Auditing Software Ready for AICPA’s Quality Initiatives

“In recent years, audit quality and audit relevance have surfaced as issues around the globe”, says Susan S. Coffey, Senior VP, AICPA. As a result, the Department of Labor and the AICPA have proposed substantial changes in regulation and enforcement, tightening requirements and increasing penalties. With regulatory authorities calling for action, the audit industry could be facing a shift from cost-effectiveness to quality assurance; from checklist-based systems to risk-based systems. Auditors with proven processes will have an immediate advantage.

Let’s face it, not all auditing software is designed to help you stay ahead of the competition and be prepared for changes to auditing, peer review and regulatory standards. Some auditing software, however, is designed for exactly that. To help!

An example of auditing software for accountants that is designed to help is Wolters Kluwer’s Integrated Audit Approach – a unique method that provides iterative steps of an audit. This auditing software for accountants is made up of multiple solutions, including CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach and CCH Accounting Research Manager. The combination of these three auditing software solutions actually promotes audit quality for you, from planning to completion.

Obviously no auditing software can replace the experience and expertise of a seasoned CPA. That’s why the aim of Wolters Kluwer’s Integrated Audit Approach is to facilitate the application of knowledge, not simply automate the entire process. This is accomplished by:

  • Minimizing non-value added activities
  • Providing diagnostic reports and warnings
  • Seamlessly linking to source documents and supporting research

So, here’s what you should be asking yourself right about now: In our complex and fast-paced business environment, is your audit process as effective as it could be and, If not, is your auditing software part of the problem? Checkout this whitepaper to learn more and to be prepared!

AUTHOR

Wendy Cable

All stories by: Wendy Cable

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