Financial statements of audit processes integration in order to improve performances of audit firm
Improving the efficiency and quality of the financial statements is a factor of the successful business of audit firms. Since the financial statements audit is a business process, an implementation of the concept of business process management based on software solutions present a possible solution...
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| Format: | Article |
| Language: | English |
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University of Novi Sad - Faculty of Economics, Subotica
2014-01-01
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| Series: | Anali Ekonomskog fakulteta u Subotici |
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| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/0350-2120/2014/0350-21201432427M.pdf |
| Summary: | Improving the efficiency and quality of the financial statements is a factor of the successful business of audit firms. Since the financial statements audit is a business process, an implementation of the concept of business process management based on software solutions present a possible solution to improve the efficiency and quality of performing of audit in a way that all audit activities are carried out and documented in accordance with the audit regulations. Proper implementation of business process management software in the audit provides spending less time on realization of audit process and improving the quality of audit process, because there are less missing audit papers per audit engagement. Furthermore, integrated business process management of financial statements audit provides plenty of advantages compared to existing solutions among which are: the integration and implementation of all audit activities as required by regulations, improving efficiency by automating the performing of audit activities, providing an adequate segregation of duties of the audit team, providing automated documentation system of the audit process, the establishment of effective monitoring and implementation of quality assurance review process, etc. By implementation of the concept of integrated business process management of audit using the software solution, the audit process is continuously monitored, analyzed and improved in order to achieve better performance and ensure business success and long-term competitiveness of audit firms. |
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| ISSN: | 0350-2120 2683-4162 |