine the exact impact of hybrid working on auditing standards, the evidence suggests that standards have fallen.
The ICAEW Audit Monitoring Report shows that before the pandemic, 75-76 per cent of audits were deemed to be good or generally acceptable.
Since the pandemic, the numbers have fallen, with them only recently climbing back to 71 per cent.
While that is reasonably good, there is little room for doubt that the persistence of hybrid work is still contributing to a slump in auditing standards.
Most other pandemic-related impacts on businesses have passed now, with hybrid working being the true legacy.
Auditors seem to be learning how to handle the unique challenges of hybrid work, but these issues still persist.
The blame cannot be placed solely on hybrid work, though.
Staffing shortages and new auditing standards have led to increased workloads for auditors.
When there is more work to do, things sometimes slip through the cracks, and standards can drop as a result.
What can be done to mitigate the challenges of hybrid work?
The ICAEW discovered that client staff are sometimes unwilling to engage with auditors in person when they are used to remote work.
While it might seem like there is nothing to be done about this, there may be some ways to make life easier for auditors and clients alike.
Collating the information and data needed for a successful audit is the biggest barrier to a smooth auditing process.
Clients may feel that it is too much trouble to gather information, especially if it is stored in different locations.
Gathering up all the relevant people can sometimes be a challenge.
The time has come for auditors to leverage technological solutions to address a human problem.
We need to make the clients role as simple as possible.
Glasscubes offers a secure, centralised platform that gathers and stores all the important documents needed for a successful audit.
The automated reminder system allows auditors to request information without having to take time out of their workday to manually follow up with clients.
Information can be uploaded remotely by multiple parties, meaning that clients can coordinate the gathering of necessary documents without having to go through unsecure platforms like emails.
The working world has changed, and Glasscubes can help auditors stay ahead.
We want to see those numbers get higher than before the pandemic, and approaching the problems with innovative solutions is the key to getting there.
Be part of the rising audit standards. Book a demo today!
