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