innovation insights: the future of audit is risk advisory, according to jin chang. to recruit, the profession must shift focus from manual work to advisory work.
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innovation insights
with donny shimamoto
center for accounting transformation
because audit work is nonlinear and highly complex, disparate workflow systems in audit are not only an it risk, they’re also a project nightmare. jin chang, the founder of fieldguide, explained to donny shimamoto that the end-to-end project has many workflows that need to be templatized and automated along the project life cycle.
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he added that the best way to recruit is for the profession to shift from manual work to advisory work.. further, while financial reporting has always been a risky area, people in business today are caring about many other risk areas and choosing to do business with other companies that also subscribe to their values from supply chain to deliverables and beyond.
more takeaways:
- the center for accounting transformation’s audit transformation advisory board had identified auditors’ frustration in working with disparate tools and workflows.
- audit workflows are not linear, but more iterative, and integrated platforms that are built cloud-native can make an auditor’s work more efficient.
- audit automation can help make an auditor’s work more meaningful by automating repetitive tasks, enabling an auditor to focus more on risk advisory work.
- risk advisory is a key part of the future of audit, auditors need to be more forward-looking and help clients navigate the risk landscape.
chang - auditors are really “trust practitioners” and help people identify organizations that share and align with their values—this is becoming increasingly clear with the increased visibility of esg reports.
about jin w. chang
jim chang, ceo & co-founder of fieldguide, at fieldguide.io, is a practitioner-turned-entrepreneur seeking efficiencies and reimagining collaboration for the assurance and advisory industry.
his interest in automating complex workflows started at ey, where he practiced in assurance and advisory and learned first-hand the extensive opportunities for automation.
after advising clients on risk and compliance topics, he founded a cryptocurrency tax startup and served as chief of staff to the ceo of a venture-backed legal technology company called atrium.
chang met his co-founder at atrium and, in launching fieldguide, set out to automate the pain points he experienced as a practitioner. chang is a berkeley mba and received his bs in accounting from the university of southern california.