Are Quality Audits Possible?

Quality Audits are possible. When you have good audit workflow habits combined with future-ready technology that will enhance those good habits the end-result will be the highest quality audits you can produce.

In a recent webinar, industry thought leaders Jim Bourke of Withum and Cathy Rowe of Wolters Kluwer discussed this very topic. They talked about good habits in six areas that the audit team at Withum has embraced, and through them gained improved audit quality and efficiency. The six areas include:

    1. Ensure client readiness
    2. Linking the risk assessment to work performed
    3. Perform analytical procedures
    4. Staff training
    5. Standardize and automate end-to-end workflow
    6. Define the review process

Good Habits for Quality Audits

To add, a few of the good habits they shared include:

  • Retaining staff year over year is key to profitability. Ramp up new staff quickly; free up seniors to focus on core business.
  • The more you can standardize your workflow, the more efficient you will be. Look for niche templates and roll-forward options.
  • Use technology to remove the human factor where possible. Automate data collection.

That is only the tip of the iceberg regarding what you will learn from this one-hour webinar. The webinar recording is free to view, too. The only thing holding you back is finding enough time on your calendar. So, find the time. These two are a wealth of knowledge. There is no doubt in my mind that you will pick up ideas you never thought of and, once implemented, that your audit quality and efficiency will improve too.

Are you interested in learning how applying what this successful firm has done can make you and your firm even more successful too? Then watch the webinar recording today, Six New Habits of Highly Effective Audit Teams. No time today to watch the full webinar? Then start by reading the short whitepaper on the subject. After reading it, you will want to hear more, I am sure. Finally, if you only have a few moments right now, then at minimum look at the Integrated Audit Approach webpage. There you will find the kind of technology Withum uses to make their good habits shine!

AUTHOR

Wendy Cable

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Cable

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