Community Spotlight

To thrive in a digitalized world, auditors need to be nimble enough to leverage the latest technologies as change is the only constant in audit.

Mazars Singapore
External Audit

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Lok Yung Hui
Audit Senior Manager

Hello auditors, my name is Lok. I am currently an Audit Senior Manager in Mazars Singapore. My day-to-day work involved handling financial and IT audits of listed companies and multinational conglomerates. As part of the innovation lead, I constantly seek ways to modernise and automate the existing processes with the use of different technologies. Working in the innovation team has been rewarding as it provided me with the privilege to work on various innovation projects with my fellow colleagues in promoting process changes in Mazars Singapore.

What is the biggest challenge in audit transformation you recently faced?

The biggest challenge is to encourage our auditors to step out of their comfort zones and embrace technologies that have been rolled out. Auditors need to constantly keep up to date with the latest market offerings and be equipped with the right technologies to stay ahead of the curve and meet the rising demands of regulators and relevant stakeholders. The increasing evolvement of technologies would also create expectation gaps among various stakeholders, as auditors are expected to have higher coverage on audit samples with the use of automation tools and advanced analytics.

And how did you solve this challenge efficiently?

Mazars prioritizes innovations and we are continuously at the forefront of digital evolutions. With the deployment of technologies, gone are the days when auditors spend countless nights performing arithmetic checks on finances and flipping through voluminous documents for tests of details. 

For the last few years, we have modernized our processes by introducing a number of tools which include electronic signatories, the use of advanced data analytics, automation of financial statements casting, a collaboration tool to better facilitate documents exchanges with clients, using RPA for routine work, as well as DataSnipper to automate the repetitive and menial tasks. This translated into a great reduction in administrative overhead and enable the auditor to better focus on risk areas as well as other value-added activities.

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