We wanted to call attention to the pressing need for innovation in the accounting industry, following a report by the Financial Reporting Council (FRC) indicating that over a third of audits by small and mid-tier firms are of unsatisfactory quality.
It has become clear that the reluctance to adopt new technologies, such as cloud solutions, is a significant barrier to enhancing audit quality and efficiency.
The FRC’s findings revealed that 38 per cent of audits examined were below par, marking the poorest performance since 2019, with deficiencies in quality control, error reduction, and revenue reporting being particularly notable.
MyWorkpapers advocates for a shift towards standardisation and the use of advanced, efficient cloud auditing systems to address these issues head-on.
To many who already use our platform the dual benefits of cloud technologies for auditors and their clients should be obvious.
But many other practices are still missing out on:
We think that now is the perfect time for increased investment in cloud-based auditing solutions as a critical step towards modernising the audit process and meeting both regulatory and client expectations for quality and accountability.
Want to make sure your audits set the standards for excellence, book a demo today.
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