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Mazars’ Tomorrow’s Audit Hackathon results confirm the need for disruption in audit
The "Tomorrow’s Audit" Hackathon, a two-day event organised by Mazars end of June 2017, convened over 80 participants from different countries under the hashtag #hacktheaudit. Its goal was to create a vision of what the audit of the future may look like in order to truly address the needs of all stakeholders.
The "Tomorrow’s Audit" Hackathon gathered representatives of tech start-ups, academics, Mazars’ clients and Mazars’ professionals, representing a wide range of stakeholders for the audit business. Participants worked in mixed groups to pinpoint some of the biggest challenges ahead and suggest creative solutions with the overall aim of disrupting audit to meet stakeholders’ requirements.
Keynote speakers included Jean-Marc Boursier of Suez, Jerome LeLuel of Funding Circle and Guy Jubb, former head of governance and stewardship at Standard Life Investments. Their messages outlined the need for a relentless focus on customer experience and the integration of non-financial information into audits. All speakers emphasised the need for understanding stakeholders’ needs and creating value in a profession that is largely seen as commoditised and that has suffered from dwindling public trust.
The hackathon reinforced Mazars’ lead role in the development of high quality and high value audits and confirmed the commitment of its partners to ensuring that our audit and assurance services are relevant and bring value to companies and their many stakeholders.
David Herbinet, Mazars global head of audit and assurance who organised the event, said: "Audit is in critical need of significant change. Amazingly its scope has not significantly evolved since it was first invented. However everything is changing, from the way technology is used and is impacting business, to new societal expectations on business conduct, and above all, the paramount importance of trustworthiness. It is imperative for our profession to find alternative ways to deliver our service."
Participants heard and imagined how artificial intelligence and machine learning and blockchain could be applied to our audit processes enabling auditors to capture, process and analyse different sets of information from multiple traditional and non-traditional sources in such a way as to bring value to our clients and stakeholders in audit at large.
Concluding the hackathon, David Herbinet reminded participants: "Our license to operate as auditors is at stake. Our industry needs deep transformation. We want to reinvent our profession and create real value for our clients, our people and society. Today is just the beginning of an exciting innovation process. Let’s keep things moving."
Conversations are ongoing with the participants with the aim of identifying those who would like to continue to take part in this journey and work with us on identified projects in collaboration with start-ups and stakeholders. If you would like to find out more about the hackathon, kindly send us an email:
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The audit manifesto
Do users of audit reports trust auditors to arrive at the right answers in relation to the really big challenges facing business? Mazars’ objectives are to ensure that its audit and assurance services are relevant, and bring value to companies and their many stakeholders.