Auditor hot topics seem to be constantly moving targets at times. That is why each year, auditors look for tools and resources to help stay informed. The annual Accounting Today State of Audit webinar is a resource worth checking out.
The presenters of this “auditor hot topics” session are industry leaders Carrie Kostelec, Accounting Editor and Robin Penney, Audit Product Manager. These two clearly know the subject matter. Combined, they have over 30 years of experience working in or for the accounting industry. The discussion covers the latest in audit developments, including auditor hot topics, top deficiencies affecting peer review and how Wolters Kluwer’s Integrated Audit Approach can help.
Auditor Hot Topics – Sufficiency of audit evidence
One auditor hot topic involves a common deficiency found during peer review. The problem appears to be ‘sufficiency of audit evidence’. GAAS requirements state that auditing documentation must be sufficient so that an experienced auditor – with no previous connection to the audit – can understand everything about it, including results of procedure, significant findings and more. Yet the Enhanced Oversight Board issued an alert in April 2016 with alarming findings. They reported that 44% of engagements were nonconforming. Additionally, Peer Reviewers missed 82% of those nonconforming engagements. When you consider that just because you passed your peer review last year does not mean you will pass it next year – and that is a big problem!
An Integrated Audit Approach
So what is the answer? Wolters Kluwer’s Integrated Audit Approach is certainly a solution. Consider it if you have not already. The Integrated Audit Approach has three tightly integrated products, including CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach and CCH Accounting Research Manager. All are very robust and are heavily based on compliance and risk assessment. Take Knowledge Coach, for instance. Typically, you change your approach often during an audit so you are constantly learning more and more. By design, Knowledge Coach guides you as you make those changes – virtually eliminating the risk of insufficient evidence mentioned in the example above. Penney shows exactly how that works, so you will see it firsthand when you watch the video.
Are you interested in improving your firm’s audit quality and efficiency? If you are a partner, manager or staff that performs audit engagements on public or non-public entities you will benefit from watching this presentation. Moreover, it is free, so there is nothing for you to lose and a lot for you to gain. Just click on the link to watch The State of Audit 2016 today!