Firm adoption of transformational platform has grown more than 25% since May as significant enhancements roll out.
New York, NY (July 23, 2024) – CPA.com announced today that firm usage of the Dynamic Audit Solution (DAS) has grown by more than 25% in the last 60 days as new capabilities and industry content further support firms in enhancing the efficiency, quality and client value of their financial statement audits through a risk-focused, data-driven approach.
DAS is part of OnPoint, a comprehensive cloud-based suite of applications built on the Caseware Cloud platform that brings together embedded methodology, engagement management, automated financial statements, data analytics and client collaboration into a single integrated package. Firm adoption of OnPoint, which also includes OnPoint EBP, OnPoint PCR and OnPoint Audit, has been growing steadily with more than 200 firms now using one or more applications.
Powered by a transformative methodology developed by the AICPA, in partnership with audit professionals from leading firms, DAS is the only comprehensive, end-to-end, cloud-based solution on the market built by auditors, for auditors. Firms are actively using DAS today to complete financial statement audits, and the solution is poised for sharp acceleration. Users of the platform continue to recognize DAS as a transformative differentiator in the market, highlighting the value it provides in enhancing the efficiency, quality and client value of audits. DAS features guided workflows, real-time collaboration, and a fully integrated methodology from start to finish to support an enhanced auditor and client experience.
FIRM USAGE
Since its commercial launch in June 2023, DAS adoption has accelerated, and the platform is available for immediate deployment to firms of all sizes. Currently:
- 80% of the firms in the original DAS consortium are either evaluating, planning adoption, or adopting the solution.
- Multiple Top 25 firms are now on the path to full firm migration to DAS by the end of 2025.
- The majority of Top 100 firms outside of the original DAS consortium are also currently evaluating the solution.
- The comprehensive change management and planning tools and services available through CPA.com are being very well-received by firms and helping to drive successful transitions.
- DAS is available to firms of all sizes, and many smaller firms are also evaluating or adopting the solution.
- 3,000+ engagements have been completed through the platform to date.
- There are 5,000+ active licensed seats on the platform (more than 25% increase since May 2024).
CAPABILITY ENHANCEMENTS
Additionally, new features, functionality and content continue to be added to DAS to enhance capabilities and user experience. The most recent release in June 2024 implemented significant enhancements including, but not limited to:
- New industry content. New industry content is being added regularly. Just added were Healthcare for Non-Profit and Commercial Entities, and HUD for Healthcare. This addition enables firms to perform end-to-end audits that incorporate data analytics, financial statements, disclosure checklists, materiality benchmarks, risk indicators and ratio analysis unique to performing audits of healthcare entities.
- Group audit capabilities. The platform now supports multi-level hierarchies and simplifies internal consolidations to make complex audits easier. Additional group audit automations will be released in early 2025.
- Improved user experience. Exciting new enhancements include expansion of the risk library and sampling capabilities, as well as streamlined workflow processes and navigation improvements.
FIRM FEEDBACK
User feedback of the platform has been overwhelmingly positive and offers valuable insights into their unique experiences and benefits of using the platform.
According to Kevin McElgunn, partner at Withum, “Data ingestion, linkage of work papers, seamless data integration, and real-time communication and collaboration tools allow our staff and team members to be able to problem solve and critically think through issues, which creates a more effective and efficient audit.”
Other key themes we hear from firms include:
- Drives audit quality: DAS guides auditors through best practices, automates complex tasks, and flags potential inconsistencies. This helps firms produce high-quality audits, even with less experienced staff.
- Built-in learning and efficiency: DAS features on-screen guidance and prompts, acting as a virtual 'experienced auditor' to guide staff. This speeds up the audit process while simultaneously training the team.
- Powerful automation and diagnostics: DAS automates risk assessment, sampling and other complex areas. It uses built-in diagnostics to catch errors and guide auditors, ensuring thoroughness and accuracy.
- Adapts to firms and industries: DAS is customizable, enabling firms with resources and capabilities to tailor it to their specific needs and industry focuses, making it suitable for a wide range of audit practices. However, DAS also provides a high element of standardization for firms that want to ensure a firmwide discipline and consistency that helps improve audit quality.
- Comprehensive and interconnected: DAS provides in-depth audit guidance that is fully integrated, ensuring that information is consistent and reusable throughout the audit process, thereby reducing errors and enhancing efficiency.
- Implementation support: CPA.com’s robust professional services offerings for implementation training, data migration and change management set firms up for a successful transition to DAS.
LEARN MORE
For more information on DAS for your firm, contact us at cpa.com/das-inquiries.
CPA.com can help firms assess firm readiness and offers comprehensive implementation consulting, training and data and migration services to prepare for a technology-driven shift.
You can also access additional resources, including user testimonials, by visiting the DAS Resource Center.
About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus. The company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.
