ignore the coming tsunami of change at your own peril.
by alan anderson, cpa
transforming audit for the future
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“the new manifesto for accountants.“
the other day, i picked up a college textbook on auditing from 2001.
more: the disruptors: re-inventing accounting with tyler anderson | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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even back then, that book listed these as “critical forces on the profession:”
- increasing market saturation with relatively little opportunity for growth
- perceptions that financial statement audits have become a commodity
- price competition and continual pressure to reduce fees
- cost pressures that have resulted in the reduction of time devoted to engagements
- perceptions that the incidence and severity of alleged audit failures have increased
in the 20-plus years since that book was published, not much has changed. today many of the college students who learned auditing from that textbook are in leadership positions at audit firms. they were warned about what we were up against.
that we are still facing those same “critical forces,” which have only exacerbated since then, is an indicator of the ossified state of leadership in the audit profession.
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