Audit work can be a profitable and rewarding service for firms to offer, but it is not immune to the challenges faced by tax firms. Staffing problems, under-prepared clients and technology issues affect all firms, but added scrutiny on audit quality has elevated these issues. In a recent webinar, Wolters Kluwer Product Manager Cathy Rowe and Withum Partner and CIO Jim Bourke discussed how a few good habits can help your team improve audit quality and efficiency. These habits are:
- Train and retain staff
- Know your client and know the industry
- Standardize and automate end-to-end workflow
- Define the review process
- Ensure Client Readiness
- Leverage data analysis
Incorporating these habits into your everyday audit workflows may take some work, but technology can help ease the burden. The webinar includes real-world stories and advice, courtesy of Withum’s Jim Bourke, and many useful tips for enabling these habits in your firm.
The webinar, 6 Secrets to Highly Effective Audits is available on-demand from Accounting Today. Watch now!