Fill the Gap in Your Audit Practice

What’s Next?

As we move past the extended busy season many auditors are looking forward to catching their breath.  This year has challenged firms in ways we have not seen before.  Firms have transitioned to a remote workforce and client service experience.   Audits may have been delayed while meeting extended tax filing deadlines and assisting clients with the Payroll Protection Program.  After taking a well-deserved break, auditors may be wondering “What’s Next?”.

Get Caught Up

While firms were scrambling to met changing deadlines and new regulations, standard setters have also reacted to the current environment.  Some examples of recent changes that auditors need to be aware of include:

  • FASB has deferred the effective date for the revenue recognition and lease standards for certain entities. 
  •  GASB has postponed the effective dates of upcoming pronouncements.
  • ASB has deferred the effective date of SAS 134 -140 by one year but allowed for early implementation.

It is important to understand these and other recent pronouncements to help guide clients and manage the audit practice.  If implemented, SAS 134-140 will require significant changes in audit procedures and reporting.  Firms need to evaluate these changes now to ensure they are properly implemented.  CCH® CPELink offers many webinars and self-study courses to assist auditors in getting caught up with the changes. 

Start Planning

Helping to navigate these unprecedented times has required auditors to develop a deeper understanding of their client’s business.  What better way to use this understanding than to start planning the upcoming audit now?  Staff members can fill any down time by rolling forward engagements and updating documentation for known changes.  Firms that use CCH® Prosystem fx® Knowledge Coach can take advantage of the ‘Update on the Fly” feature.  This feature allows planning to start now and forms to be updated for later content at any time without losing any data.  This feature is especially useful for firms still deciding if they will early implement the new audit standards.  Starting planning now can free up time in the next busy and accelerate cash flow.

Fill the Gap

Firms have experienced constant change so far this year and there is more on the horizon.  Auditors can fill any gaps in time learning about the upcoming changes and planning for their implementation.  Doing this now can free up time later in the year and help meet the firm’s financial goals. 

Learn more about Wolters Kluwer’s Integrated Audit Approach today.

AUTHOR

Patrick Tokarski

All stories by: Patrick Tokarski