3 Audit and Accounting Practice Problems and How to Solve Them

Addressing the challenges faced by audit firms in the Tri-State Area can be a grueling task if you do not have a comprehensive view of the problem at hand. This week, we look at several audit and accounting practice problems and our recommendations on how you can overcome them.

Inconsistencies in Processes

Working in audit can be daunting, especially with the challenges it entails – the long hours, compressed deadlines, late-night status updates, and the ever-changing regulations and controls. By implementing the right workflow system and employing quality principles such as continuous improvement, you can reduce errors and undue stress among your auditors.

Determine the different failure modes in your process and implement controls to reduce errors. Do you have a key team member who has the sole access to valuable client knowledge? Are your team’s billable hours not maximized due to poor scheduling?

In the long run, investing time in automating your engagement processes – or at the very least, revisiting your processes to identify and eliminate bottlenecks – you can get improved realization rates and a more positive work culture.

Surviving the Busy Season

Audit professionals are familiar with the infamous busy season. Some may think that there’s no way to avoid the increased levels of stress and the longer hours during this season.

Keeping your team engaged and motivated can also be difficult given the challenges inherent in auditor’s roles. However, there are several ways to help your staff survive the busy audit season; in fact, you can even go for various traditional engagement activities such as offering free catered meals, ditching suits and ties for a more comfortable attire, or even hosting exciting games at the office.

Data Analytics

Quality expert W. Edwards Deming said, “Without data, you're just another person with an opinion.” But this does not give you a complete picture. The inability to glean useful information from raw data is a missed opportunity to provide more value to your clients. As a Forbes article put it succinctly: “Without an opinion, you're just another person with data.”

Through data analytics, it can be possible for auditors to work with a complete data set, as it allows them to manipulate 100% of transactions in a particular population. Thus, this technology is worth exploring if you’re a large to mid-tier firm who wants to help their clients improve their business processes.

While these may not be common business pain points for all firms, these are some challenges that your firm may encounter as you grow.

Find the Right Outsourced Talent for Your Team

Increase the productivity of your audit team without having to go through the headaches of sourcing, recruitment, and training. D&V Philippines is your talent sourcing partner in the Philippines who can help you find the right folks for your outsourced team.

Read our whitepaper Seasonal Audit Support for US Audit Firms today and find out how D&V Philippines can back you up in the next busy season. Schedule a consultation today to discuss how to get the right people for your team.