PHILADELPHIA, PA — The Pennsylvania Institute of Certified Public Accountants (PICPA) has released a new report, The Future of the Audit: Building Relevance and Sustaining Quality, outlining how audit firms must adapt to meet rising demands for trust, transparency, and real-time assurance.
Based on a survey of 115 auditors and insights from national experts, the report highlights the urgent need for firms to embrace technology, expand assurance beyond financial statements, and address talent retention challenges.
“Traditional audit methods are no longer enough to safeguard trust in the capital markets,” said Allison Henry, VP of Professional and Technical Standards at PICPA. “This report delivers practical guidance for firms to embrace innovation, strengthen regulatory engagement, and develop the digitally skilled workforce needed to meet tomorrow’s assurance demands.”
Key findings show that 90% of auditors believe technology has already improved audit quality, while more than half expect it to transform the profession within five years. Auditors also point to growing demand for assurance on ESG, AI, and other nonfinancial metrics. Meanwhile, retention has overtaken pipeline as the top workforce concern, underscoring the need for flexible work models and advanced training.
The report urges firms to invest in scalable technology, expand partnerships with universities, and engage proactively with regulators. In the long term, it calls for a shift toward continuous, real-time assurance to better serve markets and investors.
“Technology is rapidly redefining the audit process, and auditors, clients and regulators must align on what the future looks like,” said PICPA CEO Jennifer Cryder. “Firms that take deliberate, forward-looking action today will strengthen their relevance, enhance audit quality, and protect public trust for years to come.”
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