audit Archives - Page 3 of 5

Why the Future Is in Risk Advisory

July 15, 2022

Innovation Insights: The future of audit is risk advisory, according to Jin Chang. To recruit, the profession must shift focus from manual work to advisory work.

^ Stream the video | Or download the podcast

Innovation Insights
With Donny Shimamoto
Center for Accounting Transformation

Because audit work is nonlinear and highly complex, disparate workflow systems in audit are not only an IT risk, they’re also a project nightmare. Jin Chang, the founder of Fieldguide, explained to Donny Shimamoto that the end-to-end project has many workflows that need to be templatized and automated along the project life cycle.

MORE: Blake Oliver: Why Tax Work Yearns To Be Free | Private Equity Explodes in U.K. | Brannon Poe: The Status Quo Must Go | Accounting Nerds, Unlock Your Super Powers | Private Equity vs. the CPA Firm Partnership The FinTech Flood: Accounting Will Never Be the Same | Think Small to Think Big with Matt Wilkinson | Your Sales Tax Headaches Are Only Just Beginning | When Financial Statements Go Extinct with Corey Schmidt | Can Geraldine Carter Save Accountants from Themselves? | Re-Inventing Accounting with Tyler Anderson | Turning Client Service into New Revenue

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He added that the best way to recruit is for the profession to shift from manual work to advisory work.. Further, while financial reporting has always been a risky area, people in business today are caring about many other risk areas and choosing to do business with other companies that also subscribe to their values from supply chain to deliverables and beyond.

More Takeaways:

How Auditors Can Improve Efficiency and the Budget

April 15, 2022

By Donny Shimamoto

Innovation Insights: Five clicks in five minutes? Sounds too good to be true – but automation can be simple and life-changing.

^ Stream the video | Or download the podcast

Innovation Insights
With Donny Shimamoto
CPA Trendlines presents a Center for Accounting Transformation production

(Recorded February 2022)

With everyone going remote, it’s presenting auditors with new challenges. But technology can help, according to Colleen Knuff and Stefan Davis, in this interview with Donny Shimamoto.

Part of Wolters Kluwer, which was recently accepted to the ASC X9 (American National Standards Institute or ANSI), the industry setting body for financial institutions, Knuff and Davis explain not only how some solutions allow real-time collaboration versus working in silos, but also how data-driven audits increase capacity and allow more profitability while reducing risk and maintaining high peer-review standards.

MORE: Why Doing Nothing Is Not an Option | Blake Oliver: Why Tax Work Yearns To Be Free| Private Equity Explodes in U.K. | Brannon Poe: The Status Quo Must Go | Accounting Nerds, Unlock Your Super Powers | Private Equity vs. the CPA Firm Partnership The FinTech Flood: Accounting Will Never Be the Same | Think Small to Think Big with Matt Wilkinson | Your Sales Tax Headaches Are Only Just Beginning | When Financial Statements Go Extinct with Corey Schmidt | Can Geraldine Carter Save Accountants from Themselves? | Re-Inventing Accounting with Tyler Anderson | Turning Client Service into New Revenue

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Knuff and Davis also discussed how recently-developed tools can assist with diagnostics and help auditors stay on track while delivering more compliant and dynamic audits, which could better assess risk. The multiple-year views and periodic annual views versus the year-end financials give better business insights and make it easier to spot various trends and identify business performance factors. READ MORE →

The Big Issues in Audit: Frustration, Inconsistency, and Technology

March 30, 2022

By CPA Trendlines Research

Discussing audit transformation and innovations, one advisor said the field is ripe for technological solutions that allow team leaders to focus on advising clients and help team members streamline processes for automation.

By The Center for Accounting Transformation
improvetheworld.net

In kicking off an inaugural meeting with audit industry experts, Donny Shimamoto, CPA, CITP, CGMA, asked the group, “What does the modern or leading-edge audit practice look like?”

Related: Top Issues: Talent, Time, and Transformation

Learn more about the Center’s Audit Advisory Board or view the Center’s transformation courses.

