Audio Jacks and ‘Tick ‘n Bash’

The recent launch of the Apple iPhone 7 was commented on for many reasons – none more so than the removal of the audio jack. When questioned about this and the impact on all those potential customers who had invested in traditional wired headphones, the approach from Apple appears to be ‘trust us we are making things better’. The common 3.5mm audio jack is an evolution of the original ¼ inch jack which appears to have been invented around 1878 to be used in manual telephone exchanges.


Given our Royal Charter was granted in 1880 I started thinking about what things as a profession we still do 136 years later that are changing and my thoughts immediately turned to audit testing.


As Michael Izza noted earlier this year PwC have announced it would triple its investment in Data Scientists in its Global Deals Department over the next two years reflecting the increasing focus of the largest firms in the profession on data analytics to provide data driven insight both for advisory and assurance services.


Whereas the adoption of data analytics a few years ago was seen as an investment only a few firms could afford, as is the way with technology, the cost is coming down rapidly and new business models are developing to offer volume licensed solutions accessible to firms across the spectrum.


With this change comes a need to develop different skills for auditors and to drive a more analytic mindset. We asked 12 senior ICAEW Chartered Accountants active in this area for their thoughts and captured them in a report Data Analytics in External Audit published by our International Accounting, Auditing & Ethics (IAAE) service here


This is just one of the many reports you can find in our communities on our new look website and the ICAEW Online Network – I strongly recommend you take a look and take advantage of the depth of information and opinion available on this site.