The American Institute of CPAs are moving forward with a multi-year initiative to create a new, innovative process for auditing using the latest technology. With 40% of The AICPA’s major firms Group having committed some $50 million in funds to the AICAP for this initiative, the institute are committed to a developing a fresh approach to auditing from the standards up.
In addition to the investment by the AICPA, CaseWare International, the chosen technology partner of AICPA’s tech arm, CPA.com, has an ongoing investment programme of tens of millions of dollars to build out and enhance its cloud platform.
This collaborative effort will develop a transformational auditing methodology supported by a state-of-the-art technology platform. The output of this Dynamic Audit Solution initiative would be available to the more than 14,000 firms that have auditing practices in the United States.
“Technology is poised to disrupt auditing as we know it,” said Barry C. Melancon, CPA, CGMA, president and CEO of the AICPA, who discussed the Dynamic Audit Solution collaboration at the fall meeting of the AICPA’s governing Council. “We can take a more cautious approach to change, automate here or there using existing methodology, or we can boldly reimagine what auditing in the future will look like. To me, and to the firms that have committed to this initiative, the choice is clear.”
Simon Warren, CaseWare UK’s Managing Director adds, “This project is a perfect combination of a leading technology supplier and a major governing body working together to change the future of auditing. It’s this kind of collaborative approach that will become the model for other standard setters and institutes around the world to follow as they seek to take advantage of the opportunities being presented by a fast moving financial technology sector.”