Today’s auditors in public accounting face myriad demands. Regulators and standard setters require auditors to adhere and comply, clients want more quality, value-added services, and firms need auditors to work both in and on the business. Auditors must navigate competing priorities while still meeting deadlines, producing and performing at a high-level, managing and training staff, and growing the practice.

As a CPA with nearly 20 years' experience serving in roles including a Big 4 auditor, industry controller and a firm advisory leader, I know these demands first-hand. And I, like so many of my audit peers, have questioned how technological innovation could not only alleviate some of these demands but also benefit the firm and the client. Specifically, how can technologies including automation, Artificial Intelligence and machine learning allow us to streamline processes, provide greater insights and have higher value conversations with clients? How can we deliver quality that is felt by our clients in a way that is effective, efficient and even exciting?

These are just some of the questions the Dynamic Audit Solution (DAS) sets out to answer. This comprehensive, end-to-end cloud-based solution is built by auditors, for auditors. Its transformative methodology was developed by the AICPA, in partnership with leading firms and audit practitioners, to enhance 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.

DAS was launched commercially this past summer to a group of early adopting firms – those willing and able to embrace change and be at the forefront of audit evolution—and feedback has been extremely positive. Some of the key benefits of DAS that we’re hearing from firms 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. Matt Walsh, Partner at Withum, is leading the DAS implementation at his firm and is seeing the advantages first-hand. “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.”
• 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. Michael McMurtry, Partner at EisnerAmper, explained: “DAS has the ability to ingest the entire population of transactions (instead of sampling), which allows the auditor to analyze the information much more comprehensively than they’ve been able to in the past and better arms the auditor to provide advice to their clients.”
• 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 making our auditors better auditors,” said Jessie Kanter, Partner at Citrin Cooperman. “It’s making them more critical thinkers by redefining what they’re doing as part of their audit process through the guided engagement experience within DAS.”

As an auditor, I recognize the biggest challenges of adopting new technology are knowing where to start and managing change — change presents risk and risk aversion is baked into the profession. CPA.com can help firms assess their readiness and develop individualized adoption and change management roadmaps. We also offer comprehensive implementation consulting, training and data migration support services.

While the transition to DAS comes with the challenges of any great change, those who have taken it on say it’s worth it. As Michael McMurtry commented, “Like any project where change is involved, those first few steps are difficult, but as you make further steps in the process, I think you'll find that DAS is well worth the effort.”

To learn more at the Dynamic Audit Solution, visit CPA.com/DAS.

All the pieces are in play for the audit profession to seize a monumental opportunity – one that will shift the trajectory of audits, and the profession itself, for decades to come. Doing so will require the profession to unite in embracing new capabilities and approaches to provide an entirely new level of value to audit clients. Enter the Dynamic Audit Solution (DAS).

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

• Video: Early adopter firms share the key benefits of DAS (3 minutes)
• Video: Firm leaders discuss the adoption and roll out of DAS (10 minutes)
• Blog: DAS – Built for auditors by Auditors