outside help may be warranted, at least initially.
by roman h. kepczyk
quantum of paperless
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, 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.
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