The future of audit
[Part 01 | 03] . R E S E A R C H
Briefing Reimagine the role of auditors in the 21st century, in order to solve one of society’s challenges and restore trust and transparency in businesses and institutions.
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
R E S E A R C H . [Part 01 | 03]
What is the actual scenario?
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
We live in the age of information.
R E S E A R C H . [Part 01 | 03]
People are more and more connected all the time.
[Part 01 | 03] . R E S E A R C H
R E S E A R C H . [Part 01 | 03]
£ £ £ A goldmine to economic stimulation and profits.
[Part 01 | 03] . R E S E A R C H
Companies are becoming more information centric.
R E S E A R C H . [Part 01 | 03]
Information is value. [march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
“Data is the new oil” (Ann Winblad, Investor and Senior partner at Hummer Winblad)
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
R E S E A R C H . [Part 01 | 03]
“Personal data is the new asset class. A valuable resource for the 21st century that will touch all aspects of society.� (World Economic Forum, 2011)
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
R E S E A R C H . [Part 01 | 03]
ÂŁ 6.6 billion in assets
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
each “like” you click is worth £0.30 .
Each one of us is worth £81 a year.
£ 6.6 billion in assets
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
Our facebook friends are worth £0.62 each.
R E S E A R C H . [Part 01 | 03]
ÂŁ 3 billion from information
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
ÂŁ 0.00 THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
R E S E A R C H . [Part 01 | 03]
The most important sources of value, like information, are not being measured and reported. [march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
Users are not being well informed about its values or how is it used. THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
R E S E A R C H . [Part 01 | 03]
“All of them are taking all my data and no one is doing anything about it... we are giving our data for someone that is not our best friend.”
“What?! They make money from my facebook profile?!
“But once the companies have my data no one is really checking how they use it.”
[Part 01 | 03] . R E S E A R C H
of users do not read privacy and data policies.
47% 77% of consumers said it is very important for companies to inform them about how their data is being used .
of people do not have confidence that companies will keep their personal data secure.
67%
1.
Information is an asset and should be used that way.
2.
Improvement of audit current measuring and reporting system.
3.
If data is the new oil consumers, should be aware of it.
4.
Lack of trust between consumers and companies. [march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 01 | 03] . R E S E A R C H
Information is the most important asset for companies in the 21st century.
How can auditors help companies to manage, measure and report the usage and value of it and to create a balanced and trustful relationship between companies and their users?
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
Co - creation. [how to create a trustful relationship between companies and users]
“We could make a check list about what the company does, and publish it on the company website: we have been audited and it is ok...”
“Information is somehow as intangible as money… I could use my audit skills to measure that.” [how to account information]
[Part 02 | 03] . D E V E L O P M E N T
B LU E DATA Creating a transparent future through information [Part 01 | 03] . R E S E A R C H
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
Blue Data is an audit firm that offers data audits. A service that helps companies and users to build a trustful and transparent relationship. It educates users about the usage and value of personal data through easily accessible and understandable data audit reports and offers companies advice on how to manage and value their data assets.
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 02 | 03] . D E V E L O P M E N T
[Video]
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
Blue Data Company User
Value Assetization of information
Trust
Visualization of information
[Part 02 | 03] . D E V E L O P M E N T
Blue Data Company User
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 02 | 03] . D E V E L O P M E N T
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
Outcomes Outcome
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
[Part 02 | 03] . D E V E L O P M E N T
Auditors Audit the comercial value of the data and its social impact. Act on human interest by making it understanble to people. Offer a new high demanded service. THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
D E V E L O P M E N T . [Part 02 | 03]
Companies Strengthened relationship between companies and their customers. Higher customer loyalty and competitive differentiation thus more profit. Better overall picture of corporate value to the board and investor. [march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
Users Awareness of how companies use and value their data. Understand what role they paly in being a customer of the company. Make informed decisions. THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
C H A L L E N G E S . [Part 03 | 03]
Challenges Keep up with the pace of technology and legislations. Every change requires some time to adapt.
[march 2015] . Mariana Pedrosa . THE FUTURE OF AUDIT
Part [ 03 | 03] . C H A L L E N G E S
What is the future? With more educated consumers and more transparent companies, the future will envolve to smart transactions, where information will be the new currency.
THE FUTURE OF AUDIT . Mariana Pedrosa . [march 2015]
Thank you