Deliver Higher Quality Audits With Audit Best Practices & Audit Tips

The AICPA and other organizations have current initiatives underway to demand that accounting firms start delivering higher quality audits. Because of those initiatives, firms need new and innovative ways to improve their audit quality without sacrificing efficiency. This isn’t easy, when you consider factors like finding and keeping talent, increased fee pressures and more. The trick is to balance the “need for better” with the “need to remain efficient and profitable.” K-Coe Isom LLP has figured it out, repeatedly delivering higher quality audits without sacrificing efficiency. And they have audit best practices and tips to share so you can learn how to do so too.

During a webinar hosted by Accounting Today, Bryce Gibbs, a Principal at K-Coe Isom LLP and Robin Penney, an Accounting & Audit Technical Product Manager at Wolters Kluwer discussed some real-life stories behind the K-Coe Isom audit team’s success. Gibbs chatted about his firm’s challenges of balancing audit quality and productivity with fee pressures and cost reduction. He also talked about how his firm uses technology — like Wolters Kluwer’s Integrated Audit Approach — to meet these challenges. And he shared audit best practices and audit tips from these real-life stories.

Audit Best Practices Lead to Happier Staff

Firms don’t have to start from scratch on their audit quality initiatives. Instead, they can leverage Gibbs’ advice and strive to reach the same results. He knows from experience that taking the time to implement audit best practices leads to happier staff and better audit engagements. Here are few audit tips that K-Coe Isom uses to unlock hours on their audit engagements while upping their audit quality.

  • Shift more work out of busy season to help with workload compression.
  • Give people feedback early and often via timely workpaper reviews.
  • Take time to help your auditors be smarter, better business advisors. Encourage them to seek opportunities for their audit-engagements by getting to know each client’s business better.

If you’re interested in learning best practices to help your firm deliver higher quality audits, take the time to watch the full webinar. Are you ready to learn audit best practices and audit tips that will help your firm deliver higher quality audits? Watch the one-hour video to start now: Innovative Ways to Improve Audit Quality Without Sacrificing Efficiency

AUTHOR

Wendy Cable

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Cable

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