Ensuring accuracy and compliance of your preparation, compilation and review services can often be demanding and time-intensive, especially when you consider the added stress of peer review. Many firms are manually building out engagements and determining which procedures apply in order to meet compliance standards pushing them to overwork the process to ensure a positive peer review— which ultimately results in lower realization rates and limited time for higher-value advisory services.
What are the challenges your firm experiences in PCR services? In our infographic, we uncover top challenges we see firms face in PCR services.
#1 Threat of pass with deficiency or failed peer review grade causes firms to overwork engagements.
The fear of not complying with standards and getting dinged on peer review as a result often drives firms to go with a "more is better" approach leaving them exposed to additional risks.
#2 Difficulty keeping up with technology changes to stay competitive.
The rate at which accounting technology is changing can be daunting. Being behind the technology curve and using manual methodology puts firms at a disadvantage and limits their ability to become a full-service firm and gives them little time for higher-value advisory services for clients.
#3 Constant threat of data breaches requires vigilant attention to protect client data.
Often accounting software and financial statement guidance tools are not connected in a secured platform. This forces firms to use low-level security or manual processes to deliver and store financial statements, putting their clients' sensitive information at risk.
#4 Manual, back-and-forth client communications create bottlenecks and downtime on engagements.
It is time-consuming and tedious chasing clients down to get all the information firms need to complete their work, and the firms' clients may feel confused and frustrated by this as well.
#5 Diversity of challenges leads to firm inefficiency, creating a hidden opportunity cost.
Overworking engagements can be costly for assurance engagements. Exposing firms to risk if the work performed exceeds the agreement outlined in your engagement.
Matt Towers
Product Marketing Manager, CPA.com
Matt is responsible for managing the CPA.com assurance product line. Matt has over 18 years of experience working in the tax & accounting technology industry with a specific focus in accounting & auditing technology and process. Having worked with thousands of accounting firms over the years to help them understand how to interweave relevant technology and business process, Matt has a keen understanding of the challenges and opportunities facing the profession today. Matt has been a featured speaker at thought leadership events and has been published in A&A publications writing on trends in the profession and the impact of technology.
