From the course: The Future of Audit
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The importance of assets
- In the future of audit, the kinds of assets people own will change. Virtual assets, assets on Blockchains and more, but the importance of assets will remain a cornerstone of audit. That's likely to be a constant. Assets are likely to remain an important part in the way that the balance sheet is tested including for existence of assets, rights and obligations around them, as well as the rest of the balance sheet and the valuation or validity of those assets. This is an important area where due professional care and evaluation standards will remain important. So no matter what kind of assets people own and how crazy technology gets, the importance of verifying and testing those assets, as well as the rest of the balance sheet will remain essential.
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