Withum, a nationally ranked advisory and public accounting firm, has announced the successful implementation of its integrated cloud-based digital audit platform, marking a significant milestone in its innovation offerings. By integrating this platform with the firm’s other cloud-based solutions, Withum has created automated workflows that foster consistency, collaboration and scalability.
This latest advancement enables Withum to meet the diverse needs of clients, from small businesses to large enterprises, by providing real-time information and a personalized experience.
“Our journey to launch this new cloud-based audit platform began a few years ago,” said Kevin McElgunn, Withum partner and team leader of Digital Audit Solutions. “The platform has proven extremely successful at streamlining the traditional audit workflow by integrating tools and a data-driven methodology within a single environment.”
Built on the foundation of collaboration and continuous improvement, Withum’s cloud-based audit platforms utilize embedded digital communication tools and collaborative workplaces. By proactively integrating cutting-edge technologies such as Artificial Intelligence (AI) and machine learning into the platform, Withum has enhanced audit accuracy and efficiency. This innovative approach ensures an elevated service experience, reinforcing Withum’s commitment to being a client-centric firm.
“Our cloud-based audit platform securely extracts a client’s full financial history within minutes and allows us to get to work immediately,” said McElgunn. “This has led to higher quality, streamlined audits, as well as a significant acceleration in our team’s learning curve as the system guides them through and enhances what were once-routine, audit-related tasks. The result is deeper client insights at an earlier stage in the audit lifecycle.”
In addition to an integrated client experience, in-depth client insights, enhanced audit efficiency as well as quality, smart-procedure deployment by team members, Withum’s integrated cloud-based digital audit platform offers a guided audit methodology and data-driven approach to continuous auditing. The latter lessens the burdens of on-site audits with expanded digital audits undergoing monitoring and analysis throughout the year.
Withum's approach moves beyond the “just-in-time” model of traditional auditing, where work progresses through a sequential review process. Withum’s cloud-based solution offers a full complement of data analytics and AI capabilities that promote a more collaborative approach while facilitating continuous auditing throughout the engagement.
“We've adopted this new platform to serve as the foundation for all our audits, providing consistency across the board in terms of the why’s and how’s of standard taxonomy,” said Withum Audit Senior Manager Marc Gennello. “As with any ever-evolving technology, we are constantly exploring how additional features can further streamline collaboration between our audit, tax and client teams.”
Withum's commitment to establishing a level of standardization extends beyond technological choices. The firm utilizes a standardized taxonomy, similar to the SEC XBLR tags, to categorize data consistently. This allows for the identification of unusual trends, risks and opportunities within specific industries, providing valuable insights into client operations.
“Standardization is key to benchmarking and consistency,” emphasized Gennello. “This not only benefits our clients but also fosters the growth of our younger staff. They learn the system and its underlying principles more efficiently, becoming trusted advisors in their own right. It also helps us build our risk assessment and connects the dots, without the need to link to another data source – a common pitfall for leaving gaps.”
Collaboration: Real-Time and Secure
One of the most significant advantages of Withum's cloud-based approach is its real-time collaboration component. Team members can work together on the same audit documents simultaneously, eliminating the need for check-out and synchronization processes common in desktop solutions. Furthermore, Withum prioritizes data security with robust single sign-on, dual authentication and access restrictions based on project assignments.
Withum's innovative approach empowers its team to move beyond routine tasks, shifting their focus to providing solutions for their clients. “We are trusted advisors. By leveraging data and a guided methodology, we can identify potential issues and recommend solutions that truly improve our clients' audit experiences and, in turn, their businesses,” said McElgunn.
At Withum, the firm’s audit approach combines a strategic understanding of today’s competitive business environment with extensive experience in evaluating daily business risks. By focusing on these conditions, Withum maximizes return on investment through an in-depth analysis of financial statements, internal controls and overall business strategies, goals and objectives. Utilizing state-of-the-art audit tools such as the cloud-based audit platform, the Withum team draws on its understanding of each business’ risks and internal controls to design an effective and efficient audit.
Note: Content furnished by CMM Strategic Communications on behalf of Withum.