Data Analytics and the Trusted Advisor
Accountants are, behind doctors, the top most trusted professional in the country — and this trust is a major opportunity to become assurance leaders of the future, said Susan Coffey, executive vice president of the Association of International Certified Professional Accountants, at the 2019 AICPA Engage conference in Las Vegas.
“Trust is very easily lost and hard to gain back,” Coffey said, as reported in AccountingToday. “You have to constantly work on it. This trust creates great opportunity that other professions don’t have and would kill to have.”
While accountants do command a significant amount of trust from the marketplace, clients are still asking for more: Forty-seven percent say auditors should perform even deeper analysis in areas they already cover, and 78 percent say auditors should be using more sophisticated technologies for data gathering and analytics, according to a KPMG and Forbes report.
With an increased amount of real-time data, how do you effectively and efficiently interpret it to make strategic decisions to improve your organization? As these technologies become more mainstream, your business needs informed, responsive professional services advisors now more than ever.
The Ericksen Krentel team can help you formulate a strategy to gather, analyze and make sense of your data in a cost efficient and effective manner. Remember, incorporating a data analytics function in your organization is not so much about gathering every last detail as much as it is obtaining and evaluating high-quality information in real time.
Click here to learn how our team can help you use data analytics to help improve audit evidence, cut down on repetitive tasks and better correlate audit tasks to risks and assertions to help fight fraud to give you a better understanding of your organization’s risk and insight into potential material misstatements.
About Ericksen Krentel
Ericksen Krentel CPAs and Consultants, founded in New Orleans, Louisiana in 1960 with offices in New Orleans and Mandeville, believes that serving as the clients’ most trusted adviser is grounded in going beyond the numbers.
That includes helping clients achieve their business and personal financial goals by providing innovative and exceptional services in the following areas: audit and assurance services, tax compliance and planning, outsourced CFO services and business valuations for a variety of industries; employee benefit plan audits; fraud and forensic accounting; business planning; IT consulting; wealth management; loss calculations; and estate planning.
Learn more at www.ericksenkrentel.com.