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For audit, that creates both challenges and opportunities. While technical expertise is fundamental, I believe a good audit team also needs to understand the business behind the numbers and the environment in which that business is operating.
At BDO Ireland, we have significant experience working across the financial services sector. That sector knowledge matters. It means our teams understand the issues clients are dealing with and can bring experience from working with businesses facing similar challenges.
But experience on its own isn’t enough. Audit is ultimately a people business. The quality of an audit depends on having good people who ask the right questions, exercise sound judgement and are prepared to challenge when needed. It also depends on building relationships where there is open and constructive dialogue throughout the process.
That is something I place a lot of emphasis on as Head of Audit at BDO Ireland. We want our people to develop deep technical and sector expertise, but we also want them to really understand their clients. When you combine those things, you are in a much better position to deliver a high-quality audit and bring a useful perspective to the relationship.
Technology will undoubtedly continue to change our profession. Used well, it gives us the ability to analyse information differently, improve processes and allow our people to focus more of their time on the areas that require experience and judgement. But I don’t see technology replacing the importance of relationships or professional judgement in audit.
For financial services businesses, having an auditor who understands the sector and can keep pace with change is increasingly important.
For us at BDO, the focus is straightforward: continue investing in our people and expertise, maintain a strong focus on quality and use the experience we have across the firm to support our clients as their businesses and the market around them continue to evolve.