Audit is changing. Is your audit process keeping up?

Declining audit quality has been getting a lot of attention lately, with the AICPA’s Enhancing Audit Quality initiative at the forefront.  The AICPA’s 6-point plan includes a proposal to move to a continuous peer review process driven by technology. More than just more red tape for auditors, this movement represents an opportunity for firms to examine their current processes and proactively identify areas to improve.

A recent Wolters Kluwer whitepaper titled Is your audit process ready for the ACIPA’s audit quality initiatives? explores this new perspective and suggests some ways to move beyond the “checklist mentality” that has produced the audit quality problems the profession is currently struggling with. As accuracy and accountability are on everyone’s minds, the firms producing the highest-quality audits will win the lion’s share of business from clients facing increasing scrutiny. Auditors with proven successes will have an immediate advantage.

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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