I just read the article by Arthur Radin and Miriam Katowitz, “Have Audits Become Too Inefficient and Expensive?” Both of them are absolutely correct. Performing an audit should not be “by rote.” When we first started, we were able to write a paragraph or two, or even a page or two, on internal controls and what tests we performed. We brought this situation on ourselves, as we all wanted to be like “the big boys,” to do the same work and issue the same opinions.
I understand there is an AICPA task force looking into audit procedures and opinions for privately held companies and smaller not-for-profits. I certainly hope so, and also hope they invited Radin or Katowitz to serve on it.