Why I’m #auditorproud

This week, the accounting community is celebrating what it means to have pride as an auditor. It’s a noble profession with a long history of service. In the Deloitte office in New York City hangs a document with the signature of Abraham Lincoln appointing one of Deloitte’s founders as an auditor for the US government.

Today’s auditors are on the forefront of a new type of change and are poised to meet the next set of complex challenges that the future may bring. It’s no longer about green eye shades and punch adding machines. Data is everywhere, and many companies are drowning in it. They are struggling to understand what the information means, and whether or not they can gain a competitive advantage from it.

Auditors can bringing enhanced critical and creative thinking to the analysis of financial information by applying artificial intelligence, data-science and advanced analytics for a deeper understanding of risk and internal controls. And, they are trained to help translate the sea of data into valuable insights for clients.

How do we continue to grow this great profession? To me, it’s all about the stories. As the chair of both the Governing Board and the Talent Steering Committee at the Center for Audit Quality, I’d like to suggest four things auditors can say the next time someone asks them, “Why do you like your job so much?”

• Experiencing Rapid Innovation: Audits have taken on a whole new look in just the last few years. The tools that we use are more advanced, often relying on a set of skills not found in a traditional audit. The audit is more than just numbers, it's critical thinking. Elements of the role auditors have today didn’t exist years ago. And without a doubt, elements of auditing roles in a few years, may be quite different from today as artificial intelligence is giving auditors an even higher level of thinking.
• Gaining Exposure to Senior Leaders: Imagine sitting down with leaders at a major software or life sciences company to help understand derivative and financial instrument accounting. That kind of experience and exposure for people early in their career is not available in most other professions and opens the door to so many future possibilities.

• Building a Product Called Trust: Trust is everything. You have to work hard to build relationships with clients however, there is much to be said for that moment when a client looks you in the eye and you see how much they rely on the information you’re providing.
• Learning the Language of Business: Accounting is a language all of its own. As Warren Buffet likes to point out, it’s the language of business. Learning a new language can be a bit uncomfortable at first, and requires a lot of study, but you will likely end up with a unique skill that differentiates you.

I was once asked, “Do I disadvantage myself by majoring in accounting instead of technology?” My answer was then and is now “absolutely not.” Being an auditor has allowed me to help my clients get the insights that they’re looking for. Given the rapid pace of change and evolution of the audit profession, auditors of the future will likely leverage not only traditional accounting skills but also skills that broaden their expertise in technology and analytics to increase the value of the audit.

Today’s auditors are diverse, innovative, and curiosity-driven. And they have a unique opportunity to drive this great occupation into the future and re-define what it means to make an impact on a client.

I’m Cathy Engelbert, and that’s why I join the Center for Audit Quality in being #AuditorProud.