Wolters Kluwer Addresses the Future of Audit with Expanded Integrated Audit Approach

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.”

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting