The Remote Auditing Experience
Modern technology makes it easier for businesses to get the level of assurance they need through a virtual audit experience. Using remote communication tools and collaborative digital workplaces, you can expect to receive the same level of personalized, hands-on service and high-quality, professional deliverables from a virtual audit as you would from a traditigoalonal on-site audit.
5 Steps to a Successful Remote Audit
A well-planned remote audit should consist of a timeline that is stringent enough to complete a comprehensive and timely audit, yet flexible enough to accommodate any changes in your daily life. The pillars of a successful remote audit experience stem from comprehensive planning, clear communication, and integrated software and technology.
Withum’s five-step approach to a successful remote, virtual audit:
Share all necessary files through a secure digital client portal to ensure all your most sensitive information is secure throughout the entire audit process.
Correspond frequently through video chats using a secure system, such as Microsoft Teams, to ensure a high level of interaction without in-person contact.
Perform audit procedures remotely that are usually done in-person, and do so on schedule, including any need to scan, copy or upload files to meet required deadlines.
Acknowledge that not everyone working remotely may be at their computer during normal working hours given the demands of balancing home and remote-work life. Being flexible and clear with expectations leads to efficient engagements.
Perform remote walkthroughs or other sensitive procedures via video conference and other alternative means to review necessary documentation without being on-site to review it.
Today’s changing world is at the forefront of a digital transformation. As the business environment adapts, the future of auditing is evolving into a collaborative experience – seamlessly connecting people, resources and technology to bring better value, broad insight and high-quality virtual audits to your business.
Changing The Future of Auditing
At Withum, we place a significant amount of focus on learning how new audit technology can enhance our A&A clients’ service experience and improve the audit process. Promoting an innovative mindset enables us to apply improved and more efficient auditing techniques to better serve our clients. Strategic investments in technology have helped our team members provide ever-increasing levels of value-add data analysis, business intelligence, data security and other advisory services to our clients.
Withum Experience is a next-generation client portal and employee workspace that catalogs information and helps organize, track and keep a real-time pulse on the status of an engagement for Withum’s audit clients. Withum Experience takes a remote audit to the next level. It enhances interaction with Withum’s audit services team and improves audit engagement workflow — creating greater transparency and efficiency for everyone. When you use Withum Experience, repetitive requests become a thing of the past. As a client, you’ll also get the highest level of data security required in today’s virtual environment – protecting your company, your employees and any third-party vendors or constituents.
Withum Audit Intelligence
Withum Audit Intelligence (Withum AI) is a cloud-based workflow solution that will improve audit efficiency and give you the power to dive deeper into your financial data. Withum AI streamlines the audit engagement process by allowing our A&A services team members to extract your company’s full financial history within minutes. We then use that information to create working papers for audit and review engagements with the click of a button. Withum AI also allows your engagement team to access the data necessary for an accurate, in-depth analysis of your business.Featuring bank-grade security encryption, Withum AI will save you time by reducing information requests, allowing you to focus on what is truly important to your business.
Interested in performing a remote audit for your business? Contact Withum’s Audit Team now.
In November 2023, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) to improve disclosures related to reportable segments. The amendments in ASU 2023-07 “Segment Reporting—Improvements […]
Share The COVID-19 outbreak wreaked havoc on everybody’s operations. Not only were your dealership operations impacted, but so were the manufacturers and government agencies. During the various shutdowns face-to-face activity […]