Add value to audits with client-focused analytics
 

Add value to audits with client-focused analytics

Accounting services are rapidly becoming commoditized, and when clients don’t perceive a clear difference between service providers, they may choose the least expensive option. This is especially true for audit services, where clients — as well as auditors themselves — may see little difference between the work of competing firms.

One way to change that perception, according to Debra Thompson, CPA/CFF/CITP, principal at DK Thompson LLC in Minneapolis, is to add value to audits using technological tools that make it easier to provide analysis.

According to Thompson, who presented a session on Wednesday at the AICPA ENGAGE 2018 conference in Las Vegas, auditors have an opportunity to change the perception of an audit as a commodity by adding value to what is perceived to be a homogenous service. Thanks to technological advances, auditors are in prime position to do that by providing management and stakeholders what they really want.

What does management want? In an interview before the event, Thompson cited a survey of financial executives around the globe performed by Financial Executives International (FEI), which was released in 2016. “The biggest thing that they want is facilitating analysis and decision-making,” she said.. Read more on the Journal of Accountancy.