MIS 5201.001 – Mike Romeu

Week 03 – Discussion Question 3

The articles selected for this week are mostly focused on the soft skills required for our profession. After all, we are working with people, even thought we are IT Auditors. There are plenty of opinions regarding the so-called “Millennial” generation. This the generation you will most likely be working with as you mature in your career. How do you think the Audit and Assurance profession will benefit from their contributions?

61 Responses to Week 03 – Discussion Question 3

  • One of the greatest ways the Millennial generation is going to impact the audit and assurance profession is in the IT aspect. The Millennial generation has had access to rapidly changing technology from their cradles to where they are at in their lives currently. This access to technology, and the exponential change in it, throughout their lives is going to give them the ability to adapt quickly to technological change and to cope with technological displacement greater than previous generations. Their rapid adoption of new technologies will be both a challenge in keeping pace with regarding control efforts, but will potentially translate into faster benefits realization through quicker deployment of those new technologies as well.
    Another aspect of the Millennial generation that can be a benefit to the audit and assurance profession is their generations diversity and education levels. The Millennial generation, at least in America, is the most diverse generation so far and has the highest percentage of its generation with at least a Bachelors degree. This greater diversity and higher education rate will enhance the generation’s members’ ability and techniques at identifying and solving problems. Being able to approach problems with a new and richly dynamic ability to solve problems will be a tremendous benefit for businesses in what is an ever increasing globalized economic and social community.

    • These are two good points, and ones that I think not everyone would immediately think of when discussing Millennials. I agree that the ability to quickly adapt to new technology can be a huge benefit for an audit organization. I remember a time when floppy disks were the go-to method of storage and file transport, and now we can put and pull files from a “cloud”! As you mentioned, Millennials have the ability to identify and teach themselves about emerging technologies, in a way that many in earlier generations do not. This can be especially useful in an auditing context when it comes to mapping out risks and controls for new technological developments and understanding how they can impact an organization.

      • Yes! I think Millennials are going to handle technological change much more efficiently and effectively than their preceding generations have. Since Millennials have grown up in what can easily be described as a “change generation” they will already have the ability to respond to change rapidly. Their response may also be more positive to change than previous generations too since their lives have entailed so much change on a continual basis, and much of that change has affected them positively as opposed to the technological displacement types of change that have negatively affected others.

        • I agree with the various posts about some of the positives and negatives that the millennial generation will bring to the audit field. However, I wonder if this acclimation to technology can be a downside from the auditee perspective. Millennials are acclimated to using various forms of technology but does that mean a millennial worker more likely will try to circumvent certain controls in place? For example, a data control policy might prohibit files of a certain size from being sent via email. A technological savy millennial might upload the file to a file sharing service like Dropbox and then utilize that service to transport the file to another location. Also, millennials might be more desensitized by data breaches/credit cards getting stolen that security practices might not be as much of a concern to them. Lastly, our tendency to share information over social media might see an increase in PII or proprietary information being shared by accident. I suppose with all the positive changes that millennials bring to the audit profession, it also changes how potential auditees are changing as well.

          • You raise some great risks Paul, but are they limited to Millennials? I might argue that those issues aren’t limited to just Millennials, but you might be able to argue the prevalence might at least be greater than other generations. I definitely agree that the pros and cons of the Millennial technology aspect have to be carefully considered in risk analysis; and especially when considering mitigation techniques like controls. The flip side to that scenario though is with Millennials being the ones conducting the analysis and control design, they more than likely will have the necessary insight into how those risks should be properly considered and mitigated. Essentially, Millennials might be “dangerous” to a business, but Millennials will be the answer to fix that!

    • Sean,

      You are right! the greatest impacts on audit from millennials is in IT aspect. Managers would benefit from their strong technology literacy. Technology is one of the biggest drivers of change in organizations and millennials like to work in challenging environment. They seek ever-changing tasks within their work and cannot tolerate being bored at work.

      • I agree wholeheartedly! The dynamic work environments full of change today are much more aligned to the lifestyles of many Millennials that do not seek stagnation or complacency other generations may have before them. Their desire for a challenging and meaningful work environment will be a benefit to the types of businesses that operate in those types of dynamic and rapidly changing industries where stressful environments can quickly depress other generations of workers. Also, I think Millennials themselves are “agents of change” and are quick to suggest changes on their own without being solicited by others, and that can be a very positive aspect of a business’s workers who see the value of a change before the business might.

    • Great post Sean. I strongly agree your points. Technology rapidly grows and one reason is Millennial generation. This generation has higher education, as you said, it will “enhance the generation’s members ability and techniques at identifying and solving problems. ” You mentioned the aspect that is in America, i want to add something that is in China. In China, the 1980s’ bechelor degree rate is around 65%, and 1990s’ is 89%. compared to our parents, many of them do not have a bachelor degree because of some governmental things. The rapid growth of technology shows that how Millennial generation is one key part of that.

      On audit and assurance profession standpoints, I hold two sides on it. It is true that Millennial generation creates intelligence on some parts, however, it is also true that a few of these people creates unethical actions on it.

