Changing the audit landscape
About 2 years ago, the AICPA began discussions with the AICPA’s Major Firms group to “develop a transformational auditing methodology supported by a state-of-the-art technology platform.” To date, approximately 40 percent of the AICPA’s Major Firms group has committed funds and resources to the initiative, called the Dynamic Audit Solution methodology or DAS. I am proud to report that The Bonadio Group is one of those firms that is taking the lead in this project that will transform our industry. The goal of the DAS is to develop a flexible and scalable, cloud-based platform that uses the power of automation, artificial intelligence, data analytics and updated methodologies to transform auditing. AICPA’s technology group, CPA.com, is working with technology partner CaseWare the company that developed the recently introduced OnPoint Preparation, Compilation and Review (PCR) tool. While the technology behind the DAS initiative is complex, its purpose is clear: to deliver innovations to drive audit quality and add value to our clients.
Currently, many firms use different platforms, solutions and proprietary technology. This creates inefficiencies and gaps, resulting in over auditing and potential quality issues. Just as important, it does not substantially address our rapidly changing business environment. DAS will provide a coherent and customizable platform and methodology that not only recognizes the role technology plays in the audit process, it leverages the power of emerging technology to create an improved and efficient operating environment that keeps pace with dynamic change.
What does this mean for Bonadio?
Bonadio is committed to embracing leading edge technology: not for the sake of technology, but for how technology empowers our people, provides the tools we need to do our jobs and ultimately to better serve our clients.
In remarks during the fall meeting of the AICPA governing council, AICPA president and CEO Barry Melancon made the following observation about the DAS collaborative effort:
“Technology is poised to disrupt auditing as we know it. We can take a more cautious approach to change, automate here or there using existing methodology, or we can boldly reimagine what auditing in the future will look like. To me, and to the firms that have committed to this initiative, the choice is clear. We called on firms with the scope and resources to handle a substantial investment of time, money and brainpower, and the response has been phenomenal. It’s a great testament to the foresight and vision within the profession.”
As an early member of the DAS initiative, Bonadio has a place at the table and a voice in designing what could be one of the defining movements in our industry. Bonadio people are extremely talented. We have a passion for excellence and a willingness to try new things, but only if they will add value to what we do. By taking a proactive approach to inevitable change, we are positioned to meet the challenges of the future and reinforce our commitment to implementing strategies that increase opportunities for our people and create better experience for our clients.
We will keep you posted as the DAS initiative continues. Please let me know if you have any questions.
For more information go to www.aicpa.org
Bruze Zicari is a partner based out of our Rochester, NY office.