The Future of Auditing: Embracing the Benefits of Remote Audits

By: Marcus King, CPA, Vice President, Credit Union Audit & Compliance Group

The global landscape underwent a transformation with the advent of COVID-19, impacting various sectors, including auditing. In the realm of audits, the traditional on-site approach has evolved into a more streamlined and efficient process – remote auditing. This paradigm shift is not merely a temporary response to the pandemic; it’s a lasting transformation. Here are ten compelling reasons why remote auditing is not just a trend, but a permanent fixture in the auditing landscape:

1. Cost Efficiency for Credit Unions: Remote audits translate to cost savings for credit unions. The elimination of travel, lodging, and meal expenses for auditors results in significant financial benefits. For smaller credit unions, these savings can make a substantial difference in their operational budgets.
2. Access to Global Audit Firms: The virtual nature of remote audits allows credit unions to collaborate with audit firms anywhere. This flexibility empowers credit unions to seek the most cost-effective and experienced auditing services, potentially saving thousands compared to local firms. In the last weeks of 2023, a credit union, situated over 1,000 miles away from CUACG, engaged our services, seeking the timely completion of their ACH audit before the close of the year. CUACG successfully fulfilled the audit requirements, ensuring the credit union’s adherence to ACH regulations.
3. Operational Cost Savings for Audit Firms: By adopting fully virtual audits, audit firms eliminate the need for physical office spaces, reducing overhead costs. Some firms, no longer burdened by travel expenses, can pass on these savings to credit unions. The COVID pandemic showed that audit firms can streamline operations, reducing costs while maintaining revenue.
4. Faster Audit Completion: Remote audits expedite the auditing process. Auditors provide specific needs lists to credit unions, enabling a precise focus on required documentation. The transition to electronic document review not only accelerates the process but also minimizes unnecessary information, enhancing efficiency.
5. Multitasking for Auditors: Remote work enables auditors to simultaneously handle multiple audits. This flexibility allows auditors to efficiently manage tasks, resulting in increased productivity and revenue. The ability to seamlessly shift between audits in a virtual environment enhances overall operational efficiency.
6. Reduced Onsite Disturbances: Working remotely reduces the physical presence of auditors in credit union offices. Communication occurs primarily through emails, giving credit union staff the time to consider responses thoroughly. This alleviates stress for CEOs and ensures a more measured approach to audit interactions.
7. Government Regulators Embrace Remote Work: In line with auditors, government examiners have embraced remote work. The cost-saving benefits of remote operations for regulators suggest a sustained shift towards remote examination practices, further reinforcing the permanence of remote auditing.
8. Digital Document Management for Credit Unions: The digital era necessitates a shift towards document digitization. Remote auditing encourages credit unions to scan and upload documents, minimizing physical paperwork. This transition not only supports cost savings and efficient audits but also contributes to better record retention.
9. Enhanced Work-Life Balance: The transition to remote auditing has drastically improved work-life balance for auditors. Reduced travel has allowed for more family time, promoting a healthier work-life synergy. This shift has personal benefits, as exemplified by the increased time spent with family.
10. Access to Top Talent Nationwide: Remote auditing enables audit firms to tap into a broader pool of talent across the United States. Geographic constraints are no longer a limiting factor, allowing firms to hire the best-suited professionals for their teams. Remote training tools further facilitate the onboarding process from any location.

Embrace the future of auditing with remote solutions – a cost-effective, efficient, and flexible approach that brings benefits to both credit unions and audit firms alike.

Click here to contact CUACG today to experience the advantages of a seamlessly integrated remote audit process!