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How can audit teams turn data into a strategic asset? This episode of Accounting for the Future explores the real-world impact of data analytics on the audit profession.
Host Anne-Marie Henson welcomes Dominic Chow, Head of Operations, Technology Risk Assurance at BDO Canada, for a candid discussion on how analytics is reshaping audits. They explore how technology is enabling auditors to move beyond traditional compliance, using data to proactively identify risks, uncover opportunities, and deliver more value to organizations.
They also discuss the importance of robust data governance, the role of collaboration between finance and audit teams, and practical steps for integrating analytics into audit workflows. Plus, examples of how analytics can reveal hidden trends, improve controls, and support smarter decision making are also covered in this episode.
#DataAnalytics #AuditTransformation
What you'll hear in this episode:
[00:30] Episode opening remarks and guest introduction.
[01:58] The transformation of auditing through data analytics.
[04:47] Examples of business-critical insights from analytics.
[06:33] The evolution from compliance to strategic insight.
[08:57] Real-world example of how analytics reveals an anomaly that shifts business decision making.
[13:37] The importance of controls, data quality, and governance.
[19:27] The collaboration between CFOs, finance leaders, and audit teams.
[23:53] Challenges and actionable steps for organizations
[27:40] Closing remarks.
Mentioned:
Quotes:
"I always start with the fact that this isn't magic. The difficulty is actually in the doing."
"This is about moving from policing to a partnership—the auditor as truly a partner and strategic advisor to our clients."
"Understanding where the data originated and how it flows through the organization, that needs to be mapped out. That needs to be thought about."
"An organization could spend lots of money on the latest technology and tools, but if they don't have strong controls in place, if they don't have that culture of data ownership and governance and documentation, it doesn't matter how much you spend on those great tools, they won't work on your organizations."
"People need to treat the data in a sacred kind of way that maybe they didn't treat it in the past because, well, we're just going to slice and dice it anyway and go to the report. We might graph it. It doesn't have to be a hundred percent, but now it matters."
