When do you think the audit money will run out and the Big 4 will be forced to commit fully to Advisory services or die?

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When the SEC stops requiring audits. Which will be never.

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The process will become more and more automated with less reliance on actual humans doing the work,

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"Blockchain!" "Digital!" You sound like Tim Ryan.

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Audit isn't going to go away. They won't ever end that side of operations.

There's already limited growth potential in audit though, but that doesn't mean they're going to scrap it. They're still making money even without growth.

likesmart

Bro no way block chain makes audit obsolete in 2-5, maybe 30 to 50. Ever company would have totally switch there account system. For god sacks we still have public companies using paper as their filing system. Block chain is amazing but to inter grate fully into a company is a massive endeavor and people hate change. It will be a slow grind forward as usual.

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Till the time there is some kind of distrust in the world or need for a neutral party, audit will keep making money.

likefunny

Lol^

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Lol. I used to audit and I know first hand this shit is mindless and mechanical as anything. As soon as popular GL software used by major companies has some type of blockchain integration, all staff-level work is absolutely over ... you don’t need “comfort” over numbers that are embedded in a publicly secure ledger. You just need to throw a few documents together much more quickly. And companies won’t pay firms as high of fees for doing less work. The idea of that taking 50 years is ridiculous. 10 maybe is my cap. Just because saying the word “blockchain” has become a joke doesn’t mean that the tech isn’t real and being actively integrated by multiple companies. But ok.. enjoy auditing your asses off! Tax as we know it will end too, don’t worry, lol.

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um never

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Block chain will end ticking and tying, but the judgemental items will still be there. Impairment, reserves, accruals, acquisitions/disposals etc. it’s naive to think it will be the end all be all. The industry will change and be more automated, but until you eliminate judgement outright there will always be people doing audits.

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Prob in like 2-5 years when blockchain tech makes everything but audit management obsolete.

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How can we put an end to tax?

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When there will be consolidation. 4 firms are able to rotate their audit and advisory clients pretty well

What makes you think audit is going away?

Um, never. Advisory will come crawling to audit when they have no RRP and AML work to do. Regulation will likely always require audits; it is starting to not require advisory services. We are an accounting firm - audits are our bread and butter.

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