Integrated Solutions Break from the Checklist Mentality and Help Make Firms Future Ready
(SAN FRANCISCO, CA, October 25, 2017) – During the 13th annual CCH Connections User Conference, Wolters Kluwer Tax and Accounting unveiled enhancements to its integrated audit solutions, designed to increase firm efficiency while enabling growth and profitability.
Wolters Kluwer’s Integrated Audit Approach is a multiple solution approach that includes CCH® ProSystem fx® Engagement, CCH® ProSystem fx® Knowledge Coach and CCH® Accounting Research Manager®. Supported by the iterative foundation of the Knowledge-Based Audit (KBA) Methodology, the Integrated Audit Approach leverages auditor expertise to drive the overall audit process – not standardized, pre-defined checklist methods. The result is higher-quality engagements that minimize compliance risk while boosting overall efficiency.
In April, Wolters Kluwer announced a partnership with Validis Holdings Limited, a UK and US-based company known for its data extraction and analytics software used in the accounting and lending industries. The agreement expanded and complemented Wolters Kluwer’s existing audit product portfolio with the launch of CCH® Audit Accelerator, which helps automate the audit process, and helps customers focus on the areas of greatest risk to ensure the highest quality audit without over-auditing.
Now, Wolters Kluwer’s Integrated Audit Approach is expanding further to include TeamMate® Analytics, easy-to-use tools to help auditors run analytics and, more importantly, interpret the results. Accessible through Microsoft Excel, this powerful, cost-effective solution supports analytic testing with configurable modules that automate audit tests.
Additionally, Wolters Kluwer is beta testing an innovative Engagement Organizer to add to its audit solutions. Customers who use both CCH ProSystem fx Engagement and CCH Axcess Portal will be able to collaborate with clients more easily from the start of an engagement. Engagement Organizer creates a customized “PBC” (Provided by Client) request list so clients know exactly what is needed. Your clients access Engagement Organizer just as they access their portals, by simply clicking a link in the CCH Client Axcess website or mobile app. The Engagement Organizer cuts down on and/or eliminates the back and forth between the firm and its audit clients before an audit can begin. With this tool, clients can easily:
- Upload documents into a secure portal by the date required by your auditor.
- Facilitate a dialog back and forth for questions and notes.
- Upload a template or document for your client to complete.
“Conducting a high-quality audit can be a challenging task,” said Jason R. Marx, CEO of Wolters Kluwer Tax and Accounting, North America. “For firms to continue to grow and be profitable they need to become much more efficient doing their audits and reviews and also offer higher-value services. The enhancements to our Integrated Audit Approach are designed to work in concert to provide higher quality audits and improve efficiency through dynamic, iterative processes and tools that encourage auditor judgment and continual learning.”