New features support auditors in delivering more efficient, higher quality financial statement audits
New York, NY (Dec. 2, 2024) - As firm adoption of the Dynamic Audit Solution (DAS) continues to accelerate, new planning features and expanded industry content have been added to the most recent release of the transformative audit solution that further supports firms in enhancing the efficiency, quality and client value of financial statement audits.
DAS, which is part of OnPoint, a comprehensive suite of applications built on the Caseware Cloud platform, is the only fully integrated, end-to-end, cloud- based audit solution on the market. It is powered by a transformative methodology developed by the AICPA and in partnership with audit professionals from leading firms. DAS features guided workflows and real- time collaboration to support an enhanced auditor and client experience through a risk-focused, data-driven approach.
Many firms in the T100 are now on a path to full migration of DAS and feedback has been overwhelmingly positive. Firms are highlighting key benefits including enhanced efficiency and quality, staff engagement and upskilling opportunities, and valuable implementation training and support throughout the process. The firms have cited the flexibility of the platform, which can either be used ‘out of the box’ without the need for internal methodology maintenance or as a customized solution, allowing firms to author their own content into the platform.
After an extensive market evaluation, Withum, a top 100 firm, selected DAS to replace its legacy audit methodology. “We’re using DAS out of the box,” said Kevin McElgunn, CPA, partner at Withum. “One of the things that was always inefficient was creating our own work papers and practice aids which we then need to update every year. We’d have to look at what’s changing and determine if it’s still applicable. DAS’s methodology and standardization eliminate the inconsistencies that come with individual preference and the need for maintenance.”
Capability Enhancements
The latest DAS release includes key features that address the needs of auditors active in OnPoint today, while at the same time building out key foundational elements to allow for even more enhanced technologies in the coming months. Highlights of this release include:
- Newly supported industries. Newly added industries include technology, real estate, dealerships, depository and lending institutions, investment companies, and insurance. Tailored content by industry eliminates irrelevant procedures and supports auditors with tools aligned to unique industry requirements.
- Central Planning. Central planning eliminates redundancy and optimizes workflows for audits that involve multiple engagements by allowing risk assessments and responses to risks to be managed from a central entity. This feature also allows enables auditors the flexibility to modify elements of the individual entities to further streamline workflows.
- Testing. This release also upgrades the journal entry testing tool, making it simpler to work with existing tests, create new custom tests for specific needs and to link tests to specific risks.
The continued release of robust industry content and advanced capabilities sets DAS apart as the accounting profession’s most advanced and only fully integrated, end-to-end audit solution.
Other Key Features
Other key benefits of DAS cited by adopting firms include: single audit and group audit support, strong linkage to standards, and financial statement and sampling modules. Integration with Caseware Taxflow streamlines functionality between tax and assurance engagements, and Caseware’s digital assistant, AiDA, uses built-in research capabilities to cite standards, summarize documents, and more, in a secure platform.
In addition to DAS’s robust capabilities, CPA.com effectively supports firm adoption readiness, providing comprehensive implementation consulting, training and migration services to support firms through the entire audit transformation journey.
“The Dynamic Audit Solution is a powerful tool with unique capabilities unlike any other on the market,” said Erik Asgeirsson, president and CEO, CPA.com. “Firms using DAS today have recognized the significant improvements in efficiency, effectiveness and client value that the tool offers, as well as the benefits it can provide in attracting the next generation of talent.”
LEARN MORE
For more information on DAS for your firm, contact us at cpa.com/das- inquiries.
You can also access additional resources, including user testimonials, by visiting the DAS Resource Center.
