documenting field work - scacpa · market overview: areas of opportunity. quality. efficiency....
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Documenting Field Work
Samantha Mansfield, Director of Professional Development & Community, CPA.com
Paul Whitmore, Product Sales Manager, OnPoint PCR, CPA.com
Shawn Martin, Product Sales Manager, RIVIO, CPA.com
Samantha MansfieldDirector, Professional Development & Community, CPA.com• 18+ years of experience in tax & accounting
technology industry• Consultant on workflow and web implementations• Designed and built educational events for practice
development• 2015-2017 CPA Practice Advisor “40 Under 40”• 2016 & 2018 Accounting Today’s “Top 100 Most
Influential People In Accounting” list• 2018 “Most Powerful Women in Accounting” list from
AICPA & CPA Practice Advisor 2
@SnMansfield
Empowering accountants and businesses for the digital age
Drive transformation of practice areas
Lead technology research & innovation for profession
Advance technology ecosystem for profession
Mission
CPA.com Products & Services
Firm Cloud Based Solutions
Education & Resources
Empowering CPAs and Businesses For The Digital Age
Agenda
Key Drivers Influencing Change
Transformation of Field Work Documentation
Demonstrations
Developing Your Response
How Tech is Transforming the Practice
Over Last Decade
Business Cloud Accounting &
Digitalization of Personal Finance
• Enabled By Cloud & Mobile• Cloud Accounting created CAS Practice
Over Coming Years
All Business & Personal Data Now In The Cloud
Next tech wave will create intelligent systems
• Enabled by AI, Machine Learning, Chatbots, Blockchain, TBD.
• Dramatic changes & opportunities for Audit, Tax, and CAS Areas
Hype Cycle for Emerging Technologies,
2018
Source: Gartner (August 2018)
Software as a Service*
BlockchainArtificial GeneralIntelligence (AI)
Big Data & Analytics*
Source: 2018 CPA.com Plotted Megatrends On Gartner Hype Cycle
Key Trends for the Profession
Machine Learning
Virtual Assistants
Innovation Trigger
Peak ofInflated
ExpectationsTrough of
DisillusionmentSlope of
EnlightenmentPlateau of
ProductivityTIME
EXPECTATIONS
* These trends plotted by CPA.com
9
Auditing In The Future – Key Drivers
TECHNOLOGY METHODOLOGY STANDARDS NEW SKILLS
Market Overview: Areas of Opportunity
Quality
Efficiency
Technology
Value
• Adherence to standards is inconsistent and may cause liability exposure.
• Spending too much time answering non-pertinent questions, or time repeating answers.
• Existing solutions simply mimic binder and paper systems digitally, installed on desktops or onsite.
• Overworking engagements has a hidden opportunity cost for firms, as they spend more time than needed on each engagement.
Prep, Comp, & Review Solution
Guided Engagements
Intelligent Checklists Seamless Client
Collaboration Dynamic Scaling Engagement
Dashboards
Integrated Data
Trial Balance Auto-Mapping
Visual Analytics One-Click Financial
Statements
Guided Engagements
Efficiently guides practitioners through engagements while facilitating compliance to standards
Integrated Data
Simplifies data management and reduces redundant data entry
Cloud Platform
Collaboration tools built-in, real-time data entry, updates are timely and automatic
A smarter way to do PCR engagements
OnPoint PCR Demonstration
Brought to you by CPA.com, powered by CaseWare and the AICPA
Next Update November 2018
• Interim reporting
• Consolidations
Tax export available EOY
• UltraTax CS
• Prosystem FX
• CCH Axcess
• Lacerte
• Proseries
• ITO (Intuit Tax Online)25
Delivering the Deliverable
RIVIO Clearinghouse & Firm PortalsProvide Different Functions
Firm
Business Client
Bank & Private Equity
RIVIO CLEARINGHOUSE
Firm Portals• For exchanging files with clients• Should not connect to 3rd Parties
Provide Authorization to 3rd Parties
Issues Reports to Clients
3rd Parties Remain Anonymous to Firms
CPA FIRMVALIDATION
Demonstration
Developing Your Response
Auditing in the Future Ecosystem
30
OnPoint PCR
First Phase
Launching Prep, Comp and Review • Guided engagements• Integrated Data
Methodology Tools
Platform Tools
Research
Current
DYNAMICAUDIT SOLUTIONMETHODOLOGY
Next Phase
External Data
Research Client Big Data
Financial StatementsValue Add
RIVIO
Tax ExportNano-Learning
& CPEDashboard
31
Accounting Today ArticleInterview of Firm Audit Leaders
After revolutionizing tax and accounting over the course of decades, technology finally looks poised to reshape the third major service area:
THE AUDIT
Next Steps
Schedule more in depth demonstration at www.CPA.com
How will you begin unlearning to relearn?