  • To respond to this question, I referred to the article titled “Perspectives From a Seasoned Practitioner” wherein Dr. Glebstein defined the concept of an auditor as follows:

    A – Analytical
    U – Unbiased
    D – Diplomatic
    I – Independent
    T – Thorough
    O – Objective
    R – Reliable

    I then compared each of these soft skills against millennial traits that have been documented as the result of numerous workforce studies.

    I would like to preface my response with my own perspective on the audit profession as I have worked in and around this field for more than three decades. In the organizations where I began my career, Internal Audit was seen as a breeding ground for high potential employees who were being groomed for management positions. This was largely due to the fact that Internal Auditor’s generally had unlimited access to the books and records of the company (as established by the Audit Charter) and the opportunity to learn about enterprise-wide systems, processes and controls in their daily routines.

    This trend began to change in the 1990’s, when it became apparent that auditing was a career in and of itself. As identified by Dr. Glebstein, there are certain traits and/or characteristics that lend themselves to effective auditors – the profession certainly doesn’t appeal to all, nor can just anyone have a successful career as an auditor. Additionally, significant time, training and other corporate resources are invested in audit functions in order for them to be effective, so it makes sense to retain this within the department in lieu of divesting these skills into the workplace. That doesn’t mean internal auditors are “stuck” in their careers; rather, it is likely that they will make the choice about whether to become a “lifetime” auditor or to convert their skills into other fields.

    Now, let’s tackle the question at hand – how the Audit and Assurance profession will benefit from the contributions of millennials:

    Curiosity is one of the strongest motives of an analytical thinker, and millennials are known to be creative and think outside the box. Check!

    In order to be unbiased, one has to be free from prejudice and eminently fair. Millennials are known to have a strong moral compass. Check!

    Diplomatic qualities include physical (robust constitution, resilience), mental (natural curiosity, quick learner), and skills (technology proficiency, interaction with media). These qualities can be ingrained or learned. As previously mentioned, millennials are curious and loyal. They are also willing to train, develop and learn; they are technically adept; and savvy with media. Check!

    Auditors must have integrity to be independent, and integrity can be defined as the quality of being honest and having strong moral principles. I have already established that millennials have a strong moral compass. Check!

    Thorough can be defined as complete with regard to every detail, and taking pains to do something carefully and completely. An expert on this topic revealed that millennials want to take pride in their work as well as the company they work for and stressed the importance of communicating the company’s mission, vision and values to help motivate and engage these employees. This is especially important since millennials are more likely to leave their jobs than Baby Boomers and Gen Xers if they are not fulfilled. Check!

    To be objective means to be free from bias. As I was unable to locate research results in this particular trait as it relates to millennials, I will refrain from passing judgment.

    Finally, in order to be reliable, one must be trustworthy take responsibility for their actions. Studies have found that millennials are less trusting of others than their elders for many reasons, largely due to being disconnected from other people on a personal level. However, I refer back to my earlier comment regarding the strong moral compass that millennials are known to possess. Check!

    To summarize, I believe millennials have the potential to add value to the Audit and Assurance profession if their relevant skills are harnessed and perfected, they are permitted to be innovative and work in teams, they are permitted the flexibility to work remotely and to travel, and they are adequately rewarded/compensated for a job well done.

  • Millennials will help the Audit and Assurance profession because of the ability to collaborate,the great problem solving skills, tech-savvy backgrounds, the ability to multi-task and stay connected.

    Millennials are problem solvers that are excited about not having one correct answer. Millennials are quick to stay connected, collaborate, and use their technical resources to find the best answers available. Millennials are typically curious and use their tech-savvy backgrounds to solve problems in ways that may have never been accomplished before. Staying connected helps millennials understand best practices and what is going on in their industries.

    Millennials challenge process and what has always been done. If change makes sense, millennials welcome it because they are not use to what has always “worked”. Fresh eyes help increase efficiency and effectiveness. Millennials tend to be motivated by challenges and projects that don’t have one correct answer. Millennials love feedback and want constant recognition would could be a good thing (to a point) with customer relations. Millennials crave to learn more and more and this will only help the audit process.

    • I think you offered some great points about the aspects of the Millennial generation that may offer benefits to the Audit and Assurance profession. I think your point about Millennials challenging the mantra of “that’s how it’s always been done” can be a double-edged sword. On the one hand, Millennials may find many areas to improve with modern technological advancements and, by implementing change(s), can increase efficiency and effectiveness within a business. On the other hand, I can see Millennial potential impatience, which is the source of the monikers “Generation Now” and “Now Generation,” rearing its head and causing potentially negative consequences from challenging a system, and implementing change, before fully ready. Or, implementing a change and before the change produces the desired results reverting back to “how things have always been done” and essentially wasting resources on change. It definitely raises the question of the importance of analyzing both the potentially positive and negative outcomes from generational traits.

      • These are risks of pushing change. However, I have seen it done with guidance and support from experienced sponsors. Many of upper management realize the need to change but need a fresh perspective/mind set on how to accomplish these changes. I agree that you can force change but if there is a need, there is a way.

        • can’t force change*

        • Definitely agree that guidance from senior employees is crucial. Their experience is very relevant, and something that millennials cannot match.While the technical knowledge may exist, only part of the equation and guidance is an important component.

