The Covid-19 pandemic has brought huge changes in the life of every single person. Business operations were the most affected as everyone had to maintain a social distance. This was a huge change as now every business has to change how it operates. As the people could not travel and had to follow social distancing rules, the complete business process changed from personal to virtual.
All the businesses had to make changes as to how they operate, and this led to changes in the way Auditing and accounting for a business is performed. Here are some of the changes that have arisen in the Auditing of a business due to the aftermath of the Covid-19 pandemic.
A shift from In-Person approach to a Virtual Approach
One of the biggest changes for a business is changing from a personal approach to a virtual approach. This means that the auditor now uses various methods to be virtually present and find out the required data of the company, instead of going to the company personally. Working together with large teams or with close contact with people is not possible as the people have to maintain a social distance to curb the pandemic.
Less travelling to search for data
Now it is not possible for businesses to avail an auditor to come to the business location and conduct an audit as now travelling is very difficult. The auditors now prefer to work from home instead of going to the business location. This can be possible with the use of various technologies such as cloud computing, better accounting and Auditing software and artificial intelligence. We will be talking about them in the next point.
Use of Artificial Intelligence and other Technologies
As now all the Auditing and Accounting of a company will be handled by working from home, the auditors need to utilize the various technologies so that they can utilize all the resources and gather all the required data. There has also been a significant increase in the use. The scope of technologies and more and more new technologies to support and provide accurate information are now available to auditors. It has become a need to become tech-savvy, and the auditors should be able to use new technologies to stay relevant.
Educating the business and Ensuring that the business survives the pandemic
The present situation is a fairly new experience for businesses. The auditors and accountants are the experts who should provide information to the management about what they should do in such times. By following the advice provided by the experts, the businesses will be able to survive the pandemic and, in the end, will be able to make profits.
These are some of the ways by which the auditing services have changed. The auditors are now more important for a business as they will act as the experts, which will not only assist the company in the day to day activities of the business but will also provide solutions to the business, which may end up saving the life of the company.
With the passage of time, the Covid-19 pandemic may slow down, but the changes made in the auditing services will remain permanent and more and more companies will prefer the virtual method of Auditing. This will provide more benefit to the business and will also help in saving both time and resources of the company.
If you want to understand what is the difference caused in the auditing services and accounting services in the United Arab Emirates, then you can clear these doubts by contacting us. The experts at JAXA Chartered Accountants will clarify all the doubts you have related to Auditing in this pandemic and will also be able to provide quality auditing services for your company. In addition, they also provide a number of other business-related services such as Accounting Services, VAT and Tax related services and many others. To know more about these services, feel free to Contact Us. We will be happy to assist you in your business journey.