Audit companies exploring digital options to clear lockdown hurdle

From live video feed and digital documentation to finding local firms, audit companies are exploring all options available to audit financial statements of their clients during the Covid-19-induced lockdown.

There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts, said experts.

Sai Venkateshwaran, partner and head, CFO Advisory at KPMG in India, said the pandemic had driven all finance functions out of the office without much notice, and most had limited experience of working in a virtual environment.