How to Achieve Amazing Realizations through Audit Technology
Audit technology tools have come a long way since the days of lugging thick three-ring binders to client sites. Today, cloud-based audit solutions allow auditors in the field to work with colleagues in the office in real-time. Everyone can share the same up-to-date data and workpapers. These amazing tools have made auditing more efficient and accurate than ever before.
In the next decade, emerging technology will improve audit realizations and deliver more value to clients. Auditors will spend less and less time on routine and repetitive tasks. Instead, they’ll automate the process of gathering, inputting and sorting client data. AI will sift through data streams, quickly testing 100% of data and identifying trends. AI and predictive analytics will free auditors to spend more time engaging with clients as trusted advisors.
- How technology is challenging the status quo of auditing
- 3 ways to avoid trouble in your audits
- What emerging technologies will revolutionize auditing over the next 10 years
- 5 ways your firm can begin to leverage better audit technology today
Take the first steps toward the future of audit
Even if your firm isn’t an early adopter of advanced audit technology, take steps today to prepare for the future. Focus on eliminating paper-based audit processes by adopting integrated, digital workflows.
First, look for ways to automate the client collaboration process, so you can streamline the process for receiving information from them. Implement tools that can extract client data and turn it into standardized digital workpapers. For example, CCH® ProSystem fx® Engagement keeps digital workpapers organized and up to date, and makes it easy to roll your digital engagement binders forward to save time next year.
Second, take advantage of cloud-based audit solutions to give auditors in the field access to all of the same data they have in the office. It also empowers your entire team to work remotely when needed—a business saver during the past year of pandemic. Cloud-based audit solutions like CCH Axcess™ are highly affordable and give small firms the same technological advantages enjoyed by much larger firms. CCH Axcess solutions deliver the Wolters Kluwer’s Integrated Audit Approach—combining client collaboration, workpapers, audit planning, risk assessment, testing, analytics and more into one integrated cloud audit workflow.
Enable auditors to work remotely in the field with as much data as they have in the office. There’s another advantage to cloud-based audit solutions — they’re highly affordable. Today, small firms can take advantage of the same level of cloud technology as very large firms. Check out what CCH Axcess has to offer. If you can use integrated audit solutions for client collaboration, workpaper organization, audit planning, testing, diagnostics, analytics and benchmarking, your auditors will enjoy the most efficient workflow possible throughout the audit. Wolters Kluwer’s Integrated Audit Approach was designed to deliver superior accuracy, efficiency and accountability compared to using standalone solutions.
Third, if your firm is still using checklists, you need to adopt a risk-based audit methodology. Unlike checklists, a risk-based audit planning solution like CCH Axcess Knowledge Coach and CCH® ProSystem fx® Knowledge Coach helps auditors assess risks and tie them to audit procedures. It automates much of the routine administrative aspect of audit planning, freeing your auditors to focus on applying their professional judgment to identify areas of risk. Being able to establish linkages between risks and procedures supports audit quality.
Finally, consider adding audit analytics to your audit workflow. It’s the best way to ensure that your firm produces high-quality audits the AICPA and peer reviewers expect. Many firms believe they’ll have to completely replace their audit solutions in order to benefit from advanced technologies like AI and audit analytics. But this isn’t the case. An iterative approach to advancing your technology might create better (and more cost effective) results for your firm. For example, TeamMate® Analytics simplifies audit test automation and works within the familiar Microsoft Excel interface. It guides auditors through how to use more than 150 tools, including gap and duplicate detection, Benford’s testing, Monetary Unit Sampling, and more. Now, with the addition of Expert Analyzer, firms can standardize sets of tests to automate multi-step analysis.
Exciting new uses of emerging technologies will reimage the future of audit during the next decade. Taking steps now to streamline, automate and digitize your audit workflow can position your firm for the future while improving audit realizations today.