Slide 1 :

How Innovation Transforms Auditing ?

Slide 2

Innovation Audit

 Innovation is the future of audit.

 Organization has innovated the audit by leveraging cutting edged technology, data
analytics and transformative service delivery models.
 Innovation is enabling auditors to deliver powerful insights that simply were not possible
before

Slide 3

Innovation Techniques/tools/examples exists-used in companies

 Powerful artificial intelligence applications (ARGUS)

 Analytics and Visualization

 Diagnostic tools

 Artificial intelligence (AI)

 Robotics Process Automation (RPA)

 Blockchain

 Workflow automation

 Slide 4 :Advantages of Innovation in Auditing

 Reduce the duplication of effort
 Improve the accuracy of data captured during an audit

 Eliminate labor-intensive manual processes traditionally associated with an audit.

 Less time consuming

 Insights enhance quality
 Slide 6

Importance of Innovation of Audit in Mauritius

 Innovative audit is important in Mauritius as it helps many companies such as
PWC, KPMGs, BDO and so on companies to capture information to improve the
understanding of how it operates.
 Pwc - Better client experiences, better auditor experience and more valuable
insight.
 KPMG - Deliver high quality and independent financial statement audit.
 Deloitte - Drives audit quality to new heights and generating valuable insight that
can help private companies address risk more effectively and enhance business
performance.
Slide 6
Transformation of Auditing

 Urgent market changes

An innovation audit can help a lot a company to better analyze its current position and
decide what future steps to follow to face major market changes like a new and strong
competitor in the market, an important market share loss and so on.

 Technological progress
companies from the market can be eliminated and a completely new competitive or
substitute product or processes can be emerged. Therefore, during such periods,
implementing an innovation audit can keep a company’s innovative performance at a
high standard and reduce the risks.

 Frequency of Audit Innovation

 Innovation and its main prerequisites, which are creativity and knowledge, are to great
extent ecological in nature.

 Strategy formulation
Innovation audit is an important vehicle for identifying many important strategic gaps
due to the broad range of areas it investigates and because of its holistic nature, and can
help managers to better align the innovation dimension during strategy formulation.

Slide 7
conclusion

Innovation that is truly transformative requires more than just technology innovation. It also
demands fundamental changes in culture, processes, methodology, and talent. Eventually The
Innovation audit is a proven method to improve innovation. It Examines key indicators,
determines strengths and weaknesses and identifies ways of improving innovation throughout the
organization.