Louis emphasises efficiency gains, accuracy, and insights for optimal outcomes when leveraging technology
Emerging technologies—AI, machine learning, and blockchain—were highlighted as crucial in addressing security challenges in audits and beyond.
The landscape of technology adoption in Asia is rapidly evolving, with emerging technologies such as artificial intelligence, machine learning, and blockchain playing pivotal roles in shaping various industries.
Louis Karman Lau, the Director of Audit at Mazars in Malaysia, possesses a wealth of experience in auditing a diverse range of industries. His expertise extends to managing audits for public listed companies in Malaysia and Hong Kong, multinational corporations, and owner-managed businesses, providing him with a nuanced understanding of the challenges and opportunities presented by technology integration.
Louis boasts a broad range of experience in auditing across industries such as manufacturing, construction, property development, travel and car rental, information technology, and more. His tenure with Mazars has seen him involved in auditing public listed companies and acting as reporting accountant for initial public offerings in both Malaysia and Hong Kong.
As a judge in the Malaysia Technology Excellence Awards 2024, Louis offers valuable perspectives on the role of emerging technologies in addressing security challenges within the audit domain and beyond. He sheds light on the evolving role of auditors in the next decade, emphasising the need for specific skills and competencies to navigate the integration of technology. Furthermore, he provides a roadmap for leveraging technology for optimal audit outcomes.
In your opinion, what role do emerging technologies such as artificial intelligence, machine learning, or blockchain play in addressing security challenges in the audit domain and beyond?
In my opinion, emerging technologies such as artificial intelligence, machine learning, and blockchain play crucial roles in addressing security challenges in the audit domain and beyond. They automate tasks, enhance data analysis for anomaly detection, provide predictive analytics, create immutable audit trails, and improve decision-making. These technologies also contribute to continuous monitoring, cybersecurity, and data encryption, strengthening overall security measures and enabling proactive responses to potential risks.
Given the rapid pace of technological change, how do you envision the role of auditors evolving in the next decade? Are there specific skills or competencies that auditors should focus on developing to effectively navigate the integration of technology into the audit profession?
In the next decade, the role of auditors is expected to evolve significantly due to rapid technological changes. Auditors will need to develop specific skills and competencies to effectively navigate the integration of technology into the audit profession. This includes proficiency in emerging technologies. Additionally, auditors should focus on enhancing cybersecurity knowledge, mastering data analytics, and cultivating adaptability to keep pace with evolving technologies. Developing a deep understanding of technology-related risks and staying updated on industry-specific technological advancements will be crucial for auditors in the coming years.
Considering your involvement in audits across various sectors, what are the common misconceptions or challenges related to technology adoption that you often encounter amongst clients and how do you guide clients towards leveraging technology for optimal audit outcomes?
In audits across various sectors, common misconceptions and challenges related to technology adoption include resistance to change, concerns about data security, and a lack of understanding of technology’s potential benefits. To guide clients towards leveraging technology for optimal audit outcomes, it is essential to emphasise the efficiency gains, improved accuracy, and enhanced insights that technology can offer. Education on the security measures in place, showcasing successful case studies, and providing hands-on training are effective strategies. Collaborative communication and addressing specific client concerns help build trust and facilitate a smoother transition to technology-enabled audit processes.
As a judge for the Malaysia Technology Excellence Awards, what qualities do you look for in winning entries?
Innovation and Uniqueness:
Winning entries often showcase innovative and unique solutions that stand out in the industry. Look for entries that bring a fresh perspective or introduce novel technologies.
Usability and User Experience:
Consider the ease of use and overall user experience of the technology. Winning entries often prioritise a seamless and user-friendly interface, ensuring that users can effectively interact with the technology.
Security and Compliance:
Assess the security features and compliance measures in place to ensure the robustness and legality of the technology. Winning entries typically prioritise security and compliance with relevant regulations.