How Do We Drive Relevance in Audit?
The insights you deliver don’t just add value to the client but also result in a better audit.
By Alan Anderson, CPA
Transforming Audit for the Future
Business owners and organizations typically regard the annual audit as a cost or “a necessary evil” that adds little or no value to the business. In contrast, auditors routinely say that their audit is different and absolutely does add value to the company or organization. To be sure, all audits have a purpose, as they are generally required to maintain financing or to meet regulatory requirements. But is the auditor genuinely adding value?
MORE: Before the Audit: More Than Just Planning | Are You Correctly Identifying the Relevance Intersection? | Lack of Relevance Drives Audit Commoditization | Five Crucial Attributes for Successful Audit Leadership | Traditional Audits Don’t Deserve Premium Billing | Four Basic Understandings Every Auditor Must Master | Put the Ethics Code to Work for Your Clients and Your Firm | Turning Audit & Accounting into Assurance & Advisory | WANTED: Great Audit Mentors | Is Audit in Crisis Because of Definitions? | Stop Sending the Wrong Message to Audit Teams | Closing the Audit Expectations Gap
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There are numerous dictionary definitions of “value,” all centering around the concept of something being useful. “Adding value” should then mean making something more useful. When you plan an audit, are you thinking of ways to make the audit more for your client? You will only convince your clients that you deliver value when you back up your words with action.
The tax and accounting profession is not a bad place for job seekers, it seems. A new analysis by CPA Trendlines shows a lot of up notes, including some in the double digits.
