While at the recent Rainmaker SuperConference, I took part in the “Audit Engagement Efficiencies and Industry Trends” session. It was a short, but to the point session that relied on the interaction of the audience. Not an easy task while in Nashville at 7:30am, the morning after the Predators tied up the fight for the Stanley Cup, 2-2, against the Penguins. The session was not only engaging, it was filled with many reasons as to why Auditors and Reviewers are seeing inefficiencies in their firm’s current audit process. The top Pain points were:
1. Lack of communication between the audit team throughout the audit.
2. Failing to identify a key risk area, which becomes an issue during review.
3. Employees at each level not knowing what they are responsible for on each individual engagement.
4. Different partners having different preferences.
If your firm is feeling any or all of these pains, it’s time to look into the next generation of workflow.