    • Hi Ian,

      I like your comment about the millennials being able to multi-task. This is not a new capability (and I am not defending my generation by saying so)! However, I have seen and heard a lot about multi-tasking lately – that it is a myth, it doesn’t work, it is inefficient, and it is even bad for one’s health. Here are a few articles worth looking at if you are interested in this topic:

      https://www.entrepreneur.com/article/224943
      https://www.psychologytoday.com/blog/creativity-without-borders/201405/the-myth-multitasking
      https://www.cs.drexel.edu/~salvucci/media/cbs3_mar11.pdf

      I used to be proud of what I considered to be my unique ability to multi-task. However, in light of all of the press to the contrary, I have removed this “skill” from my resume.

      • Hi Candace, Thank you for providing links to interesting articles, I read a few of them and Meyer in his article mentions that switching between activities will prove a hindrance in productivity.
        However, I feel today’s tasks, professional activities, machine usage requires multitasking. Our brain is adaptable and is hopefully adapting to this need of multitasking. Meyer explained about how a multitasking activity like driving cars and talking on phone is a cause of major accidents. But don’t you feel driving a car in itself is a multitask activity. You have to be alert on different level, pull levers, and watch the traffic, give signals, check mirrors, maintain speed, take the curves and so much more.
        In case of audits, I can recall a particular instance, while asking audit questions, I feel the need to understand the technicalities, write down the points I think should be documented and process the body language of auditees.

        • I like your explanation of driving a car as a multitask activity, Priya. I totally agree that most of the recent jobs and activities require a multitasking abilities which based mainly on time management and organizational skills. In fact, employees who multitask effectively must be able to rotate their concentration smoothly and entirely from one activity to another.

      • Candace – thanks for the articles. I will be sure to read them…. and you’re right. Multi-tasking is a not a new skill but with having the internet and computers around since birth, millennials have formed a new level to multi-tasking where technology is leveraged. I also agree that there are positive and negative ways to multi-task. An individual (from any generation) must be careful to not overload multi-tasking to the point where nothing gets done.

    • Hi Mustafa,

      I agree with your comment ” the most important contribution from “Millennial” generations to Audit and Assurance profession is to automate some steps of audit process by using their technological knowledge”. Over the years I have had experiences with the older generations where they refuse to change the process because it always been done that way. I have heard that statement so much that I truly believe it is a true cop-out. Some organization has such antiquated processes, and they could truly benefit from the innovative ideas of a millennial.

      • Had similar experiences relating to automation. Millennials are used to technology playing a large role in day to day life, while older employees may not be. May seem natural to millennials to try and automate tasks, especially those that are rote time consuming, where an older employee may not feel comfortable changing the status quo.

    • Hi Ian,

      Your comment is right on point! May I also add that Millennials are great at networking. As you stated, “Millennials are typically curious and use their tech-savvy backgrounds to solve problems …”. They are also not afraid to call on a connection for an in-depth answer to their problem. This generation has had greater opportunity because of the advancement of technology, and they have truly taken advantage of their opportunities. I believe their networking skills will also lend to the assurance process.

  • A recent Deloitte Millennial Survey predicts that “Millennials will comprise 75 percent of the global workforce by 2025”. So, it’s clear that Millennials will be a powerful generation of workers and that they will influence the way they work and where and how they operate in the workplace. Based on my reading, I find out some points that Audit and Assurance profession can take advantages of this generation’s behaviors and desired.

    • Millennial attitudes toward work were shaped by the post-Enron, post-financial crisis era, so they understand the consequences of unethical business practices which is a critical point for auditors as it may help to decrease the number of fraud.
    file:///C:/Users/Administrator/Downloads/millennials_and_careers%20(1).pdf

    • Millennials have grown up with more technology introduced at an earlier age than anyone in history. Recent college graduates were introduced to video games by age 5, cell phones by age 12, social media by age 15, and mobile technology by age 19. Thus, workers from the millennial generation expect technology to fuel innovation and facilitate communication; meanwhile, several key technology innovations need to be in place in the audit field, such as; Data Analytics, Data visualization and dashboards, Mobile documentation tools, and Continuous training. Indeed, this can help auditors to focus their efforts on business processes rather than learning how to use software and devices.
    http://www.teammatesolutions.com/the-millennial-evolution.aspx

    • Due to the Millennials’ aspirations to make a difference, they are generally more attracted to positions with a clear purpose and contribution to the world. This point can facilitate the auditor’s job since this generation takes care of their reputation and will be hard for them to unfollow the rules or to make something adversely affect their status in their society especially with their awareness of the high power of the social media.
    http://www.smarthustle.com/millennials-are-reshaping-the-workplace-culture/

  • One of the best ways that millennials will impact the audit and assurance profession is with their knowledge of IT. Younger generations have an advantage that older generations did not have- they grew up with technology. They have seen technology change rapidly from when they were young to where they are now. When new programs, apps or platforms are introduced, millennials are some the first people to gain an extensive knowledge of the new technology.

    Millennials are also well educated and more free thinking. This will help businesses steer away from the “this is the way it’s always been” excuse that is seen a lot in the business world. They can challenge the norm and find a better way to get things done. One thing I would warn about this, is that you have to get a thorough understanding of why businesses do things the way they do. If you don’t do due diligence, you may end up making a major mistake. However, I think that with millennials knowledge of technology and business processes, this shouldn’t be a problem.

    • Blake I completely agree with you that millennials generation are so well educated compare to older generations. They are young but they can interpret everything very good, and also are good problem solvers. I think these abilities are the result of good educating. I also agree with the fact that they are so good at technologies. They can understand how to work or apply new technologies much faster, and I think it shows how they can be experts in their jobs in the futures. These abilities can have an impact on the Audit and Assurance professions, and help auditee to find expert employees in near future.

    • Blake I completely agree with you that millennials generation are so well educated compare to older generations. They are young but they can interpret everything very good, and also are good problem solvers. I think these abilities are the result of good educating. I also agree with the fact that they are so good at technologies. They can understand how to work or apply new technologies much faster, and I think it shows how they can be experts in their jobs in the futures. These abilities can have an impact on the Audit and Assurance professions, and help auditee to find expert employees in near future.

    • I agree with you Blake that the Millennials have a great advantage of having to grow up with the technology. They are quick to learn and well educated. They are ready for change and ready to challenge the norms as you said. All these qualities are traits of a good Auditor or Assurance Professional. One thing that Millennial lack is experience and would be able to perform better with experience auditing various fields. Technically they could be skilled, but it takes time to understand the business, the work culture, the organizational structure and therefore focus on business goals. They tend to make quicker decisions based on facts rather than experience or need of the business which can create conflicts. Understanding and learning the business goals and collaborating with experienced staff can help one to be successful.

    • I agree with you Blake that the Millennials have a great advantage of having to grow up with the technology. Adopting a new technology can be difficult for older generations, so they prefer to do their jobs the old way, and it can make them inflexible in regards to new technologies. However,Millennials have a much more advanced baseline knowledge of digital information than the generations that preceded us.

  • I think the Audit and Assurance professions will benefit from the millennial generation. As being a millennial myself, we have grown up using computers, mobile technology, and smart devices our entire lives, and that continues to evolve alongside technology; therefore, millennials have a much more advanced baseline knowledge of digital information than the generations that preceded us. I believe, like generations before us, we millennials are driven to make an impact. Millennials are ambitious and goal-oriented. Audit and Assurance as professions I believe have been a bit reluctant to embrace new technologies, such as the cloud. Millennials have no such reluctances. In fact, they love the cloud and the flexibility it offers. So, if anything, I believe they will do more to increase widespread technology adoption and innovation, which will in turn contribute to the changing role of the CFO. CFOs and financial executives will need to be better versed on available technology and what makes sense for their organizations.

    • Good points Magaly. I agree with your statements about the millennials being so expert in new technologies. I am not a millennial, but I can see how the young generations are so advanced and eager to learn new technologies. I also agree with the part that you mentioned that millennials are the generation who grew up with computers, smart devices, and etc., and I think this is one of the reasons that show us why they can adopt all new technologies more easier than the older generations.

    • Good points Magaly. I agree with your statements about the millennials being so expert in new technologies. I am not a millennial, but I can see how the young generations are so advanced and eager to learn new technologies. I also agree with the part that you mentioned that millennials are the generation who grew up with computers, smart devices, and etc., and I think this is one of the reasons that show us why they can adopt all new technologies more easier than the older generations.

    • Hey Laly, I strongly agree with you that millennials have a much deeper knowledge of digital information than the prior generations. And I believe that Audit and Assurance professions will be benefited by millennials from a technology perspective. Millennials never underestimate the willingness to embrace new technologies because they have grown up using technologies and they are more adventurous. That is what distinguishes the millennials!

    • Nice write up Magaly. I like you points that millennials grow up with technologies and they know how to utilize these resources better than other generations. I’m sure millennials can assist audit and assurance professionals can be benefited from the view of technology.

  • Behavior of generation reflects in workplace. Companies face bigger problems that downsizing,
    problem of workflow balance between the Baby boomers, X and Y and Veterans. Audit as a profession goes by 80:20 rule. 20% auditing technicalities and 80% communication and behavior during audit and towards auditee.
    Millennial generation they say is civic minded. They trust in humanity and thus are more social and team oriented. They love to collaborate which definitely is a plus for audit profession. They are not scared of placing opinions. They are known of their surroundings.
    Generally auditors spend quite some time to understand business processes as they are new to the company they audit. Since they like to socialize, and are open to ideas, auditors from this generation will be able to communicate easily, understand the environment , scope and objective of audit faster. They would help motivate an unbiased audit.
    Millennials are more attracted to power and power comes with knowledge. Today’s dynamic nature of technology is something Millennials are growing up in. They have been challenged of newer technology and constant change. This will benefit the audit function one, to accept changes and work in dynamic environment. And two, the positivity to accept feedback would help in improving processes.

    • Priya,

      I never thought about the humanity aspect of Millennial generation. Great Point!

      I believe this is extremely beneficial to the Audit world. Especially in the financial world.

      Many Millennials have seen and / or experienced the effects of the financial crisis. They have heard parents talk about losing the house, losing a job, or making cuts to the family budget. They may have even experienced these financial hardships today.

