The report, Four Keys to the Future of Audit, then provides an expert perspective on how firms can approach the audit of the future, utilizing technology to understand clients' businesses and transforming challenges into opportunities.

"Many firms do not realize their audits are still living in the past. Advances in technology and the massive proliferation of available information have created a new landscape for financial reporting," said Alan Anderson, CPA, founder of ACCOUNT-ability Plus, LLC, executive director of Rutgers AICPA Data Analytics Research (RADAR) Initiative and former SVP of Member and Public Interest at AICPA. "

Issues discussed include the impact of data extraction, analytics, and cloud and cognitive technology. The report also highlights learning challenges auditors face, looking at experience-based learning, and offering tips on how audit teams can communicate.