The Future of Audit and Technology – Are you ready?

When it comes to the future of audit and technology, are you ready? What image comes to mind when you hear ‘the Future’? John F. Kennedy once said, “Change is the law of life. Those who look only to the past or present are certain to miss the future.” That quote is not only interesting, it is also relevant to the accounting profession.

Recently, the AICPA published the “Audit Data Analytics Guide”. This guide enables auditors to enhance audit quality by using new technologies, skills and capabilities, like audit data analytics (ADAs).  Put simply, the days of doing traditional audits have been transformed by technology.

So, what’s our next move? Well, we should focus on leveraging technologies to test an entire dataset versus relying on traditional sampling techniques of yesteryear.  With the onset of ADAs like:

  • Computer aided assisting techniques (CAAT) software
  • Continuous auditing
  • Other data analytic tools

adaptation is a necessity. Tomorrow’s audit services will only be available and understandable if today’s accounting professionals are properly educated in these new tools!

Not surprisingly, Wolters Kluwer can help. We offer a variety of courses in a unique, hands-on, case-study-based training experience … and based on experience level.

CCH Learning and Development Academy – The School of Audit

Our School of Audit role-based programs are designed for all levels of staff, ranging from:

  • New Hire Level 1
  • Experienced Staff Level 2
  • Senior Staff Level 3
  • Experienced Senior Staff Level 4

Furthermore, programs are uniquely created to:

  • Accelerate your firm’s auditing credentials
  • Invest in your top talent
  • Implement a standard learning solution for your entire team

Also, progressive levels built into the program allow you to select the level that best suits your learning requirements and organization goals.  Additionally, the Academy teaches how to audit using Wolters Kluwer’s CCH-suite of audit solutions, including:

  • CCH ProSystem fx Engagement
  • CCH ProSystem fx Knowledge Coach
  • TeamMate Analytics
  • Accounting Research Manager

Indeed, the “big data” movement and advances in software analytics offer auditors a better way to identify risks related to:

  • Financial Reporting
  • Fraud
  • Business Risks

Fact is, the audit of the future could look quite different from the audit of today. In short, auditors simply must start thinking about what advances in technology will:

  • Identify key risk areas
  • Deliver enhanced quality
  • While also reducing costs

Again, not surprisingly, Wolters Kluwer can help!

ADAs – TeamMate Analytics

For example, the unique approach of CCH Learning and Development Academy School of Audit courses helps. In each course, attendees learn how to incorporate ADAs into audit procedures using TeamMate Analytics. Specifically, regarding TeamMate Analytics, topics covered include:

  • New Hire Staff – Exception Reports, Random Sampling, Gap Testing
  • Experienced Staff – Journal Entry Testing, Duplicates Testing, Summarize, Aging, Exception Reports, Random Sampling
  • Senior Staff – Stratification, Random Sampling, Exception Reports, Join 2 Sheets, Aging, Benford’s Law, Advanced Summary, Ledger Split
  • Experienced Senior – Customer Modules, Advanced Import Wizard

Conclusion

Undoubtedly, the most important investment in the future of audit services is the time we take to educate our future auditors on both current and future tools they need. Educating your firm on the use of ADAs, such as TeamMate Analytics, is one way to ensure readiness.

The future is upon us. The time to act is now. Learn more about the School of Audit, and sign up for course, by visiting our webpage.

AUTHOR

Joam Singh

All stories by: Joam Singh