      The anger left over after the dust settled has brought sprouted a revolutionary vine that has traveled to the highest office in our land. Top presidential officials have run on more financial oversight or Bernie Sanders, to less oversight or Donald Trump. As you can see, the majority of Bernie supporters are Millennials, and the majority of Donald Trump supporters are Baby Boomers / Veterans. These groups had suffered, but not to the extent of Millennials. The youngest Baby Boomer group would have been over 40 years old in 2008.

      I believe you are right and the Audit industry may see regulations changing every 4 years.

  • Every industry is affected by new technologies these days, and it can be a good motivation for people to increase their knowledge. In this era, technology plays a vital role in all the industries, and professions, and the auditing profession is no exception. Adopting a new technology can be difficult for older generations, so they prefer to do their jobs the old way, and it can make them inflexible in regards to new technologies. Millennials are more flexible with changes compare to older generations, and they are more enthusiastic. I believe that millennials can have a stronger background with new technologies since they grew up in the age of Internet and computers. Also they can adopt some new technologies faster than older generations, and they can be more flexible in negotiation, and collaboration. For reaching an agreement or to get a win-win situation, people need to negotiate with each other. According to The Soft Skills Challenge, Part 2 article, “Good negotiators understand that a win-win outcome may not be achieved and have a considered set of alternative outcomes, ideally based on compromise, i.e., all the parties make concessions to reach an agreement, even if recognized not to be ideal. In audit, compromise is acceptable as long as it does not compromise the auditor’s integrity or independence. The challenge for the auditor is to recognize when it is time to be firm and when compromise is an acceptable path to follow.” I believe that the millennials have a good ability in building relationships, and negotiation. Due to these abilities, and being so familiar with new technologies, they can have a beneficial impact in every industries.

  • There are plenty of opinions regarding the so-called “Millennial” generation. This the generation you will most likely be working with as you mature in your career. How do you think the Audit and Assurance profession will benefit from their contributions?

    I think “Millennial” generation’s effects will be seen on every aspects of life, besides Audit and Assurance profession. These effects are not only related to technology but also relevant to social life.

    Some of the things are written that I thought. I do not want to repeat them again. As a summary, the “Millennial” generations are more educated and connected to everything than previous generations. To give an example; online education facilities are now available for them. Also they can find what they want to learn by using technology immediately. They can improve their communication skills easily with texting, sharing, and video conferencing by their smart mobile devices. They can understand and adapt quickly to technology changes… What I want to say is that they are so dynamic in life than previous generations. And I strongly believe that they will affect job culture in every discipline.

    In my opinion, the most important contribution from “Millennial” generations to Audit and Assurance profession is to automate some steps of audit process by using their technological knowledge. Some steps in auditing may be taking longer because of manual processes. If some possible steps can be automatized, we might have more time to focus on audit quality. “Millennial” generations may find many quick solutions to improve audit steps because they like to live fast. I think automating some steps can increase efficiency, effectiveness and integrity of auditing process.

    • Hi Mustafa,

      I agree with your comment ” the most important contribution from “Millennial” generations to Audit and Assurance profession is to automate some steps of audit process by using their technological knowledge”. Over the years I have had experiences with the older generations where they refuse to change the process because it always been done that way. I have heard that statement so much that I truly believe it is a true cop-out. Some organization has such antiquated processes, and they could truly benefit from the innovative ideas of a millennial.

  • Every industry is affected by new technologies these days, and it can be a good motivation for people to increase their knowledge. In this era, technology plays a vital role in all the industries, and professions, and the auditing profession is no exception. Adopting a new technology can be difficult for older generations, so they prefer to do their jobs the old way, and it can make them inflexible in regards to new technologies. Millennials are more flexible with changes compare to older generations, and they are more enthusiastic. I believe that millennials can have a stronger background with new technologies since they grew up in the age of Internet and computers. Also they can adopt some new technologies faster than older generations, and they can be more flexible in negotiation, and collaboration. For reaching an agreement or to get a win-win situation, people need to negotiate with each other. According to The Soft Skills Challenge, Part 2 article, “Good negotiators understand that a win-win outcome may not be achieved and have a considered set of alternative outcomes, ideally based on compromise, i.e., all the parties make concessions to reach an agreement, even if recognized not to be ideal. In audit, compromise is acceptable as long as it does not compromise the auditor’s integrity or independence. The challenge for the auditor is to recognize when it is time to be firm and when compromise is an acceptable path to follow.” I believe that the millennials have a good ability in building relationships, and negotiation. Due to these abilities, and being so familiar with new technologies, they can have a beneficial impact in every industries.

  • Millennials or the current generation you find that they are well-educated, skilled in technology, multi-taskers, self-confident and have plenty of energy. They are ready for change and easily bored of monotonous work. They seek challenges and are always on the look out to get the work done in the easiest manner.
    I believe that as the Millennials have passion and are self-motivated and know exactly what they want in life.. Millennials prefer to work in team and so have in nature the ability to collaborate or negotiate. Being well skilled and technically able can easily persuade the auditee with relevant facts. Having grown up with the technology, they are skilled and are quick to understand the changes and flexible to adapt to it. As they are more focused on work life balance, they tend to be able to manage time. Millennials also believe in getting the feedback immediately, which may be helpful to better the Audit process. I feel that Millennials have lot to offer to Audit and Assurance profession with proper guidance from experienced audit professionals.

