Busy season can be a stressful and overwhelming time. To ensure that you are staying ahead of the game instead of working long hours to meet the deadline, it may be time to incorporate automation into your routine audit tasks. Not only will this save you time and effort, but it will also allow you to focus on the value adding activities of the audit. In this blog post, we will discuss 5 ways to automate routine tasks to prevent falling behind in next year’s busy season.
1 Automate Your Audit Confirmations:
One of the most time-consuming tasks during an audit is confirming account balances and transactions with third-party entities. With the help of automation, confirmation requests can be sent out electronically, immediately reducing time and effort spent on manual follow-ups. Check out this other blog post for an in-depth look at the benefit of automating confirmations. The #1 Hack for Increasing Productivity During Busy Season: Automating Audit Confirmations
2 Connect to Your Client’s Accounting System via APIs:
If your client fails to provide your team with the information you need, the audit starts off behind schedule. Using APIs (i.e. connections), you can achieve read-only access to your client’s data and pull the information directly! Say goodbye to those pesky follow-up emails requesting the same support each week.
3 Use Computer Assisted Auditing Techniques to Detail Test Revenue:
To ensure accuracy when testing revenue during an audit, using computer-assisted auditing techniques is essential. With new CAATs developed in 2022 you can instantly verify every normal transaction to cash. Never ask your client about another standard transaction again!
4 Use AI to Read and Summarize Contracts:
It’s no secret that contracts can be dense and difficult to decipher. With recent AI technology, it is now possible for it to quickly read and summarize contractual agreements, ensuring you don’t miss any critical details. These tools can analyze and extract specific clauses and terms, reducing time spent sifting through pages of legal jargon. You can also ask the model question. This is the next level cheat code.
5. Use Tools to Convert PDF Bank Statements that also Identify Fraud:
Identifying fraud during an audit can be a challenging task but not impossible. With automated tools that can convert PDF bank statements into spreadsheets, you can easily scan multiple account statements and look for any suspicious activity.
By incorporating automation into your routine audit tasks, you can reduce time and effort spent on manual processes, ultimately leading to saved time, reduced risk, and a more in-depth analysis. Implementing the 5 ways discussed in this post will ensure your CPA external audit is done with accuracy, efficiency, and timeliness. So why not start automating today? Here at Audit Sight our customers benefit from all five of these busy season hacks to stay ahead of the game and get the jump on next year's busy season.
Happy Auditing!
Audit Sight Team
