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Enhancing Audit Efficiency: The Shift to Paperless Engagements

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Explore the transformative benefits of transitioning to paperless audit engagements, presented by Daniel Tirone, CPA. This session covers why firms should adopt paperless systems, focusing on cost savings, increased efficiency, consistency, collaboration, and control mandated by audit standards like SAS 95. Learn who can assist in this transition—companies such as Practitioner’s Publishing Company, CaseWare, and Creative Solutions—and how to integrate these technologies for optimal engagement management. Embrace the essentials of document management and collaboration to enhance audit practices.

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Enhancing Audit Efficiency: The Shift to Paperless Engagements

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  1. AUDIT PACKAGES “PAPERLESS” ENGAGEMENTS WHY? WHO? HOW? NOVEMBER 5, 2002 NEW YORK STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS TECHNOLOGY ASSURANCE COMMITTEE PRESENTER – DANIEL TIRONE, CPA D.TIRONE@WORLDNET.ATT.NET

  2. WHY? • COST • EFFICIENCY • CONSISTENCY • COLLABORATION • CONTROL • AUDIT STANDARDS – SAS 95

  3. WHY? - COST • ACCORDING TO A COOPERS & LYBRAND STUDY IT COSTS $20 TO FILE A DOCUMENT, $120 TO FIND A LOST DOCUMENT AND $220 TO REPLACE A LOST OR MISFILED DOCUMENT • 8% OF ALL PAPER DOCUMENTS ARE TOTALLY LOST WHILE 3% OF PAPER DOCUMENTS ARE MISFILED

  4. WHY? - EFFICIENCY • TEMPLATES • ROLL FORWARD CAPABILITIES • INTEGRATION WITH TAX, ACCOUNTING AND OTHER APPLICATIONS • INCREASED COLLABORATION POSSIBILITIES • PORTABILITY • ELIMINATE MANUAL (OOPS!) PROCESSES

  5. WHY? - CONSISTENCY • STANDARDIZATION ACROSS ENGAGEMENT TYPES, OFFICES, PARTNERS AND STAFF • FIRM TEMPLATES • GREATER ASSURANCE OF MEETING STANDARDS

  6. WHY? - COLLABORATION • WORKPAPERS EXIST AT MULTIPLE SITES AT THE SAME TIME • INDIVIDUALS IN DIFFERENT LOCATIONS SUCH AS HOME OFFICE, REMOTE OFFICE OR CLIENT LOCATION ALL SEE THE SAME WORKPAPERS AT THE SAME TIME • EASE OF ADDING SOMEONE OUTSIDE THE ENGAGEMENT FOR ADDITIONAL EXPERTISE

  7. WHY? – AUDIT STANDARDS SAS 95 • PROPER PLANNING OF ASSISTANTS • SUFFICIENT COMPETENT EVIDENTIAL MATTER • PROPER SUPERVISION THROUGH THE INTEGRATION OF ENGAGEMENT GUIDANCE

  8. WHY? - CONTROL • CONTROL OVER STORAGE OF WORKPAPERS DURING THE ENGAGEMENT • CONTROL OVER REVIEW PROCESS, INCLUDING DIAGNOSTICS • CONTROL OVER ACCESS TO WORKPAPERS

  9. WHO? • PRACTITIONER’S PUBLISHING COMPANY – ENGAGEMENT MANAGER ES • CREATIVE SOLUTIONS INC. • CASEWARE • PROSYSTEMFX

  10. HOW? • RESEARCH YOUR OPTIONS • TAKE IT SLOWLY • INTEGRATE COMPLETELY • ACCEPT CHANGE

  11. ESSENTIALS OF AN ENGAGEMENT MANAGEMENT SYSTEM • FINAL PRODUCT – FINANCIAL STATEMENTS IN AN AUDIT ENVIRONMENT • DOCUMENT MANAGEMENT AND COLLABORATION • PROFESSIONAL ENGAGEMENT GUIDANCE AND CONTROL

  12. ELEMENTS OF A PAPERLESS SOLUTION • DOCUMENT MANAGEMENT • DRILL DOWN CAPABLE • ARCHIVAL • TEAM MANAGEMENT • TEMPLATES • FIELD AND OFFICE CAPABLE • INTEGRATION WITH OTHER SOFTWARE • REVIEW TOOLS

  13. IMPLEMENTATION CONSIDERATIONS • EASE OF USE • PRESENT SYSTEMS AND USE OF EXISTING DOCUMENTS • COST OF CONVERSION • LEARNING CURVE • SUPPORT • TRAINING

  14. COMPARING THE PLAYERS

  15. ABOUT PPC • PROVIDES CONTENT AND INTERNET BASED STORAGE OF DOCUMENTS • PROVIDES “ADVISOR”. COM TO SET-UP CLIENT PORTALS WHERE TAX RETURNS AND DOCUMENTS CAN BE STORED FOD CLIENTS AND CLIENTS CAN AGGREGATE THEIR FINANCIAL ACCOUNTS • WORKS BEST WITH CREATIVE SOLUTIONS • IS NOT A TRIAL BALANCE PROGRAM • DOCUMENT MANAGER

  16. ABOUT CASEWARE • STRONG PROGRAM CREATED BY CANADIAN COMPANY • NUMEROUS INTEGRATED PRODUCTS • INTEGRATES WITH EXCEL AND WORD THROUGH A PROPRIETARY PROGRAM CALLED “CONNECTOR”

  17. ABOUT CREATIVE SOLUTIONS, INC. • STRONG IN ELECTRONIC DOCUMENT STORAGE AND INTERNET USE • “FILE CABINET” SOLUTION • STRONG RELATIONSHIP WITH PPC AND EASIEST INTEGRATION WITH THE PPC CONTENT

  18. ABOUT PROSYSTEMFX • FORMERLY CALLED EPACE • EXCEL AND WORD BASED • PROVIDES EITHER MILLER OR MCGLADREY-PULLEN CONTENT • PPC CONTENT CAN BE USED BUT DOES NOT INTEGRATE AS WELL

  19. REALITIES • TECHNOLOGY IS UNDERUTILIZED • TECHNOLOGY PROVIDES BETTER CONTROL AND RESULTS • TECHNOLOGICALLY PROFICIENT WILL WIN THE RACE

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