Less complex audits perfected

Less complex audits is today’s topic. To start, if you think CCH ProSystem fx Knowledge Coach is overkill for less complex audits think again. That rumor is simply fake news. Actually, Knowledge Coach excels at delivering high quality audits, regardless of complexity, and does it better than its major competitor!

Nonscalable vs. scalable

That competitor is PPC. They require the auditor choose between the complex title and a simple title. One or the other. Not both. There is no scalability, nor can the auditor move between the two. Over and out!

CCH ProSystem fx Knowledge Coach, on the other hand, is not rigid like that. It is, in fact, the perfect solution or both complex and less complex audits.  Here is an overview of the product to help you understand why that is.

Knowledge Coach – which passed peer review, has a patent and is award winning – is built within CCH ProSystem fx Engagement. Knowledge Coach guides the auditor through an iterative audit process.  Simultaneously, it draws clear connections between steps and risks. Notification of these connections happens through alerts and diagnostics. That unique functionality is what makes the solution just as perfect for less complex audits as for complex ones. It is all about building the audit so that it exactly meets specific needs.

Here is how:

  • First, five tailoring questions determine the complexity of the engagement.  Simply answering NO to those five questions triggers the solution to know it is a less complex audit. What happens is this. LESS questions appear in several workpapers, including the Overall Audit Strategy, Entity Information and the Audit Documentation Checklist.
  • Additionally, Knowledge Coach offers the option to use non-complex forms, like “Engagement Acceptance and Continuance” or “Understanding the Entity” or “Understanding Entity Level Controls”. These forms are significantly shorter than their complex versions.
  • Then there is the icing on the cake! You get to choose how non-complex versus complex forms are used. You are not stuck with an “all or nothing” approach, unlike that competitive solution mentioned earlier. For example, a non-complex version of the “Understanding the Entity” form works just fine in combination with using complex forms for other workpapers and/or answering YES to the complexity questions in the Overall Tailoring Questions workpaper.

This is a big deal!

Options are good. Flexibility means the auditor has more freedom to document using a narrative approach, and still meet required documentation standards. There are also roll forward efficiencies on the narrative. The end-result is an improved user experience. Knowledge Coach Customers are pleased!

Do you agree that scalable is better than non-scalable? If yes, now is the time to look at Knowledge Coach, or look at it again if you have checked it out before. Join an online demo that fits your schedule, or call 800-739-9998 to arrange a 1-1 consultation to discuss your needs.

AUTHOR

Wendy Grice

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Grice

Leave a Reply

Your email address will not be published.