AICPA – Determined that the smaller auditor not be ‘outgunned’ by the Big 4
The American Institute of CPAs are moving forward with a multi-year initiative to create a new, innovative process for auditing using the latest technology. Determined not to be outgunned by the technology investments of the Big 4, and with 40% of The AICPA’s major firms Group having committed some $50 million in funds to the AICPA for this initiative, the Institute is committed to a developing a fresh approach to auditing – from the standards up.
Caseware International selected as Technology Partner by CPA.com
After a considerable selection process, Caseware International was chosen to be the technology partner in the venture by AICPA’s tech arm, CPA.com. In addition to the investment by the AICPA major firms group, Caseware International itself has an ongoing investment programme of tens of millions of dollars to build out and enhance its cloud platform and already considerable investment in technology suitable for auditing.
This particular collaborative effort will develop a transformational auditing methodology supported by a state-of-the-art technology platform. The output of this Dynamic Audit Solution initiative would be available to the more than 14,000 firms that have auditing practices in the United States.
Auditing will be disrupted by technology
“Technology is poised to disrupt auditing as we know it,” said Barry C. Melancon, CPA, CGMA, president and CEO of the AICPA, who discussed the Dynamic Audit Solution collaboration at the fall meeting of the AICPA’s governing Council. “We can take a more cautious approach to change, automate here or there using existing methodology, or we can boldly reimagine what auditing in the future will look like. To me, and to the firms that have committed to this initiative, the choice is clear.”
Australian customers should also benefit
Craig Waldon, Caseware Australia & New Zealand’s CEO met with Erik Asgeirsson and Mike Cerami from CPA.com at the Global Executive Roundtable prior to last November’s World Congress of Accountants and heard firsthand of the thinking behind the project. Craig adds, “I was impressed with the passion and foresight of the team at CPA.com and their mission to disrupt the Audit. I look forward to seeing the changes that will come from the collaborative efforts of AICPA and CaseWare. I expect that the result will also benefit our customers and help them be ready for the future in the fast-moving financial technology sector.”