API Automation is Transforming the Audit Landscape – Are You Ready? 

It’s no secret that audit firms can no longer rely on dated, manual, and siloed processes if they want to remain competitive. The 2023 State of the Tax Professionals Report shows that improving client service and increasing efficiency are the most important strategic priorities for audit firms this year. The report also shows that growth as a priority rose by four percentage points (from %26 to %30) in 2023.  

Cloud-based, end-to-end audit solutions have become critical enablers of growth by helping companies accelerate the audit process while providing secure access to audit data. Yet as many firms deal with serious labour shortages, maintaining and accelerating growth becomes unfeasible without the help of transformative digital solutions. 

The Role of APIs in Driving Audit Transformation 

The most competitive firms have begun leveraging Application Programming Interfaces (API) as part of their audit technology strategies. APIs can automate time consuming tasks and accelerate efficiencies, freeing up time for auditors to provide higher value services for their customers. These firms are propelling their advisory services to the forefront and outmanoeuvring competitors – all without expanding their workforce.  And data shows, audit firms that provide customers value through advisory services increase revenues by a remarkable %25 compared to their counterparts. 

Automating key audit processes, like audit confirmations, with APIs makes it easier to: 

• Download data into work papers 
• Track the progress of clients’ audit confirmation engagements 
• Automate reconciliation of confirmation fees 
• Increase information accuracy, reliability, and security 
• Build a flexible and scalable automation ecosystem 

There is a tremendous opportunity for audit firms to realise value through APIs. Hear from Confirmation experts, Tony Ventura and Ashwin Sharma on 18 October, 2023, to learn how proven APIs have begun transforming some of the largest audit firms across APAC for the better. 

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