    • I agree with your opinion Binu. Millennials have a lot to offer to Audit Assurance profession. It is equally important for an IS Auditor to have good soft skills along with good technical knowledge so as to establish a good relationship with the client. This domain requires a professional to work with clients of different industries with different work culture. It is very important for a professional to quickly adapt to the client’s work culture and perform steps accordingly. Therefore such people have a lot to offer to this field.

  • I believe that the audit and assurance profession will greatly benefit from the millennial generation through their ability to think outside the box, collaborate, balance multiple tasks, and their knowledge/experiences with technology. I believe they also have a greater understanding of time management. Dr. Ed Gelbstein stated ” Warning: Failure to manage time effectively is a sure way to result in overload, poor quality of work and, in the end, stress. Failure to cope with stress can lead to burnout or, worse, illness.” I can honestly say that the importance of time management has been fed to Millennial’s on a daily bases and this generation gets it. The assurance profession relies on collaboration, and this generation tends to be more open. Whereas past generations tend to be reserved and skeptical when under an audit review. Don’t get me wrong there are many Millennial personalities that don’t possess these traits and they, like others, will be difficult to work with. In conclusion, I had has the pleasure of working with this generation over the years and I found that they are typically easier to work with especially when collaborating.

  • I think the millennials will benefit Audit and Assurance professions from a technology perspective. Millennials have grown up with technology and adept it very well. To them, technology is the central to their lives. As a millennial myself, technology is tool to me to access information, to learn, and to stay conned to the rest of the world. As others have mentioned, comparing with the older generations, millennials are definitely more educated and connected in terms of technology. In the world of Audit and Assurance is pretty much technology driven, millennials can help to smooth and improve the process by utilizing their technology skills. They could also help others to adept new technology at workplace; especially provide assistance to the older generations who face challenges with technology. Millennials play a major role in the workplace and they are actively to create, innovate, and make a difference.

    • You are absolutely right , bu let’s not forget that technology is a double-edged sword. And as we all know (as millennials) we tend to use technology everywhere and in every situation. Some task may not required technology and since we can’t live without it we will try to apply it to the tasks with the risks of making them harder. Don’t get me wrong, millennials will definitely bring a lot in the industry; they may just make it more complex with their technology.

      • Definitely agree about the benefits and drawbacks to technology. I’ve seen people try and automate and use technology where simply forgoing that route would be quicker and easier. Almost similar to people using calculators to do very basic arithmatic, sometimes out of habit where simply mentally completing the task would be faster and accurate.

  • Millennials will help the Audit and Assurance profession. Managers need to really understand the personal and professional goals of millennials. Put them on special rotational assignments more frequently to give them a sense that they are moving toward something and gaining a variety of experiences. Challenge them to come up with new ways to streamline processes and to exercise creativity. Millennials have a strong desire to work overseas and this is a rich potential resource for organisations focused on global growth. Less desirable locations could be positioned as an important career path milestone. Every opportunity should also be taken to mix teams generationally.Millennials want and value frequent feedback. Unlike the past where people received annual reviews, millennials want to know how they’re doing much more regularly. Give them honest feedback in real time — and highlight positive contributions or improvements on key competencies.

    • Wenlin,

      I agree with you. We should and need to challenge Millennials. They are hungry, poor and ready to make it big. Let’s not squander that motivation.

      This may be one of the reasons we see so many Millennials move from Job to Job. The standard seems to be, get a job at a top company, learn as much as you can in 5 years, and change careers. And, if they remain unchallenged, they will be looking for another job 5 years from then.

  • The millennial generation is without a doubt the most technologically savvy group to date, and are connected in ways only dreamt of by the Nintendo generation. It is also believed that they are somewhat disconnected on the verbal communication front often preferring to text or post status’ on social media, straying from the experiences and emotions connected with face to face meetings. The benefit of these types of interactions could only serve to benefit a millennial when it comes time for the tough negotiation; since they have the advantage of possessing adept knowledge of today’s IT world and its future. This is where this generation can benefit the audit and assurance profession, by using their familiarity with technology trends and online chatter to keep auditors and auditee aware of new threats and solutions to manage IT risks and to keep organizations ahead of those with nefarious intent. A symbiotic relationship between millennial and auditors would eventually lead to a sharing of skills, by the auditors keeping informed and communications skills harnessed between the two to allow for more productive and informative negotiations and presentations of risk analysis to a organizations management who may need to make serious investments into their IT infrastructure as a result of the audit results.

  • Millennials are the technological and connected generation. In Audit Assurance profession, Managers can take advantage of their comfort level with teams.
    We millennials used to working in groups and teams, we have experienced team success and like to network around the world electronically.
    Audit and Assurance profession need to have strong communication skills in order to succeed and improve in the changing, complex international global marketplace. Auditors utilize communication skills in almost every situation they encounter. Millennials with excellent communication skills can always add value to an organization.

