Yeo & Yeo Receives Process Improvement Award for Lean Audit
Yeo & Yeo CPAs & Business Consultants received the Leading Edge Alliance’s (LEA) prestigious award for Process Improvement, for its Lean Audit Process implementation. The award was announced at the LEA’s 2015 Global Conference held in Miami, Florida. Each year the LEA recognizes accounting firms for their cutting-edge innovations that differentiate LEA members from their competitors.
“It is an honor to be recognized by our peers for implementing a successful Lean Audit process.” said Thomas Hollerback, CEO. “Yeo & Yeo strives to continuously improve processes to strengthen internal efficiencies and the relationships with our clients.”
Yeo & Yeo identified the need for a standardized firm-wide audit process in 2013. “We realized an opportunity existed to streamline our process to better serve the needs of our clients and professional staff,” said Kristi Krafft-Bellsky, senior manager. “Our solution was to eliminate the individual office approach and communicate a new process across our nine offices to efficiently distribute work and increase client satisfaction.” The firm sought out the expertise of LeanCPA, LLC, which uses the Lean Six Sigma methodology to help firms develop lean processes.
The methodologies used throughout the Lean Audit Process helped in identifying inefficiencies and aided in developing techniques that focus on process effectiveness and understanding client value. The new process was rolled out firm-wide in 2013, and all fieldwork performed since 2014 has been completed under the new Lean Audit Process.
“In 2015, we now have a full year of data to prove the benefits this process has garnered which include reduced on-the-job hours, a decrease in write-offs and a 5% increase in realization,” said Krafft-Bellsky. “But the most astute has been the positive feedback from staff and clients, resulting from quicker turnaround times and better communication throughout the audit engagement.”
Yeo & Yeo is a founding member of LEA Global, the second largest international professional association in the world, creating a high-quality alliance of 220 firms in 106 countries that are focused on accounting, financial and business advisory services.
