Change is scary. But with a little risk, a lot of planning, and some extra effort comes an opportunity for growth and reward. That’s what makes change management so important. As a manager, department head, or executive how do you know when it’s time for change? How do you invoke change within an organization, and
Well, it’s finally here. According to an article from Forbes Magazine, we have reached the age of automation. From AI and machine learning to financial automation and robotics, we’re officially an automatic civilization. Please, be kind to our new robot co-workers. Okay seriously, this is important stuff, even if we did all see it coming.
When it comes specifically to journal entry testing, most auditors today have been using antiquated approaches and sampling techniques.
A new audit evidence standard has been released by the American Institute of Certified Public Accountants (AICPA) that includes significant updates around how technology and automation can be leveraged throughout the audit process. Here, we’ll examine this standard and some of the most significant examples of how the AICPA has explicitly considered the applicability of
Three ways Ai Auditor strengthens your audit planning The determination of where audit risks of material misstatement lie is a critical output of the audit planning process. Usually, identifying those risks is based on the auditors understanding of their client and the client’s operating environment. Auditors can now rely on a data-driven approach to better
An effective audit starts with a solid audit plan. While the overall audit strategy and plan can vary between clients, an auditor will usually establish risk assessment procedures and a how-to response for the risk of material misstatement. The challenge is that sometimes, even the most thorough and comprehensive audit plans can still have gaps.
Improving audit risk assessments with AI-driven analysis of Accounts Receivable and Accounts Payable subledger data
The cornerstone of well-planned and high-quality audit engagements is a robust risk assessment process. Such a process is critical to identifying risks of material misstatement and their relative significance by providing a fulsome understanding of the entity subject to audit and the environment in which it operates. The nature and extent of these audit risk
We are facing an unprecedented time of global uncertainty created by the COVID-19 virus that has unleashed a global healthcare crisis. Humanity is fighting a war against an invisible enemy that is attacking humans around the world and sparing no country. We need not be pessimistic or optimistic but rather realists and learn from the
In times of great uncertainty, we all look for a crystal ball. Also known as an orbuculum or crystal sphere, legend has it that a crystal ball is a fortune-telling object. But the use of crystal balls to predict the future is pseudoscience and there’s no evidence that they can validly predict the future. Time
Humans have used simple statistical sampling for millennia to make generalized sense of the world around us. Living in a resource-constrained world, statisticians gave emperors, surveyors, and accountants a simple workaround to the prohibitively intensive process of counting, checking, and validating everything. Sampling is the selection of a subset (a statistical sample) of individuals from