Audit is becoming further commodified.
By Alan Anderson
Transforming Audit for the Future
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“The New Manifesto for Accountants.“
The value of what we provide to clients has declined until it has become a commodity. That, in turn, drives our fees down.
The lack of innovation means that our clients can’t tell the difference between the audit we do and one done by the firm down the street. None of them provide relevant information or any value to our clients.
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If our clients don’t see the value, then the audit is only being done to meet a regulatory or banking requirement, and in that case, the cheapest option that meets that basic requirement is the one they choose.
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