Enhancing Audit Quality Focus & Trends for 2020

Enhancing Audit Quality Focus & Trends for 2020

While the way that we interact with our clients has changed recently, audit standards have not changed.  Fact is, auditors need to maintain their focus on enhancing audit quality and other trends that will drive our profession forward. To help, this blog outlines our recent webinar, Enhancing Audit Quality Focus & Trends for 2020.  During the webinar, three industry thought leaders discussed recent trends and challenges facing auditors. For example, risk assessment was one of them and is identified as a core focus area for 2020. Additionally, the speakers shared tools available today that can help overcome those hurdles.  Those audit experts included:

  • First, Carl Mayes, Senior Technical Manager of Special Projects at the AICPA
  • Second, Garrett Stenhouse, Manager at DiSanto Priest & Co.
  • Third, Patrick Tokarski, Senior Technical Product Manager at Wolters Kluwer

Technologies that help overcome the challenges

To continue, risk assessment at the assertion level appears to be an ongoing challenge.  Per Carl, “If you’re not identifying the assertions that are relevant at your client, then you’re not meeting that standard”.  With that said, the good news is that you can overcome this challenge with the help of technology. In fact, CCH ProSystem fx® Knowledge Coach helps ensure compliance by requiring risk assessment at the assertion level. 

To add, a significant opportunity for auditors right now is finding ways to incorporate data analytics into their procedures.  As an example, Garrett saw opportunity in using the TeamMate™ Analytics solution to help analyze large populations of data.   He stated, “The amount of data available that these analytics could apply to is just going to explode.  I think that’s another opportunity to be a trusted advisor to our clients.  These analytic tools give us the ability to address what we need to address. Additionally, they give us a product that I think our clients are going to like”.

Moreover, the pace of technology change continues to challenge the audit profession as well, with new tools constantly being released. However, this provides an opportunity for auditors to review their current technology and look for ways to improve efficiency.  Therefore, when evaluating tools, some things to consider include:

  • One, how does the tool help the firm collaborate with its clients?
  • Two, does the tool integrate with other software the firm is using?
  • Three, could cloud-based tools enhance our ability to work remotely?

Keep learning

In short, these industry experts shared a plethora of valuable information during this 1-hour webinar. Including what Wolters Kluwer tools help meet the challenges, and how. So, keep learning. Watch this Accounting Today hosted webinar at your convenience, Enhancing Audit Quality Focus & Trends for 2020.  #ForwardsNotBackward

P.S. We applaud you for serving as the Quiet Hero who is helping individuals and businesses navigate this extended tax season. Take a moment to watch the video and accept our gratitude for all that you’re doing. #ForwardTogether

AUTHOR

Patrick Tokarski

All stories by: Patrick Tokarski