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As technology continues to permeate all aspects of business, the accounting industry has been open to its advances. The increased use of audit tools in financial reporting significantly impacts firms' preparation for audit-related tasks.
Audit tools are an increasingly popular way for accountants to lessen accounting work. The audit process is so complicated that technology is used to simplify the process, and that's exactly what audit tools do. These tools are designed to help firms with one or more aspects of their jobs, such as organizing data, automating certain processes, or even taking the place of human workers who might otherwise be responsible for manual tasks.
This blog will examine the current trends for audit tools, the different types of audit tools, the top tools in the market today, and other factors in choosing the right audit tools for CPA firms.
Current Market Trends for Audit Tools
Audit tools have been around for decades, but there has been a recent resurgence in popularity thanks to new developments that have made them easier and more efficient than ever before. For example, cloud-based solutions have dramatically lowered the barrier to entry for this technology by allowing users to access it from anywhere with an internet connection—no need for special hardware or in-house IT teams. Another major innovation has been browser-based solutions, which make it possible for any user with a web browser to perform audits and upload reports without additional downloads or technical know-how.
According to a recent article published by the Association of International Certified Professional Accountants (AICPA), more audit tools are being used by CPAs and their firms than ever before. The article was based on a survey conducted with more than 100 companies. Of those surveyed, 88% indicated that their organizations are using one or more audit tools. This increase of 9% since 2011 is significant because it demonstrates that audit tools are not only here to stay, but they're becoming more prevalent in the auditing process.
To understand the implications of this growing trend, CPA firms must first understand why these tools are being used more frequently. The main reason is that today's technology has made it possible for auditors to develop software applications that can be deployed into client environments to capture electronic data from systems.
The rise in audit tool usage is not limited to large companies. The usage of audit tools is also increasing across small- and medium-sized companies and publicly traded companies with a market capitalization under $1 billion. Third-party vendors started creating audit tools that were easier to access and less expensive than those offered by professional services firms.
Types of Audit Tools
Accountants often rely on several tools to ensure that their processes are above board and keeping up with current best practices. These tools come in a variety of forms and serve very specific functions, but the most common types of audit tools include the following:
How To Choose the Right Audit Tool for CPA Firms
The choice of audit tool is a significant decision for CPA firms, as it can affect everything from time and cost efficiency to the firm's culture. The audit process is highly regulated and requires a deep understanding of a business's internal systems and processes.
Here are some guidelines for choosing the best audit tool available in the market:
The eight tips above provide excellent guidance for choosing the right audit tool that will tailor to each CPA firm's unique needs. Uptake of new tools like these is essential in helping firms maximize their potential in an ever-evolving industry.
How Can Cetrom Help CPA Firms Obtain Reliable Audit Tools?
With the complexity of accounting services, it is essential to have auditing tools to help run the firm. One of the leading providers of cloud-based IT solutions, Cetrom has a long history of hosting accounting software and auditing tools for CPA firms. Whether you need to track your clients, manage your books, or prepare for an audit, we understand your needs and can provide flexible solutions that can grow with your firm.
Cetrom's robust cloud hosting solution allows you to have 24/7 access to all your audit and accounting data from anywhere, on any device. With the help of our cloud hosting services, CPAs can save hours of valuable time that they would otherwise spend on maintaining and updating their servers. That means more time spent on audits—and less time feeling frustrated by out-of-date software.
With Cetrom, all that and more is possible. We offer advanced audit tools and other features that can help you to meet the exacting standards required by today's financial firms—and we work with a variety of reputable vendors so that you always have access to the most up-to-date technology.
Contact Cetrom today to learn more!
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