For over 50 years, The Trueblood Seminars have sought to cover new developments in auditing and accounting to participating educators and thought leaders across the country. The most recent Seminars, held Feb. 17-20 and March 16-19, were hosted by the Deloitte Foundation and the American Accounting Association atDeloitte UniversityinWestlake, Texas.
Auditinnovationwas the hot topic this year, as more than 75 accounting/auditing professionals and educators met in Westlake. Case study materials were also discussed, designed to further classroom experiences and learning for both undergrad and graduate students of accounting.
This year's Seminars called on both professionals and academia to advance the technical capabilities of an auditor as technology continues to transform the business world.
"As businesses continuously evolve and innovate, so, too, should audit, making these seminars all the more crucial," said Kathleen Shoztic, executive director of the Deloitte Foundation, per a release. "While financial reporting requirements have continued to evolve since the Trueblood Seminars began, technology has fundamentally changed the way businesses operate. Educators should not only consider exploring leading practices that will help prepare students for the evolving industry, but also continuing to innovate."
The Trueblood case studies, prepared by Deloitte, also aimed to discuss certain ambiguous topics in accounting to help better prepare students for questions that can arise in their professional careers.
"In particular, the case studies are a tremendous resource for accounting faculty to encourage critical thinking skills and professional judgment in the classroom," said Seminar co-chair and Virginia Tech professor Sarah Stein, per a statement. "The cases tackle issues that have more than one potential alternative, which requires students to provide thoughtful, well-reasoned responses based on their research of the standards. These skills provide great value to the accounting profession."
Committee members includingKristian Allee(University of Wisconsin), Bruce Behn(University of Tennessee),Lauren Cunningham(University of Tennessee),Michael Iselin(University of Minnesota), Nicole Wright(Northeastern University), and Shoztic additionally discussed the possibilities of a new type of auditor, as well as the necessary critical thinking skills that students will need in order to successfully adapt in a transitioning profession.
"Future auditors and accountants will likely need new skills to apply more critical thinking, use advanced technologies, and apply statistical methods and advanced analytics. The Trueblood Seminars help professors enrich the accounting curriculum so that it reflects the skills likely needed for the auditor of the future," added Shoztic.
The Deloitte Foundation's Trueblood Case Study Series is available on Deloitte'ssite here.