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the case for digital auditing

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it’s time for some outside help.

by roman h. kepczyk

traditional audit practices use the previous year’s audit programs and processes updated for the current year as their standard operating plan. eventually this can lead to a significant amount of “overauditing.” breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach.

more: what your auditors need in the field | the value of firm procedures manuals | retaining documents: how long and who decides? | the case for wireless broadband access | maximize your office 365 roi | how the cloud impacts server replacement
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many firms have rightfully transitioned to digital “document container” applications such as caseware, wolterskluwer/cch engagement and thomson reuters engagement cs. not all of these firms have changed their approach to reviewing progress on the audit and the financial reporting on a computer screen in a digital format.
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put bots to work for you

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how one firm does it.

by jody grunden
building the virtual cfo firm in the cloud

there’s no doubt that advancements in technology are changing the world, and the accounting industry is no exception. technology is making us more productive, more efficient and more connected.

more: not all employees want the same perks | not all employees will work out | learning to love video calls | be more effective remotely with disc | protect client files from cyberthreats | get ready to launch virtual cfo services | riches in niches
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on the flip side, it’s also taking over some of our jobs. this is a reality in the accounting industry that we cannot ignore. technology is driving major changes for the future of the accounting world. we need to be aware of what’s happening and take strategic steps to advance along with these changes. otherwise, we are going to be left in the dust.
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bigger firm, bigger thinking

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businessman reading and reclining on part of red arrow trending upwardseven steps for newly formed midsize firms.

by steven e. sacks
the new fundamentals

there has been talk about consolidation within the accounting profession for the last several years. will the big 4 become the big 2, or will there be the big one?

more: can a cpa firm be different in a changing market? | deadlines? ha! don’t make me laugh | organizational change starts and ends with people | busyness isn’t the same as productivity | staff orientation: a little investment goes a long way
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or, on the other hand, will there be a combination of regional firms whose size will be in the neighborhood of the top 10 or top 15 firms that are considered super-regional firms – and who may consider themselves direct competitors to the big 4?
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technology and your cas clients

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smiling businesswoman working at desktwo different approaches.

by hitendra patil
the definitive success guide to client accounting services

client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients. in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savviness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.

more: will 2021 be your cash-flow year? | the technology stack you need for cas | communicating cas to clients and prospects | how to communicate the value of cas | don’t wear a mask
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when clients do part of the work

in such cases, you want the technology stack to be as standardized as possible to avoid costly, error-prone and time-consuming need to deal with a variety of software. at the same time, when clients do part of the work, you must seek to implement collaborative technology on the cloud to eliminate duplication of data entry and mailing/emailing information back and forth between your firm and clients.
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22 predictions for 2021

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business hand holding hot chart in crystal ballit’s not the time for minding and grinding.

by joseph tarasco

during these unprecedented times, it is difficult to predict the future. thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. this type of planning explores plausible potential business models and implementation processes for impending unknowns.

 

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however, consider the following predictions and trends in your strategic planning for 2021 and beyond:

  1. covid-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.

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