Working on preparation, compilation and review (PCR) engagements can be challenging and time-intensive, pushing firms to overwork engagements and leaving them with limited time for higher-value advisory services for their clients. Back in December at Ensuring Success 2018, we discussed strategies to address these challenges and how technology can improve the quality of engagements.
Here are the highlights from that discussion:
- Traditional Approach to PCR Services: Today many firms rely on manual processes for doing their PCR engagements. They use analog methods to collect and organize information, spend extra time determining the right checklists or procedures to apply and use dated communication practices with clients while facing the added stress of peer reviews.
- Challenges Experienced in PCR Services: The manual approach to PCR engagements can cause complex challenges for firms and their clients. The top challenges include:
- A disconnected process
- Inefficient and confusing communication practices that leave parties without an effective way to collaborate
- Overworked engagements or the “more is better” approach driven out of fear of not complying with standards and failing peer review
Ultimately this all takes up too much time and leaves firms with limited time for value added services.
- Technology as the Solution: Emerging technologies like cloud technology, artificial intelligence and digitized data are transforming the accounting profession, the audit and assurances practices included. OnPoint PCR is a prime example of this convergence. OnPoint PCR uses cloud technology that integrates linked content and methodology to keep engagements up-to-date and offers intelligent guidance that eliminate unnecessary steps, enabling firms to enhance engagement quality and efficiency.
Watch our entire Ensuring Success 2018 discussions, Leveraging Technology to Improve PCR Engagements and Overcoming the Stress of Peer Review in PCR Engagements, to hear the discussion about the challenges firms face with the traditional approach to PCR services and how technology can help automate and simplify the process.
Matt Towers
Product Marketing Manager, CPA.com
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 and is responsible for managing the CPA.com assurance product line.
