Friday, October 25th, 2019

How Proactive Is Your Audit Team?

“If it moves, tick it.” – Audit Senior, Audit Day 1

Things are rapidly changing in the CPA profession and the one area that seems to be changing most rapidly is the audit. Many firms are continuing to perform an audit the way they have always performed audits and that is why you need to make sure that your audit leaders are keeping pace with the current trends.

Be sure to read an article by Bill Curtis via Accounting Today: Why you and your audit team should consider a remote audit next year. Curtis is the partner-in-charge of the Birmingham office of Mauldin & Jenkins.

  • Audits cause a certain amount of disruption and inconvenience for the client.
  • Modern technology allow audit teams to share and receive data with clients from any location.
  • Remote audits save time and money.
  • The audit team will also be more efficient working in their home office environment with all its tools and comforts — multiple monitors, high-speed internet, familiar scanners and copiers and all the rest. The result is fewer hours needed to complete the work, and probably faster turnaround times for the financial statements company leaders are anxious to see.
  • Some audits can take place entirely in the digital realm, but most will still require some on-site time and in-person consultation.

There are a lot more positives about performing a remote audit, for the firm and for the client. Share this article with your audit leaders. Hopefully, your audit leaders are already sharing information like this with everyone in the firm and taking steps to utilize the amazing technology available today.

 

  • "Remote audits are a trend that’s gaining traction rapidly, and it’s easy to see why their popularity is growing."
  • Bill Curtis

One Response to “How Proactive Is Your Audit Team?”

  1. In theory computer assisted auditing ought to help spot things that other approaches might overlook. I don’t see very much of it actually going on but I hope it grows as it offers potential.

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