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As technology becomes more deeply integrated into auditing processes, SMEs will also see a shift in the way audits are conducted. Traditional manual audits, which involve detailed checks and verifications, are increasingly being supplemented by digital auditing techniques. For instance, auditors will be able to use blockchain technology to track transactions securely and transparently, reducing the risk of fraud and providing more robust evidence of financial activity. Real-time data collection and analysis will make it easier for SMEs to monitor their financial performance throughout the year, rather than waiting for the year-end audit. This shift will also enable auditors to provide more timely advice, allowing businesses to make better-informed decisions faster. | |
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