{"id":127652,"date":"2024-08-05t11:57:00","date_gmt":"2024-08-05t15:57:00","guid":{"rendered":"\/\/www.g005e.com\/?p=127652"},"modified":"2024-08-29t23:52:40","modified_gmt":"2024-08-30t03:52:40","slug":"alan-anderson-dont-take-on-work-in-an-industry-you-dont-understand-anderson","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/08\/05\/alan-anderson-dont-take-on-work-in-an-industry-you-dont-understand-anderson\/","title":{"rendered":"don\u2019t take on audits in an industry you don\u2019t understand"},"content":{"rendered":"

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don\u2019t try to wear too many hats. pick your specialty area and become a guru.<\/strong><\/p>\n

by alan anderson, cpa
\ntransforming audit for the future<\/a><\/em><\/p>\n

industry expertise is essential for businessmindedness. for me, the primary ingredient for building a successful audit practice is to avoid taking on work that you don\u2019t understand. too many firms say they can audit any balance sheet, but that\u2019s when they can get into trouble. many firms get sued because they made a bad business decision. they thought they could take on this unique industry and get it right. if you dabble in any industry, you will put your firm and yourself at tremendous risk.<\/p>\n

more:<\/b> four questions to make your firm more successful as a business<\/a> | move to advisory and assurance with relevance<\/a> | how \u2018business expert cpas\u2019 get their own business wrong<\/a> |\u00a0say adios to audit fee pressure<\/a> | eight items to cover in the audit exit to deepen client relationships and prove value<\/a> | know your three audit w’s<\/a> |\u00a0planning lays the foundation of audit relevance<\/a> | how do we drive relevance in audit?<\/a> | before the audit: more than just planning<\/a> | are you correctly identifying the relevance intersection?<\/a> | lack of relevance drives audit commoditization<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/h4>\n

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when the u.s. department of labor looked at the quality of employee benefit plan (ebp) audits, they found plenty of problems. that 2014 study found \u201ca clear link between the number of employee benefit plan audits performed by a cpa and the quality of the audit work performed.\u201d almost half of the firms the dol looked at performed only one or two ebp audits per year, and 75 percent of those had deficiencies. over half of those (56%) had five or more deficiencies.<\/p>\n

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