  • The millennial generation will benefit the Audit and Assurance profession greatly in its contributions to technological and IT related areas of business. With previous generations currently dominating the business field, many workers are very change resistant and enjoy sticking to the methods that have worked for years. Millennials understand via their knowledge of the rapidly changing IT world that altering old methods and implementing new designs are essential to remaining competitive and relevant. By bringing millennials into the Audit and Assurance environment, these employees will be change advocates that thrive to alter old designs and implement modern methods to keep the area being audited advancing and relevant. With the millennials vast knowledge of technology due to its role in their everyday lives, adapting to and promoting the new technologies in business will come at an ease and ensure productivity does not diminish. Through their assistance, the older generations will have less difficulties adapting and learning the new methods, encouraging a friendly work environment as well.

  • Bringing in millennials to the work place is beneficial for the organization because they can bring in new ideas in an advanced technology perspective. Embracing IT allow businesses to grow and expand much faster. Organizations who accelerate the integration of technology into workplace will enable workers to harness technology in way that allows them to have high flexibility and increase of work efficiency. To Millennials, since they have growing up with technology such as computers, smart phone, they are more willing to acquire technical knowledge and soft skills to the work place and benefit the audit and assurance profession. this is a must because they expect to have access to the best tools for collaboration and execution.

  • The articles selected for this week are mostly focused on the soft skills required for our profession. After all, we are working with people, even thought we are IT Auditors. There are plenty of opinions regarding the so-called “Millennial” generation. This the generation you will most likely be working with as you mature in your career. How do you think the Audit and Assurance profession will benefit from their contributions?

    In my opinion, Millennial generation has both positive and negative impacts to the audit and assurance profession in IT aspect. On one hand, Millennial generation was born from early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years, and these people(including us) are the generation that uses technology mostly and nowadays, developments of technology is rapidly growing up because of these people who are supporting to growth. In other words, Millennial generation uses technology to do audit and assurance jobs and make it more efficiently, accurate, and reliable. On the other hand, because of the development of technology, there is a growing number of data breach, information leakage, system crash, etc. within lots of named organizations, e.g. Target, Verizon, Wells Fargo, etc. those inadequate attacks are also from Millennials, in my opinion. As a conclusion, Millennial generation has positive impact on Audit and Assurance profession because of its accuracy, efficiency and reliability, however, Millennial generation also has negative impact on Audit and Assurance because of the growth of hacker attacks and phishing attacks, negatively resulting companies’ information leakage and system crash.

  • As they grows up in a face-paced environment with emerging technologies, millenials are inclined to possess traits beneficial to audit and assurance. Quick adaptability, technology adeptness and skills in social media are some of the capabilities that enable their contribution to the profession.
    First, quick adaptability prepares the audit team for fast changes in auditing methodologies and processes. New technologies such as data analytics or automated testing in audit have been renovating auditing and assurance services. Millenials can learn fast and put these skills into their work.
    Secondly, millennials will help the organization to stay at the forefront of innovation in technology. For example, they are very likely to be the first ones to understand a new systems implemented into IT infrastructure and share their insights with the rest of the team members.
    Lastly, the generation of millennials understands social media better than most, which is a valuable marketing channel. They can help the organization to engage with its community and promote organization brand. For advisory or public accounting firms, millennial accountants will provide extra value to firms by acquiring new clients through social media.

  • It is common to hear people say “oh our generation was the golden generation, kids nowadays could never match up to our generation”. It’s human tendency to remember the good in the past and complain about the present. The same goes with the millennial generation often being expected to prove themselves, being given a hard time and being compared to the previous generations. The reality is that the millennial generation is a wonderful one with a lot to offer. Some of the qualities that I personally admire about them and believe the Audit and Assurance profession will benefit from are :
    • Ability to multi-task
    • Their ability to learn quickly and thoroughly- in the ever-changing IT world, the importance of this quality cannot be stressed enough
    • Their drive and passion towards what they believe in, they are not afraid to stand up and raise their voice – this quality especially is worth mentioning as it is important for an Auditor to be able to speak up when something is not right without fearing the consequences

    And finally, I would like to add that the millennials are an extremely lucky generation that they have such vast information resources available at their fingertips. The commitment and dedication in the millenials for what they find worth pursuing for, is commendable.

  • The articles selected for this week are mostly focused on the soft skills required for our profession. After all, we are working with people, even thought we are IT Auditors. There are plenty of opinions regarding the so-called “Millennial” generation. This the generation you will most likely be working with as you mature in your career. How do you think the Audit and Assurance profession will benefit from their contributions?

    Much like everyone else have mentioned, the Millennial generation will be the most adept in technology. They understand the fast-paced ever-changing technology environment and are quick to adept to these changes. They are able to learn new technology quickly and immediately put them to good use. The people in the business world right now are usually very resistant to change. They prefer to stick to their current old technology because they still work. As we know, organizations who still use legacy systems are more inclined to have financial troubles due to the high cost and lack of skills in the old system. The millennials can offer offer their insights on their knowledge of the current technology environment and offer suggestions to change legacy systems into a more current system.

