Why your accounting audit process is so inefficienton 28 November 2023
To remain compliant with ISA regulations, audits are by necessity a long and complex process.
This is particularly evident during the planning stage, which demands careful preparation and plenty of discussions with the client for compliance assurance and to make sure the audit is carried out correctly.During audit preparation, documents tend to accumulate, eventually snowballing into a mountain of paperwork that requires sorting before the actual audit commences.
For smaller companies, the audit process can indeed be streamlined, and many firms concentrate on these for their ease and simplicity.
However, limiting oneself to smaller entities – for efficiency's sake – also limits the firm to relatively mundane, low-revenue tasks.When looking at the efficiency of firms, we’ve found that traditional processes hold back audit productivity far more than up-to-date methods and digital solutions.
The problem you face
Many firms have simply accepted a sluggish audit process as part of the job.
The issue doesn’t stem from your team's ineffectiveness, but rather from a limited awareness of alternative options.
Senior management teams simply don’t realise that the audit process can be made simpler and more streamlined.
Simply put, a lack of information-gathering technology and digital document management is limiting the size and number of audits you can handle at any one time.
Transitioning to cloud-based processes, therefore, isn't just about adopting new tools in this case.
It represents a complete overhaul of the audit methodology and a significant boost in overall efficiency.
Can audits be more efficient?
Audits can be quicker, more streamlined, and less burdensome to complete if the audit process is being helped by a real-time reporting system and a document management aid.
The core issue in your struggle with audits is that traditional methods lack clarity but with a digital information-gathering tool this lack of visibility is no longer the case.
Relying on outdated technology is no longer an option for firms who wish to remain relevant in the digital age so it’s essential that firms explore solutions to meet their needs.
Glasscubes can help you with the digital transition , click here to find out more.