Audit Quality – Tips for Long Term Success

CPA firm managers across the board are acknowledging the need to improve audit quality and processes. Oversight organizations are cracking down on peer reviewers to enforce higher quality audit standards. Firms are taking extreme measures including looking for the right technology to help. If you are one of the firms I’m talking about then advice from Rob Cameron can help. Cameron is a 20+ year peer reviewer, firm business owner and an accountant. He understands the challenges facing accounting firms because he’s faced them himself – and he has an approach on how to overcome the challenges.

Start small but be prepared for larger changes

Cameron has a plethora of tips and best practices around firm monitoring, assessing and controlling fraud risk, and testing internal controls. Some tips should be easy to implement. For example, get it out of your head that you need to use the same system as your peer reviewer. You’ll get better advice from a peer reviewer that knows a variety of systems. Some best practices might be harder to implement. For example, your senior partners need to meet with their clients every year and share findings with the audit team. Not doing so can hinder your long-term success. There’s more tips and best practices, along with technology recommendations like Wolters Kluwer’s Integrated Audit Approach – made up of CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach and CCH Accounting Research Manager – in A Peer Reviewer’s Perspective on Knowledge Coach whitepaper.

Cameron has helped countless firms find their path to higher audit quality work and to long-term success. Would you like to be one of those firms too? Start by reading the entire whitepaper. In it you’ll learn what the KBA Methology is all about, why you should consider switching to it, and a whole lot of other value-add tips and best practices designed to keep you competitive. Read the whitepaper today, A Peer Reviewer’s Perspective on Knowledge Coach.

AUTHOR

Wendy Grice

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Grice

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