Audit Myths Prevail

Identifying, assessing and responding to risks of material misstatement are at the core of every audit. Therefore, it is somewhat surprising that an AICPA Peer Review Program study found that more than one in 10 firms aren’t:

  • Properly assessing risk
  • Linking their assessments to their audit procedures

In part, industry buzz says that part of this problem is because no technology exists today to help auditors overcome those challenges. Important to realize, though, that statement is an audit myth. Technology does exist today that overcomes all of them, and an e-book explains how.

This eBook, Steps for Excelling – with Guidance from the AICP Enhanced Audit Quality (EAQ) Initiative, dispels this kind of audit myth. In fact, the eBook shares information extremely relevant to today’s CPA-firm-auditor, including:

  • EAQ statistics and objectives
  • Consequences of failing to address risk assessment violations
  • Pros and Cons of current processes
  • How embracing technology will help

Audit myths

So, what are other audit myths buzzing around? Well, that same industry buzz also says that the following are not myths. However, once you investigate further, you will undoubtedly agree that the following actually ARE exactly that – audit myths.

  • First myth – No audit tool exists that will thoroughly assess internal controls
  • Second myth – There is no effective tool for assessing higher-risk areas vs lower-risk areas
  • Third myth – Linking program steps to identified audit risks must be done manually
  • Fourth myth – Sufficiently testing client internal controls is difficult to do with optimum accuracy

Remember, you do not have to buy into these audit myths. Keep reading and you will understand why.

Wolters Kluwer supports EAQ objectives

It is not true that there is not a solution available today that:

  • Addresses all areas of audit risk assessment
  • Within a fully integrated and dynamic audit platform
  • And supports audits of all sizes

In fact, at Wolters Kluwer we have a solution available today that addresses the common risk-assessment violations noted by the AICPA. Moreover, we fully endorse the EAQ Initiative’s objectives for improved audit quality, as is evident in our CCH ProSystem fx Knowledge Coach solution.

Knowledge Coach

Knowledge Coach  is the most comprehensive solution in the market today. Also, the solution’s risk-based methodology addresses and solves for all the risk violations that today’s most commonly used methodology does not. Moreover, this patented and award-winning technology received a passing Peer Review from the AICPA. Therefore, if you haven’t already checked out Knowledge Coach, it’s time you do. Alternatively, if you have previously checked out Knowledge Coach, now is the time to look at it again! Put simply, these noted risk-assessment violations are just too important to ignore … wouldn’t you agree? Thus, there is simply no time like the present to address them, and with the help of the best risk-based technology available today – CCH ProSystem fx Knowledge Coach.

Take action

Given these points, are you ready to learn more about the best risk-based technology around that will help you:

  • Address all areas of audit risk assessment within a fully integrated and dynamic platform that supports audits of all sizes
  • Overcome all of the AICPA-noted common risk violations today
  • Make money on your audits

Surely you are, so there are two things you should do.

  1. Read the eBook
  2. Complete the form below

Yes, I’d like to continue this conversation with my account rep about how Knowledge Coach can improve my audit workflow and help my firm make money.

P.S. Knowledge Coach is part of Wolters Kluwer’s Integrated Audit Approach. This approach seamlessly unites these integrated audit solutions – CCH Audit Accelerator, CCH ProSystem fx Engagement, TeamMate Analytics, CCH ProSystem fx Knowledge Coach, CCH Accounting Research Manager. Additionally, it also leverages our School of Audit.

To learn more about these award-winning solutions and services simply click the desired link to visit the webpage.

AUTHOR

Wendy Cable

All stories by: Wendy Cable