Achieving Small Audit Efficiency
Welcome to the first of many practical blogs dedicated to maximizing profitability on small audits. Normally you’ll find two or more blogs here each week which will be progressive in their order. In other words, foundational subjects will be presented first with applications discussed later in the series. If you miss a few days, be sure to catch up before reading the most current blogs. Plan to visit often!
It may seem that putting the word “efficiency” in the same sentence as the word “audit” creates an oxymoron. Given the costly explosion of professional standards’ in recent years, it’s not surprising that many smaller CPA firms have given up their audit practices. The truth is, however, we can still make money on small audits!
Here’s the key: To maximize efficiency on small audits, every planning and performance decision must emphasize efficiency. I call this the “Ten-Minute Rule.” Taking advantage of every opportunity to save 5 or 10 minutes can result in huge overall engagement time savings! Read this blog often to accumulate your list of time savers!
by Larry Perry, CPA, CPA Firm Support Services, LLC - Larry has over 40 years experience as a CPA practitioner, author of accounting and auditing manuals, author and presenter of live staff training seminars and author of webcast and self-study CPE programs. He is co-founder of CPA Firm Support Services, LLC (www.cpafirmsupport.com), an organization providing resources, training and consulting to smaller CPA firms. Larry writes a weekly blog on AccountingWEB.com focusing on small audits, reviews and compilations. He is currently developing documentation manuals and handbooks for small audits, reviews and compilations and related electronic practice aids.