The Accounting profession continues to face numerous audit challenges. While fast changing technology, staffing shortages, and continued evolution of audit processes are causes, regardless, CPA firms must adapt rapidly.
In our recent webinar, 3 Key Audit Challenges Solved by Technology, Brad Caruso – Partner at WithumSmith+Brown, discussed the:
- Importance of evaluating the firms processes
- Technology being used to ensure the firm is staying on the cutting edge:
- With their clients
- And, able to retain top talent
Additionally, Caruso gave his insights on what those key audit challenges facing firms today include:
- Accessing client data in preparation for testing
- Audit Analytics and incorporating them in the audit workflow
- Finding ways to automate our processes
Let’s look at some current processes around these challenges, and what good options are available today that help.
Overcome Key Audit Challenges with Technology
When it comes to accessing data in preparation for testing, we ultimately find ourselves working with multiple general ledger packages. Moreover, most of those packages produce reports in slightly different formats. However, one way to overcome this specific challenge is with technology like CCH Audit Accelerator. CCH Audit Accelerator enables the auditor to:
- Connect directly with their client’s general ledger package
- Import the information directly into the cloud-based solution
- Immediately have access to standard dynamic reports and workpapers, regardless of the general ledger package from which the information was imported
To add, incorporating Analytics into the audit process is another challenge that firms currently face. Furthermore, the AICPA Radar Initiative discusses:
- Importance of incorporating analytics into the entire audit workflow process
- Talks about the need to move away from traditional sampling
So, what options will help? Well, with a tool like TeamMate Analytics, firms can sample entire populations of transactions. Fact is, without technology like TeamMate Analytics, firms cannot perform analytics on entire populations of data while still gaining efficiency in their workflow processes.
Finally, automation of processes is another challenge facing firms. It doesn’t matter whether they’re trying to automate an end-to-end audit workflow, specific tasks within it, or simply find better ways to collaborate with customers. Firms want to improve efficiency through automation. The best option for this challenge is using an integrated audit approach. Wolters Kluwer’s Integrated Audit Approach includes CCH:
- ProSystem fx Engagement
- Engagement Organizer
- ProSystem fx Knowledge Coach
- Audit Accelerator
- TeamMate Analytics
- Accounting Research Manager
All work together seamlessly, enabling firms to automate and standardize processes as a means of gaining efficiency in their workflow.
Tackling these challenges isn’t always easy and fast. The more you know, the easier it will be. So, start with simple steps. For example: