Tools and Talent: Transforming Your Audit Strategy

Across the country and around the world, the audit practices in firms of all sizes are facing a series of challenges.

Use of data.

Increasingly, auditors are expected to use data analytics and emerging technologies to improve the value of their audits. Yet many auditors aren't really sure how to incorporate data into their audit procedures or how the use of data show impact the audit opinion.

Audit quality.

Quality has always been foundational to the services CPAs provide to their clients. However, the AICPA's Enhancing Audit Quality Initiative is bringing more scrutiny to the peer-review process. The expectations to identify risks and ensure the audit program steps address these risks has never been greater.

Fee pressure.

There is increasing downward pressure on audit fees, and firms are expected to improve audit quality while performing audits more efficiently. 

Shifting expectations.

Clients are no longer satisfied with compliance services alone. They expect an enhanced dialogue with their auditors and want to receive more relevant insights. They're looking for data on how their company is performing relative to their industry and an external, objective perspective on how they can learn and grow.

All of these challenges are converging to create a need for firms to transform their audit strategy.

In this white paper, L. Gary Boomer and Sandra Wiley of Boomer Consulting, Inc., examine:

• The difference between transformation and optimization, and why the steps you think you've been taking to transform your audit practice may not be enough
• How firms can move up the continuum of value
• The two things your firm needs to play through the line and how to get them