Growing excitement from users on power and benefits of transformational tool
New York, NY (May 14, 2024) - CPA.com today shared the latest highlights related to the Dynamic Audit Solution (DAS), a major initiative from the AICPA and CPA.com that targets audit transformation through a comprehensive, end-to-end, cloud-based solution built by auditors, for auditors.
Powered by a transformative methodology developed by the AICPA, and in partnership with audit professionals from leading firms, 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.
Launched commercially in June 2023, DAS adoption has accelerated significantly:
FIRM USAGE
- 80% of the DAS stakeholder firms are advancing adoption.
- Multiple Top 25 firms are now in the process of doing full firm migration to DAS.
- DAS is now commercially available for all firms to leverage.
- Many Top 100 and Top 500 firms who were not part of the original stakeholder group are in advanced discussions/evaluations.
- A rollout to a broader cohort of firms is currently underway, beginning with the change management preparation and planning that ensures successful adoption.
- To date, more than 2,500 engagements have been completed in the solution with 4,000+ licensed seats.
FIRM FEEDBACK
Users of the platform are providing valuable insights and perspectives on their experiences with the solution:
Efficiency and efficacy of audits
- “I’m really impressed and feel like DAS helps all auditors connect the dots between the risk and why we do the audit procedures. Some key benefits we’re realizing include:
- How much time we spend in each audit phase
- How we manage our resources and schedule audits
- How often we communicate with clients during the year
- When review of the audit work occurs
– Sarah Flischel, CPA, Director, AAFCPAs
- “DAS is everything in one. It’s your one-stop shop. It is your document retention platform, it is your methodology, it is your PBC client request. It prepares your financial statements for you and it is your data analytics tool.” – Jen Wood, CPA, Partner & Assurance Leader, Director of Audit Innovation, The Bonadio Group; DAS Architect
Talent attraction, retention and upskilling
- “We are half-way through our planning process and getting used to how it feels to be working in a cloud-based product. Navigating a cloud-based product takes some time to get used to but being able to work from anywhere is ‘great’!” – Sarah Flischel, CPA, Director, AAFCPAs
- “The idea that we can get a 27-year-old without 30 years of experience to start, lead and execute an audit with the tool leading them through all the right steps—as we think about long-term efficiency, I think that’s the real benefit that DAS will give us all.” – Jere Shawver, CPA, Managing Partner, Assurance and Risk, Baker Tilly US, LLP; DAS Early Adopting Firm
- “We’re hiring people straight out of college—they were born with an iPhone. They are used to technology and expect that technology when they walk into firms. Tools like this are what they’re looking for, and it will help attract people, it’ll help retain people. We’ve received just the best feedback from our staff, senior, manager level, saying this tool is modern, it’s nice-looking, I enjoy doing my work and this tool.” – Jessie Kanter, CPA, Partner in Charge of Innovation and Methodology, Citrin Cooperman; DAS Implementation Lead
Greater client value
- It’s really going to change the way that we audit. It's going to allow our people to focus more on the risk, to really focus on what matters to our clients in our audits so that we can perform our audits in a more effective manner. Not focusing on the same things because maybe they're easy. That guided experience really does drive us to focus on the risky areas of the audit. Focus on the things that really matter in order to bring those insights to up-skill our people and make them understand how to more effectively perform an audit. – Jessie Kanter, CPA, Partner in Charge of Innovation and Methodology, Citrin Cooperman; DAS Implementation Lead
INTERESTED IN LEARNING MORE ABOUT DAS FOR YOUR FIRM?
- If you’d like to learn more about DAS, contact us at cpa.com/das-inquiries.
- CPA.com can also help firms assess their readiness and offers comprehensive implementation consulting, training and data and migration services to prepare for a technology-driven shift.
ADDITIONAL RESOURCES
