From conversations with our customers and contacts at leading audit firms, we have noticed some frequently asked questions around Open Banking that keep coming up. How can Open Banking improve and boost audit processes and capacities? We’ve compiled three common questions here, along with their answers.

1. How can Open Banking help eliminate wrong or incomplete information?

Incomplete or incorrect information can really throw a spanner in the works during and at the end of audit: when this issue is identified, additional time will need to be spent on acquiring the information or rectifying what is already there. For example, clients may not disclose all bank accounts or business entities right away, meaning extra time and effort is spent on ensuring completeness of information.

What can be done to mitigate this?

Read more here.