Insights on audit trends and methodology
Tax & AccountingFebruary 22, 2021

A Transformative Audit Methodology

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Last year, accounting firms had to navigate over and around unprecedented obstacles. But many of those challenges also present opportunities and transform audit processes and efficiency. Jim Boomer, CPA.CITP, MBA and founder of Boomer Consulting, has written an insightful white paper examining what current audit trends mean for the future of firms. Additionally, he highlighted the role of Wolters Kluwer’s transformative audit methodology in helping firms deliver higher quality audits and more delightful client service.

Get your copy of Auditor’s Reality Post-2020for an assessment of what will have the greatest impact on the five pillars of success at firms:

  • Leadership – Maintaining a growth mindset and continuous learning can make the difference between failure and success. Further, firm leaders need to stay open to new ideas and processes that enhance auditing.
  • Talent – Not only were cloud-enabled firms able to shift effortlessly to working from home, now they can recruit talent anywhere. Moreover, these workforce trends will continue after the pandemic.
  • Technology – In addition to anytime, anywhere work in the cloud, notable trends include intelligent automation and turning turn data into actionable insights.
  • Process – Improved processes, intertwined with new technology, will create new efficiencies through automation and deliver more value to clients.
  • Growth – Firms are not only seeking greater quality by using analytics, but also trying to improve the clients’ audit experience.

Transform audit practices to eliminate inefficiencies

When firms’ internal operations lack efficiency, they often struggle to deliver effective compliance and expert insights expected by clients. The Auditor’s Reality Post-2020 white paper discusses seven pain points in the audit process that can imperil audit profitability and client experience. Specifically, these pain points include: ongoing integration issues, lack of automation, lack of visibility, difficult collaboration, and others.

Additionally, Auditor’s Reality Post-2020 explains the transformative audit methodology built into Wolters Kluwer’s Integrated Audit Approach. Jim Boomer describes the approach as “GPS for auditors.”

Specifically developed in response to risk assessment standards, Wolters Kluwer’s Knowledge‑Based Audit (KBA) Methodology lies at the heart of this approach. Supported by the methodology, dynamic feedback, and authoritative research content, these integrated audit and engagement solutions transform audit practices:

  • CCH® ProSystem fx® Engagement
  • CCH® ProSystem fx® Knowledge Coach and CCH Axcess™ Knowledge Coach
  • TeamMate® Analytics

The white paper walks step by step through the Integrated Audit Approach, explaining how each solution elevates audit quality and efficiency. Get your copy today.