An auditor understands your business commercially, not just financially
The most common frustration our research surfaces is the sense that an auditor knows the numbers but does not know the business. The audit gets done. The box gets ticked. But the findings feel generic. While an auditor cannot take management decisions or assume an advisory role that compromises independence, clients value forward-looking observations arising from the auditor’s work and sector experience.
A quarter of respondents in our 2026 research say that more commercially relevant observations and insight is the single most important way to improve audit value. And, when it comes to selecting an auditor, 91% cite commercial understanding of their business and sector as highly important.
What does this look like in practice? It means an auditor who has worked with enough businesses in your sector to recognise what is normal, what is a warning sign, and what represents an opportunity. It means audit findings that are contextualised, and conversations that go beyond the audit file into the commercial reality of the business.
If your current auditor could not tell you the two or three biggest financial pressure points facing your sector right now, that is a knowledge gap worth taking seriously. Dave McGarry, Head of Audit & Assurance for Azets Ireland explains:
“Clients increasingly judge a firm by the experience, not just the output. Clients rightly expect technical competence, but their overall experience is also shaped by continuity, communication and the team’s understanding of their business. The complaint I hear most is about continuity. A new team every year who has to be walked through the business from scratch. Clients want an audit team that already understands how they operate, so time is spent on substance and the real areas of importance to the business, rather than re-explaining the basics.”
A forward-looking perspective grounded in the audit
The traditional audit is inherently retrospective. It examines what happened in the financial year just closed.
The problem is that business leaders in 2026 are not primarily concerned with what happened last year. They are concerned with what is coming. The risks on the horizon, the regulatory changes taking effect, the structural shifts in their market that will affect their financial position in the next 12 to 36 months.
58% of business leaders in our research say they want the audit relationship to become more advisory and forward-looking, with their auditor acting as a trusted business adviser. A further 43% place a more forward-looking risk perspective in their top three ways to improve audit value.
Auditors can bring a forward-looking perspective by sharing relevant observations arising from the audit, their knowledge of the sector and their understanding of emerging reporting and regulatory risks.
Navigating regulatory complexity with confidence
Regulation remains a major concern for business leaders, particularly those operating across multiple jurisdictions or navigating evolving requirements in areas such as ESG, data governance and financial crime compliance.
Auditors can help organisations understand the financial reporting and control implications of regulatory change, identify matters relevant to the audit and communicate observations for management to evaluate and address. In our research, 90% of respondents said regulatory knowledge is highly important when selecting an auditor, while 61% identified regulatory guidance and peace of mind as the greatest value their auditor had delivered over the past two years.
The most effective auditors combine deep sector expertise with broad regulatory insight. They help organisations focus on what is genuinely material, anticipate change, and manage risk with confidence.
For businesses operating in complex or regulated environments, regulatory confidence is far more than a compliance benefit. It is a valuable source of strategic assurance and commercial resilience. Roberto Infriccioli, Chief Risk Officer, Stellantis Financial Services UK says
“The real audit experience is understanding that you have a team that’s fully dedicated to your function for a period of time, testing what you’re doing and ensuring that it is effective from a company perspective, from a shareholder perspective, from a regulator perspective. It brings assurance and understanding of where things need to improve to perform at the level that our stakeholders are expecting. This is where audit brings value.”
Turning audit findings into operational improvements
An audit creates value when its findings lead to meaningful improvement, not when observations are simply documented and revisited year after year.
Business leaders increasingly expect audits to deliver practical outcomes. Our research shows that 56% say their auditor added most value through improvements to financial reporting and accounting processes, while 52% point to the identification of financial risks or control weaknesses. A further 43% cite practical recommendations that changed how their business operates.
Together, these findings highlight a clear expectation: organisations want auditors who do more than identify issues. They want auditors to explain the significance of findings clearly, distinguish important matters from less significant observations, and give management a sound evidence base from which to determine and implement its own response.
The Human Element Still Matters
Technology is transforming how audits are delivered, with AI, automation and data analytics making the process more efficient and comprehensive. Yet our research shows that business leaders continue to place significant value on the people behind the audit.
In fact, 89% of respondents say having a real person available when needed is highly important, while 87% value a personal, hands-on approach from senior members of the audit team.
While technology can enhance the audit process, strong relationships remain central to a positive audit experience. Business leaders value continuity, accessibility and advisors who take the time to understand their organisation. Dave McGarry, Head of Audit & Assurance for Azets Ireland explains:
“AI is brilliant at doing the heavy lifting, sifting huge volumes of data and flagging what needs a second look. But it can’t sit across the table from a client and ask the right question at the right moment. Technology can process data faster than any person, but it can’t read a room, challenge a client constructively, or build the trust that makes an audit actually work. That’s still down to people.”
In a profession where AI is handling an increasing proportion of the technical process, the quality of the human relationship is becoming a more significant differentiator, not less.
What this means if you are reviewing your audit relationship
The qualities business leaders value most in an auditor are not new or unexpected. They centre on deep sector knowledge, practical insight, strong communication and a genuine understanding of the business.
If your current audit relationship delivers across these areas, it is likely contributing value well beyond compliance. If there are gaps, it may be worth considering whether you are getting the full benefit that an audit relationship can offer.
A good auditor does more than report on the financial statements. Through the work required to perform a high-quality audit, they can provide relevant observations that help management understand risk, strengthen financial reporting and make better-informed decisions.
This article draws on data from A Fresh Perspective on Audit, an independent research study commissioned by Azets. Research was conducted across 207 interviews with senior decision- makers, finance directors and audit leaders in August 2026 across the UK, Ireland and Sweden. Download the full report.
