Usage of the Dynamic Audit Solution continues to grow at a strong pace, with firms having created over 1,000 engagements on the fully integrated, cloud-based solution from the AICPA, CPA.com and Caseware since it launched commercially this past summer.
Powered by transformative methodology developed by the AICPA, in partnership with leading firms and audit practitioners, DAS is enhancing the efficiency, quality and client-value of financial statement audits through a risk-focused, data-driven approach. Built on the Caseware Cloud platform, DAS features guided workflows, real-time collaboration and a fully-integrated methodology from start to finish to support an enhanced auditor and client experience.
“We developed DAS to fundamentally transform the financial statement audit methodology, which has remained largely unchanged for decades,” said Susan Coffey, CPA, CGMA, AICPA & CIMA CEO of Public Accounting. “Instead of following a linear, checklist-based process, DAS enables an iterative approach to comprehensively identifying, assessing and responding to risk. The embedded AICPA methodology guides auditors to focus on the areas of the audit that matter the most, enabling the delivery of deeper insights and more meaningful conversations with clients.”
“We’re already starting to see some of the transformational differences between DAS and previous audit tools that our staff have used both here and at other firms,” said Matt Walsh, a partner at Withum. “One of the biggest benefits we’ve seen early on is a defined logical mapping that guides audit teams down the path of an effective and efficient audit from start to finish. We’re really excited about how that’s going to impact our audit practice.”
Jessie Kanter, partner at Citrin Cooperman, also commented: “Through the guided experience of DAS and the upgraded methodology, it’s really making our auditors better auditors and they’re able to bring insights to their engagements and to their clients.”
Key benefits and features of DAS include:
- Enhanced efficiency – DAS integrates processes and methodologies, eliminating the need for numerous, disparate audit tools. This enables a holistic audit approach, facilitating a focused audit plan and improved collaboration through a single cloud-based platform.
- Greater client & auditor value – Real-time data and integrated analytics support auditors in identifying, evaluating and responding to relevant risks throughout every stage of the audit. This allows for a deeper assessment at the risk level, enabling DAS to dynamically provide suggestions to auditors on how to respond to identified risks as the audit engagement progresses, helping to inform auditor judgment in real-time.
- Attracting and developing top talent – DAS offers auditors a modern, technology-driven tool and enables immediate staff upskilling by helping them understand the why and what of their actions within the audit process
DAS is part of OnPoint, a comprehensive cloud-based suite of applications built on the Caseware Cloud platform that bring together embedded methodology, engagement management, automated financial statements, data analytics and client collaboration in a single package. Firm adoption of OnPoint, which also includes OnPoint EBP, OnPoint PCR and OnPoint Audit, has been steadily progressing with more than 200 firms now using one or more applications.
“Caseware is proud to be the engine powering OnPoint DAS and we are excited to be at this phase of execution and adoption,” said David Osborne, CEO, Caseware. “Our leading Caseware Cloud technology optimizes the transformational methodology developed by AICPA and the platform’s enhanced data analytics and automation capabilities improve accuracy and save time. OnPoint DAS will give firms a competitive edge particularly in attracting and retaining talent.”
CPA.com can help firms assess their readiness and offers comprehensive implementation consulting, training and data and migration services to prepare for a technology-driven shift.
“Adoption of the transformative DAS audit platform will require change management strategies across the firm,” said Erik Asgeirsson, president and CEO, CPA.com. “To help ensure a successful migration to DAS we have invested significant resources and capabilities to first help firms assess where they stand and then to develop individualized firm adoption and change management roadmaps.” To learn more about DAS, visit cpa.com/DAS.