august2021 - 11

FROM THE TRENCHES
■ CaseWare IDEA - CaseWare International Inc.
■ Confirmation.com - Thomson Reuters
■ Galvanize (formerly ACL) - ACL Services Ltd., a
Diligent brand
■ MindBridge AI Auditor - MindBridge Analytics, Inc.
■ RIVIO - CPA.com
■ Spreadsheet Auditing Tool - ClusterSeven from
MITRATECH
■ TeamMate Analytics - Wolters Kluwer
■ Validis - Validis
■ Valid8 - Valid8
As you can see, there are tools for all kinds
of audit and assurance work. The overall " containers "
of working papers or binders are CCH
Engagement, CaseWare, AdvanceFlow, and Inflo
have continued to improve, and Inflo has made its
workpaper solution available for free. I believe all
these products promote working digitally. Because
of this, I agreed to speak at a recent webinar on
Digital Opportunity and the need to innovate for
Inflo because of its insightful innovation.
Further, the risk-based guidance used in
these products has improved notably in the last
3-5 years. Advances in Checkpoint Engage, the
Dynamic Audit Solution, and KnowledgeCoach
alone could merit a column each. Roughly 25
industries are covered, and each major vendor
has published guidance for PCR, too.
And don't forget that Client Experience is
essential for PBC documents with market leaders
like Suralink and Liscio leading the way.
Suralink has features such as drag and drop
into CaseWare that make this solution work
very well for audit-related work. Both Suralink
and Liscio have exciting road maps and features
delivered throughout the remainder of this year
and into next year that convince me that they
will capitalize on their market-leading positions.
CCH Axcess Client Collaboration Portal is evolving
for more capabilities for firms adopting the CCH
Axcess Suite. The RIVIO offering is a secure way
to deliver financial statements, which we have
recommended since inception.
Finally, something as simple as scheduling
is often complex for audit teams. Traditionally
the market leader has been Excel spreadsheets
or Access databases, but the leading product is
ProStaff. Other outstanding options are XCMworkflow's
scheduling tool, and my favorite high-end
tool for this is WSG Systems Corp Empire Suite
RESOURCE. Remember that with the right practice
management tool, you can complete your scheduling
tasks inside your PM system, too.
EMERGING TECHNOLOGY AND
CLOUD IN AUDIT
Covering current generation audit tools without
noting the rapid adoption of artificial intelligence
and the leverage of cloud technologies would be
irresponsible. However, having the pleasure of
watching smart innovation at Thomson Reuters
in Checkpoint Engage, Inflo Data Analytics,
MindBridge AI Auditor, and Validis has made
this old programmer's heart feel good. You see,
software should assist and leverage the skills of
accountants and auditors to achieve things that
might be impossible through their own efforts.
Through the years, you've heard me repeatedly
say that I want to spend money on hardware and
software to leverage my people, who are the firm's
highest cost and greatest asset.
Every tool in the " Other Tools for Auditors "
category above provides very sophisticated, fairly
priced capabilities to accomplish their design goals.
As I mentioned, referring to the guidance earlier,
each of these products could have a whole column
and still not be adequately covered. However, let's
note that the combination of Validis and Valid8
allows transaction-level auditing with supporting
documentation without sampling. In addition, for
the first time using these tools, you can go from
the original transaction all the way to the general
ledger in an automated fashion.
And what has made this technology possible?
The cloud. Centralizing the applications and data
has allowed programmers to implement artificial
intelligence techniques in products like Checkpoint
Engage or MindBridge AI Auditor. While there is lots
of " fake-AI " in the market, these tools have real AI
working. The products are becoming more effective
all the time.
SO, WHAT CAN WE DO TODAY?
First, decide how you want to handle the audit,
assurance, and accounting work that must be
done in your firm. If your firm is small and needs
better trial balance tools, look for tools in this
category. While few are as efficient as the old
Accountant's Trial Balance (ATB) product was,
Tallyfor is certainly close to that efficiency and
is easier to boot! Consider tools that will drive
effectiveness and efficiency in your specialty audit
areas if your firm is large.
Regardless of your firm's size, make sure that
you think about how the current technology works,
implement it properly, and teach your team members
how to use the tools. From a fundamental setup
perspective, I can't tell you how many hundreds of
firms I've been in where CCH Engagement binders,
CaseWare working papers, and AdvanceFlow (as well
as Engagement CS before that) structures have been
set up incorrectly.
Auditors and accounting professionals are muddling
through the issues, doing the best they can.
They do not know what they do not know and think
their use of the product and process is ideal. I want
to find and have a heart-to-heart with implementors
who didn't do a thorough job of teaching the auditors,
didn't identify the incorrect setup, or worst of all,
didn't know better themselves.
Yes, I understand it is hard to manage an audit
team profitably with all the regulations and fee
pressures in the market. But audit can and should
be one of the most valuable services you can provide
to a client. A good auditor can find many things that
need to be exposed in a business. And while audit
engagements are not forensic or fraud detection
engagements, the auditor, often uncovers fraud
during routine procedures.
Unfortunately, I believe we will see more fraud
commitment in these next years than we have seen
for a long time. It is hard enough for our clients
to earn the money, let alone have it stolen out the
back door. So likewise, fraud and forensics deserve
completely separate coverage from this column.
It would be best if you contemplated your practice
offerings. Where do audit, tax, and CAAS fit? Are
you doing your best job to help clients be successful?
Are you making the client experience with your firm
convenient and seamless? You must know what your
offerings should be, how to profitably price them,
market the service, and complete the service in a
timely fashion.
As part of creating, sustaining, and scaling each
offering, you also must pick technology tools to support
those efforts. Use the whole-of-client advisory
approach to build a practice and relationships that
can last for decades and generations and help your
client choose the services you provide. For other
services, act as a concierge and refer clients to
reputable providers, which you may have to do in
areas like forensics. You may be forced to refer other
firms for audit work if you provide CAAS services,
and you should do that referral thoughtfully.
For audit, I want you to maintain your independence
fiercely. Independence, honesty, and integrity
are three attributes I continue to admire in the CPA
profession. It is hard to find these three attributes and
resolute ethics in many other places. And always look
for ways to create the very best client experience! ■
AUGUST 2021 ■ www.CPAPracticeAdvisor.com
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august2021

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