Enable Industry-Focused Audits with the OnPoint Engagement Suite

The audit profession is increasingly recognizing the importance of industry-specific content. This shift is driven by the need for deeper insights and more accurate risk assessments. Auditors are expected to have a comprehensive understanding of the unique characteristics, regulatory environments and operational nuances of the industries they audit. 

This industry-specific knowledge allows for more tailored and effective audit procedures, maintaining compliance and providing valuable benchmarks for performance comparison.

The audit profession is emphasizing the importance of industry-specific content more than ever in order to: 

• Understand unique industry dynamics: Each industry has distinct characteristics and operates under different conditions, regulations, and risk factors. Industry-specific audits allow auditors to grasp these unique aspects, which is vital for identifying potential risks, compliance issues and areas of financial misstatement.
• Conduct more precise risk assessments: By focusing on industry-specific risks and regulations, auditors can perform more precise assessments. This means they can identify potential issues more accurately and provide more targeted recommendations. For instance, an audit solution tailored for the manufacturing industry might focus on supply chain risks and production efficiency, leading to more accurate and actionable insights.
• Provide relevant benchmarks: Industry content offers valuable benchmarks for performance comparison. Auditors can use these benchmarks to compare a company’s financial metrics against industry standards, identifying anomalies and assessing the reasonableness of financial statements.
• Improved decision making: Leveraging a data-driven audit, auditors with industry knowledge can provide more insightful recommendations, aiding stakeholders in strategic planning, resource allocation and overall business management.

Industry Comparison: Auditing in healthcare vs. construction

To see how content can differ significantly from one industry to another, consider the differences between the audit of a hospital versus that of a construction contractor:

• Healthcare audits: In the healthcare industry, significant attention must be given to clinical coding, revenue recognition and compliance with federal regulations. Auditors must understand internal controls over documentation, clinical coding, billing procedures and compliance programs to mitigate risks effectively.
• Construction audits: For a construction contractor, the focus shifts to project management, cost estimation and compliance with industry-specific regulations. Understanding the nuances of contract management, project timelines and cost controls is critical to delivering an accurate and insightful audit.

Elevate your audits with the OnPoint Engagement Suite

The OnPoint Engagement Suite revolutionizes the audit process by offering a tailored solution that integrates industry-specific content, tailored methodologies and comprehensive guidance, enhancing quality, relevance and maintaining compliance in every audit.

It’s clear that auditors are increasingly realizing the value that advanced technologies like the OnPoint Engagement Suite can bring to their engagements: a study from the Center for Audit Quality and Financial Executives International found that the vast majority (82 percent) of auditors used data analytics or other emerging technologies in their audits. 

Along with its inclusion of comprehensive industry-specific content, the OnPoint Engagement Suite offers numerous advanced elements, including:

Advanced understanding the entity capabilities

Caseware’s audit solutions feature advanced understanding the entity capabilities designed to help auditors identify key areas and understand the entity’s environment. This significantly mitigates the risk of material misstatements due to insufficient knowledge of the business, industry and regulatory landscape. These advanced workflows guide auditors through the complexities of the entity and industry, ensuring no critical aspect is overlooked.

Risk-based methodology for streamlined assessments

By employing a risk-based audit methodology, the OnPoint Engagement Suite allows auditors to accurately assess and address risks. This methodology enables a thorough understanding of accounting records, information capture, control processes and their integration into financial statements. The risk-based approach allows auditors to focus on the most significant areas of concern, delivering a more robust and reliable audit process.

Seamless integration and regular updates

All industry content is seamlessly integrated into the OnPoint application, eliminating the need to source third-party solutions or manage disparate updates. Regular updates reflecting business cycles, insights into the entity’s environment, business processes and financial data integration ensure precision and relevance in financial statements.

Driving greater client value

By integrating industry-specific content into your audit processes, you not only maintain compliance and enhance the quality of your audits but also drive greater value for your clients. This approach supports informed decision-making and strategic planning, ultimately contributing to the overall success and sustainability of your firm. 

Supported Industries

The OnPoint Engagement Suite is designed to address the unique needs of different industries. This comprehensive solution includes a library of industry-specific content, robust entity checklists and a risk-based audit methodology.

Conclusion

The OnPoint Engagement Suite offers a comprehensive library of industry content to support auditors in delivering higher-quality audits with deeper insights — ultimately driving greater client value. By leveraging the power of the OnPoint Engagement Suite, auditors can enhance the quality and effectiveness of their audits, build trust and provide unparalleled value to their clients. 

Embrace the future of auditing with industry-specific content and methodologies that drive success and sustainability for your firm. Learn more about how the OnPoint Engagement Suite can transform your audit & assurance practice.