Innovative Ways to Improve Audit Quality

Uncovering innovative ways to improve audit quality without sacrificing efficiency is critical for CPA firms these days. Put simply, the challenges of balancing audit quality while staying efficient requires firms simultaneously provide advice and insight to clients while remaining productive. Unfortunately, that is not always easy to do. Firms should investigate smart technology. With the right smart technology, firms can use their people in the best possible way.

Smart Technology and Audit Quality

Moreover, Wolters Kluwer’s Integrated Audit Approach is a great example of the right kind of smart technology. With 5 key components – CCH Audit Accelerator, TeamMate Analytics, CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach and CCH Accounting Research Manager – the approach provides all the essential points that smart technology should, including:

  1. Current technology leveraged in a paperless system.
  2. An end-to-end process that checks for mismatched information and other risks.
  3. An audit system that helps firms do more work with the same or fewer resources.

Audit Quality = Integrated Audit Approach

Bryce Gibbs, Principal at K-Coe Isom LLP, says, “The ability to be an advisor is a result of embracing the Integrated Audit Approach concept – learning about the client and understanding what they are doing and what they are facing as a business and industry, and designing the audit around that”. Additionally, regarding understanding the flow and logic of an audit, he says, “Our auditors want to know why and be part of the decision-making process. Wolters Kluwer’s Integrated Audit Approach allows them to do that.”

So, are you curious to know more about how smart technology can help improve audit quality in your workflow? Then read this whitepaper to learn more, including best practices and tips to achieve maximum efficiency and audit quality.

AUTHOR

Wendy Cable

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Cable