Are You Correctly Identifying the Relevance Intersection?
You may be prioritizing the wrong factors. That could cost you clients. Worse, it could make you and your audits irrelevant.
By Alan Anderson, CPA
Transforming Audit for the Future
If we can’t demonstrate to our clients that our work is relevant, then the audit will go the way of the dinosaur. Relevance underpins the other attributes.
Relevance is not a one-time event. It’s a continuous process, woven through everything your firm does. You build it one step at a time. This should be done with every audit, so this becomes core to the fabric of the firm’s culture.
MORE: Lack of Relevance Drives Audit Commoditization | Five Crucial Attributes for Successful Audit Leadership | Traditional Audits Don’t Deserve Premium Billing | Four Basic Understandings Every Auditor Must Master | Put the Ethics Code to Work for Your Clients and Your Firm | Turning Audit & Accounting into Assurance & Advisory | WANTED: Great Audit Mentors | Is Audit in Crisis Because of Definitions? | Stop Sending the Wrong Message to Audit Teams | Closing the Audit Expectations Gap
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Without understanding what’s relevant to the client, we can’t practice business-mindedness and help improve our client’s business. With an understanding of the relevance and how the standards impact the client’s business and industry, the quality of audits goes up. Relevance helps you evaluate innovative audit methodologies because you understand how they can be used to obtain the required audit evidence. Finally, relevance empowers your staff to do their best work because audit isn’t reduced to filling out endless checklists.
But what does relevance mean?