The group, which met for the first time recently, is the Center for Accounting Transformation’s Audit Advisory Board. Shimamoto, who created the Center, brought together audit professionals with various backgrounds to help guide strategic direction, services, and program planning for the Center, which helps professionals through the adoption and change required to step into the future of the accounting profession.

New Insights on Emerging Technologies and People Issues

February 15, 2022

By Donny Shimamoto

Fresh research from the Hawaii Accounting Research Conference.

By Donny C. Shimamoto, CPA, CITP, CGMA

This year’s Hawaii Accounting Research Conference provided some insights into the use of emerging technologies in audit and internal control, as well as on people issues like creativity and performance incentives. Held every year in January at the University of Hawaii at Manoa, this conference draws accounting researchers from around the world to share their research findings with a broader academic audience (physical and virtual).

I started attending this conference in 2021 and gained some interesting insights into research being conducted that could shape some of what we do as accounting professionals. This year, I also helped moderate a practitioner panel featuring two past AICPA chairs, Tracey Golden and Kimberly Ellison-Taylor, and a fellow CPA.CITP and tax expert Lauren Kovar, to share with attendees how they could make their research more relevant to practice.

If you’d like to see the panel discussion, you can watch the recording:

I was only able to attend one day of the conference, but from just the one day, I got some good takeaways from several of the sessions. I’ve outlined these sessions and my key takeaways below. You can also click on any of the links to read the full paper that shares the research study and findings. READ MORE →

The Disruptors: Re-Inventing Accounting with Tyler Anderson

January 27, 2022

By Liz Farr

Watch the video or listen to the podcast.

Follow CPA Trendlines Podcasts on Apple here or grab the RSS feed here.

With Liz Farr

With accounting talent so scarce, tax and accounting firms may be surprised to find untapped talents within their current staff, according to Tyler Anderson, partner and director of A&A innovation at Accountability Plus.

MORE: The Disruptors: How to Scale with New Padgett COO Amanda Aguillard | Eat that Frog: Asking for a Prospect Meeting | Growing Revenue Through Client Service | Lease Accounting Is About to Get Very Real | Google Ads for New Tax Season Clients | Exclusive: Eisner CEO Charly Weinstein Explains the Private Equity Deal | Flash Briefing: A “Call to Arms” after Private Equity Deal | Four Ways to Beat the Staffing Shortage, with Pasha Malik

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Key Take-Aways: READ MORE →

Trullion: New A.I. Startup Targets Rev Rec, Lease Accounting

March 16, 2021

By CPA Trendlines Research

Founder and CEO Isaac Heller seeks to be “single source of truth” for lenders.

With Rick Telberg
For CPA Trendlines

On the even of Trullion breaking out of stealth mode, CEO and co-founder Isaac Heller tells CPA Trendlines in this video interview how the new fintech company can automate the process of lease accounting to establish a cost-effective, functional view of contract data for auditors accounting firms and CFOs alike.

MORE in TECH: Make Tech Your Ally in Protecting Clients | Satellite Internet Takes a Promising Step Forward | SURVEY: Your Top Tech Problem? | FireEye Network Audit Tool Targets SolarWinds Hackers | Deliver Internal Reports Digitally | Space Factories! DARPA Launches New Program |

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Formerly known as SMRT, the Trullion platform automates unstructured data such as PDFs and translates them into real-time financial reports, including lease accounting and revenue recognition.

Blockchain Implications for CPAs

February 1, 2021

By Steven Sacks

Futurist Jack Shaw explains how blockchain is changing the way CPAs practice.

With Steven Sacks
Solutions to Results LLC

The Economist magazine describes blockchain as the most important advance in business record keeping since the innovation of double-entry bookkeeping, in Florence, Italy in over 500 years. But now, blockchain may eventually even replace double-entry bookkeeping.

More CPA Trendlines Video: Blockchain Implications for Business | The Myths of Performance Management | How COVID Rewrites the Rules for Recruiting | The Art and Science of Hiring: Three Essentials for the COVID Age | What’s a Bot? New Tech Tools to Boost Your Practice | Replay: COVID Impact on CPA Firm M&A | Your Competition Isn’t Who You Think It Is | Replay: How to Dazzle Clients in the COVID Age |

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