The COVID-19 pandemic has exposed the obsolescence and vulnerability of many existing auditing practices. While some progressive practices have been implemented (e.g., remote audits using rudimentary information and communication technologies), a new paradigm is needed not only to account for the risk of repeated lockdowns but also to align practices with the level of digitalization, automation, and use of artificial intelligence in the current business environment. In this article, we argue that the adoption of new technologies requires a fundamental rethinking of how auditing services are delivered. We argue that new technological possibilities have implications for five other auditing elements that enable a shift from the old to the new paradigm of auditing, namely actors, processes, spaces, training and skills development, and services. We explain how nonfinancial audits conducted under the new paradigm are key enablers of a firm's ability to participate and to thrive in a competitive international marketplace.

Many companies are implementing transparency initiatives to improve environmental and social impacts throughout their supply chains. Meaningful change, however, is elusive, and transparency efforts are often criticized as legitimizing mechanisms or "window-dressing." This article introduces a model of transformational transparency that enables new insights to drive radical change in companies and supply chains, as well as in industries and society at large. The model highlights the need for technological investments grounded in improving data, empowering stakeholders, and applying moral leadership. It presents examples that demonstrate how the model allows companies to foster dramatic improvements in social and environmental impacts.