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.
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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.