You might never have heard the term “A and A” before. If you haven’t, it stands for audit and assurance. You may hear about A and A practices that audit businesses and assure them they are running at peak operational efficiency.
They will also look for any redundancies or problematic areas that the company needs to address. These audit and assurance procedures can streamline a company so that it’s functioning as smoothly as possible.
If you’re running an A and A practice, you must understand that technology comes out frequently which can help you do your auditing and assuring better than ever before. In this article, we’ll talk about some of that technology and how it can make you a more attractive candidate for companies that need this service.
Artificial Intelligence
If you’re looking at cutting-edge tools for your A&A practice, AI should be at the top of that list. AI, of course, stands for artificial intelligence. AI-infused tech is becoming the norm in many different industries, and this one is no exception.
Many times, if you’re running an A and A practice, you can find software suites to help you. These suites often have many features that utilize AI for maximum effectiveness.
The AI can look at a company’s functionality and recommend not only ways that it can improve but also ways that it can restructure itself based on what market trends are likely in the coming years. That’s part of what AI does: it not only recommends courses of action based on what’s happening in an industry today, but it also uses algorithms to predict how that industry will look in the immediate future.
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Automation
An auditor team that a company hires to audit and assure them can also use automation to assess how a company is doing faster than it ever could before. The software suites that are available now can automate certain processes that the auditors would have had to do themselves not very long ago.
Data Analytics
A and A companies use data to compile reports that they then turn over to the business that hires them. The more data they can gather about the company and its day-to-day operations, the more valuable they can be to that business entity.
The software suites that now exist can use data analytics to render amazingly detailed summaries of a company’s operations. A company can see in those reports any areas where they need to improve, and the AI can show them how to do that. AI and data analytics working together allow companies to dissect every business model aspect to eliminate any inefficiencies or work on any problem areas.
Single Platform Functionality
As an A and A company, if you’re using many different platforms to try and yield results, that’s usually inefficient and confusing. You’ll want to focus on and use a single platform with all of the tech we mentioned in the same place.
If you do use multiple platforms, then, at the very least, they should be flawlessly compatible. If they don’t play nicely with each other, so to speak, it’s going to frustrate you and the clients you’re trying to attract.
Superior Security Features
Whichever platform your A and A company uses, or multiple platforms, in some instances, you should make sure they have excellent security features. If you use a cloud-based platform, as so many of these agencies do these days, that’s inherently safer than any other existing option.
Cloud-based software suites infused with the latest tech should have security features to repel hackers. Without those in place, companies will not want to hire you.
What Businesses Should Look for in the A and A Company They Choose
If you’re a business entity looking into the various A and A companies that exist, you’ll want to reach out to them or meet with them and ask specifically about all the technology that we mentioned. If the A and A company you chose does not use AI, data analytics-based reporting, and automation, it’s probably not likely they’re the best choice for the job.
You’ll want a company that can show you results from prior businesses they’ve worked with that have gone on to expand into new markets and which have become more profitable after using these services.
An A and A company that talks a big game but can’t show you concrete results is not worth hiring.
