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Transforming the Audit with Technology

By Jennifer Wood, on December 4th, 2020

As our CEO Bruce Zicari reported in early 2019, The Bonadio Group is one of a handful of firms that committed funds and is taking the lead in the AICPA’s ongoing effort to “develop a transformational auditing methodology supported by a state-of-the-art technology platform.” The Dynamic Audit Solution (DAS) is a flexible and scalable, cloud-based platform that uses the power of automation, artificial intelligence, data analytics, and updated methodologies to transform auditing.

In April 2019, I was honored to join the DAS development team as one of their workstream methodology leaders. It’s truly a privilege to work with such an elite team that challenges me to think differently, do things faster, and dream big. In my opinion, this is one of the most exciting transformations of our profession. We’ve audited the same way for decades and despite living in a world where data is everywhere, the auditing profession has been the slowest to change.

In 2020, we planned to take a proactive approach to inevitable change, by implementing strategies that increase opportunities for our people, create better experiences for our clients and get us closer to adopting the Dynamic Audit Solution. Then COVID-19 happened. Sure, we could have let the pandemic derail our innovation efforts, but WE DIDN’T LET THAT HAPPEN!

The Bonadio group recognizes the importance of innovation. We continued to focus on developing our people, albeit through virtual trainings. We invested in the pilot of new technologies instead of pinching the purse strings. We maximized the use of cloud-based computing by opening up a new way for our auditors to work with clients and providing shared processing resources. We created robots to perform routine tasks previously performed by professionals and we used robots to report on initiatives that hold our people to the highest quality standards. I’m proud that The Bonadio Group is committed to using technology in the audit when we could have been reactive and impulsive by temporarily discontinuing these efforts during the pandemic.

As we look to the future, we’re continuing to build tech-savvy teams who can respond faster and more efficiently. The world is changing, and the audit of the future is going to require more than just CPAs. Firms need to diversify and prepare their people, providing them with the technical experience and knowledge necessary to perform audits in a different way. Firms also need to reemphasize and prioritize critical thinking skills, encourage their teams to use data to generate deeper insights. Communication skills are also increasingly important among both teammates and clients as face-to-face interaction dwindles. Furthermore, as an auditor’s analytical skillset surpasses that of our clients, we need to be able to effectively communicate our insights in laymen’s terms that are universally understood.

Reach out to us today to learn more about our involvement with the DAS.

This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute an accountant-client relationship.

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Written By

Jennifer Wood Feb19
Jennifer Wood
Service Line Leader, Assurance

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