The evolution of audit technology
The evolution of audit technology has been a remarkable journey, transforming from labor-intensive manual processes to sophisticated, automated systems driven by artificial intelligence. This progression has not only increased efficiency and accuracy but also paved the way for more strategic and insightful auditing practices.
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The future of auditing promises to be more dynamic and insightful than ever before. By embracing cutting-edge solutions, auditors can transcend traditional boundaries, paving the way for a new era of precision, efficiency, and strategy.
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Modern auditing
(1980s-1990s)
Personal computers and spreadsheet programs like Excel enabled real-time data entry, calculations, and analytics, paving the way for automation.
Desktop computing & spreadsheet software
As large audit firms began adopting mainframe computers, data processing became faster, though systems were expensive and required specialized skills.
(1960s-1980s)
The dawn of computers
From paper ledgers to mechanical calculators, the audits of the old days were almost entirely manual, extremely time-intensive, and resulted in a high risk of human error.
(1900-1950s)
The early days: Manual audits
The origins of auditing
(1990s-2000s)
The development of specialized audit software for sampling, risk assessment, and compliance improved data handling and reduced errors in audit workflows.
Early audit software
With the birth of cloud computing, auditors gained the ability to store and access audit data remotely, enabling enhanced team collaboration and real-time updates.
Cloud technology & remote access
(2010s)
Cloud technology enabled auditors to work from anywhere, improving productivity.
Fun fact
Thomson Reuters introduced the Cloud Audit Suite in 2016 to address the evolving needs of auditors, including the demand for remote work capabilities, increased collaboration, and streamlined workflows in a secure, cloud-based environment.
Thomson Reuters and the evolution of audit
By 2000, approximately 50% of households in the U.S. had internet access.
Fun fact
Thomson Reuters and the evolution of audit
Engagement CS was introduced in the early 2000s as part of the CS Professional Suite. Engagement CS was designed to streamline the audit workflow by offering tools for document management, trial balance functionality and collaboration, marking a significant shift toward digital audit processes.
Mainframe computers paved the way for large-scale audits.
Fun fact
Mechanical calculators were considered revolutionary.
Fun fact
Auditors relied heavily on floppy disks to transport client data.
Fun fact
The dawn of AI and machine learning has introduced predictive analytics and automation into the audit process, giving auditors the ability to analyze large datasets and identify anomalies faster and with precision.
(2020s - Present)
Artificial intelligence & automation
The powerful combination of automation and AI opens the door for auditors to make the lucrative shift to providing clients with strategic advisory services.
Fun fact
Thomson Reuters and the evolution of audit
Thomson Reuters Cloud Audit Suite uses AI to analyze historical financial data, transactions, and industry benchmarks to identify anomalies, trends, or outliers that could indicate potential risks. This ability helps auditors identify areas with a higher risk of material misstatement or non-compliance.
Present
A continuous audit is a method of auditing that involves the real-time or near-real-time collection, analysis, and review of financial and operational data. Unlike traditional audits, which are periodic and retrospective, continuous audits leverage technology to monitor processes and transactions as they occur. The potential emergence of this approach enables ongoing oversight and immediate identification of anomalies, risks, or compliance issues.
Continuous auditing & predictive analytics
By leveraging AI for predictive insights, auditors can shift from reactive to proactive, improving risk management and boosting strategic decision-making.
Fun fact
Auditing today
Where we’re headed:
Thomson Reuters® Audit Intelligence is a data-driven solution designed to enhance the audit process by providing auditors with advanced analytical tools and insights. It leverages data analytics to identify risks, anomalies, and trends within financial data, enabling auditors to conduct more efficient and effective audits. The platform integrates seamlessly with existing audit workflows, offering real-time access to relevant data and facilitating informed decision-making. This innovative approach helps auditors improve accuracy and compliance while reducing audit time and costs.
The evolution of audit technology is far from over! Future innovations from Thomson Reuters will further streamline processes, boost accuracy, and reshape traditional audit roles.
A sneak peek at Thomson Reuters product development roadmap
Audit intellegence
2026
Analyze
Test
Microsoft® 365 integration: Use web-based versions of Word and Excel, enable multi-user editing, turn on auto-save features within documents, and the ability to place cross references on PDF workpapers.
Workpapers and notes — UX improvements: A modernized user experience that meets accessibility requirements and improves user friendliness and efficiency.
User interface updates: Updated audit program UI to make deisn and completion more efficient.
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Engagement Manager
Enhancements for 2025
Thomson Reuters and the evolution of audit
Thomson Reuters recently introduced Audit Intelligence Analyze, the first in our suite of AI-powered tools for data-driven audits. With Analyze, automate transaction analysis to free up time spent on oversampling and enhance audit quality by focusing on high-risk areas.
2025
2024
Available now: Automates your transaction analysis as part of your current engagement manager. Cut time spent on selecting and testing samples by 50%.
Automates substantive testing and verification by dynamically tracing accounting transactions to banking activity and supporting documentation.
GenAI assistant available to auditors alongside Guided Assurance to automate the completion of audit program steps and checklists.
CoCounsel
Merges full data populations with technology-driven analytics to empower auditors’ planning and risk assessment processes.
Plan
Universal compatibility: Rely on the methodology in Guided Assurance with any engagement manager using the new PPC file type.
Enable easy and secure sharing of information between firms and clients: Send Guided Assurance forms to your clients for review and completion to improve productivity.
Add all Government opinion units on a single CX-2.1: Simplify how you perform government audits with multiple opinion units. Now you can assess planning materiality for all opinion units in one form.
Simplified log-in: Leverage a single Thomson Reuters ID so that users no longer have to enter Checkpoint credentials to access Guided Assurance.
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Guided Assurance
CoCounsel is a chat-based generative AI (GenAI) assistant across all workflows, making quick work of routine tasks, analyzing information, and delivering answers so you can maximize the impact of your time, energy, and expertise.
Available Now: Checkpoint Edge with CoCounsel, a generative AI tax research assistant that ensures fast, easy-to-read answers grounded in reliable and vetted sources. With an intuitive interface, it delivers straightforward responses to questions as if speaking directly to a trusted subject matter expert or advisor.
2025: GenAI assistant available to auditors alongside Guided Assurance to automate the completion of audit program steps and checklists.
Learn More
CoCounsel