  • Working in IT Audit domain requires a person to be dynamic, good at interacting with people from different industry. The person should be open to the changing environment and should be able to adapt to the changes. All these are the qualities of Millenials. They are the most techno-savvy people and are open to challenges. I believe these qualities help them to contribute a lot in IT Audit and assurance domain as this field requires a person to be knowledgeable and along with that should be good at working in a dynamic environment. Having people with these qualities can help teams and the organization to be successful and result oriented with the audits they perform.

  • The Millennial generation’s biggest soft skill that will contribute to the audit and assurance profession, I believe, is the exposure to technology from a young age. Having this long relationship with technology makes it easier for us to learn and adapt the inner workings of new and old technology. Millennials also have vast problem solving skills that can help them also investigate inconsistencies or discrepancies within these technologies and the workplace. Millenials are also a bit more outgoing and are open to exploring new things therefore making them a good fit for the IT audit field as they will have to interview/ ask questions to a lot of different people to gain information within the audit process.

  • Whenever there is a mention of the word millennials, people automatically assume them to be tech savvy. From my experience, we are more tech dependent and being tech savvy is argumentative. Millennials are often tagged as the “trophy generation” and one advantage that millennials have is that they are living in an age where there is a rapid evolution in technologies, which has forced them to adapt with similar pace. The increase in sophistication of technology has facilitated innovation, greatly. So, industries can expect the millennial generation to be more innovative in the fields of data analytics, documentation tools, visualization tools, etc. I also think that growing up in a different generation can also mean that millennials will have a different approach to go about solving complex issues that we see in the audit world. Another aspect is that of training. From my experience, colleges are focusing more on collaborative work through different projects, which can help millennials to be more collaborative in the audit projects and just the constantly improving nature of training will help them be better than the past generation.

  • As most others have noted, the greatest impact millennials will have is technology. One of the first generations to be “digital natives,” growing up with technology and therefore a high comfort level. During one of my internships as an undergrad I remember the company starting to use what they were calling “reverse mentoring.” This idea was that senior employees could learn from much younger and newer employees, especially with technology. There is a familiarity that comes with growing up with something as opposed to being exposed later in life, in a way it feels normal. That is something that cannot be replicated in older generations.

  • The articles selected for this week are mostly focused on the soft skills required for our profession. After all, we are working with people, even thought we are IT Auditors. There are plenty of opinions regarding the so-called “Millennial” generation. This the generation you will most likely be working with as you mature in your career. How do you think the Audit and Assurance profession will benefit from their contributions?

    There are several contributions the Millennial generation will bring to the IT audit field. The main reason in my opinion is they have been around technology from the video monitors above there cribs, to the powerful computers in their pants pockets.

    I like to use the term iGeneration for Millennials and younger. They have grown up around computers, and learned “home row” right after they could grasp the normal order of the alphabet.

    You can see the most socially popular startups are created by young tech entrepreneurs, who are part of the iGeneration. We are moving into a new world when it comes to “connected devices” and what the iGeneration 7 will expect in their apartments, their cars, or their .

    Knowing the direction of the future, the iGeneration can help us better understand evolving technologies, and the vulnerabilities it possesses. We are just starting to hear about security issues with IoT devices. It starts with a hacked smart television spying on you, but evolves into compromising your companies system because you plugged in your infected BYOD into the computer to charge it.

    The iGeneration will play an important role in making lives easier, and longer. We just need to keep defense in mind.

    • I forgot to add…

      The other contribution is the work style or culture of the iGeneration. In some instances, we are seeing large companies adapt to the iGeneration by offering “campus” services to the workforce. The ideas and life styles have proved to reduce some of the normal life stresses we may have.

      Dry cleaning, day care, restaurants, game rooms, water slides, and many more. One local company i was impressed by was Vanguard, you should check out their campus offerings. And, I am sure you can find other companies that are using the iGeneration style to transform the traditional cubical office into a community.

  • I think the most obvious benefit that the Audit and Assurance profession will realize from the Millennial generation is the comfort and knowledge that they have with technology. They were born into the computer generation and creates a comfort level that doesn’t exist in prior generations where that comfort level has to be learned and as witnessed through my experiences can be quite a challenge. There’s something to be said for technology and having a lifetime of information at your fingertips and having the expertise to leverage that information, however, there’s also a balance that needs to exist. The millennial generation is quick to challenge the status quo and create change, sometimes too quickly without thinking things through. Things have successfully been accomplished traditional ways forever and that history should not be forgotten and always considered when trying to create new ways to do things.

  • I believe that two advantages of “Millennial” generation is that they’re more adaptive and familiar with technology, especially in such a technological revolution century. As the first generation to have been raised with personal computers and smartphones, growing up with technology, this generation of young professionals are adaptive and digitally capable, making them already well versed in the technologies and skills that they need to succeed in the entry stages of today’s working world. Foremost, Millennials are media literate and technologically inclined. Not only is this group familiar with technology, they are dependent on it. Be they in a classroom setting analyzing Excel data or checking their Facebook and Twitter feeds to stay tuned into the world, Millennials are utilizing technology regularly throughout their days. This steadfast familiarity is providing them with a key competitive advantage over older workers, who might not necessarily be as digitally domesticated as the younger generation.

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