Improving Efficiency = Higher Quality Audit
Challenge: Denise C. Dampier CPA, PLLC needed audit software that would provide a higher quality audit and ensure that all risks were addressed and help the firm reduce time spent on audits.
Solution: Since switching to Wolters Kluwer’s Integrated Audit Approach, the firm has saved an average of 25 percent in time on every audit, improved accuracy and a quality audit, and increased profit margins by 10 to 12 percent.
Focused on Quality and Efficiency
Denise C. Dampier CPA, PLLC is a certified public accountant practice based in Charlotte, North Carolina. The small firm assists businesses and individuals with tax preparation, planning, bookkeeping, audit and accounting. Working with non profits is one of the firm’s specialties.
Denise Dampier, CPA, became an expert in non profit audit work because a friend starting a church needed financial statements to attain financing. The church’s brokerage firm enjoyed working with her firm and referred other non profits.
“I’m so pleased with Wolters Kluwer for my non profit audit work and for my comp and review work. My first use of the solution was a small audit on a church, and I was able to set up the audit program specific to this client in less than an hour.”
— Denise C. Dampier CPA, Owner, Denise C. Dampier CPA, PLLC
An #AuditorProud Moment
The Wolters Kluwer Integrated Audit Approach is an end-to-end audit methodology that produces higher quality audits. Additionally, this approach improves efficiency through dynamic, iterative processes, and tools that encourage auditor judgment and helps auditors make informed decisions.
Denise says, “Using [my previous vendor’s software] drove me crazy because I had to go through a lot of unnecessary steps to make sure I wasn’t missing anything. At this level, you’re having system peer reviews, and if that’s the one they pick to look at, you would be doomed. I love that Wolters Kluwer tailors questions in the software — and leaves an audit trail to help ensure that you don’t miss anything.”
The integration of the software makes switching back and forth between the programs a thing of the past, which significantly improves efficiency so that firms can do more with fewer resources. That’s certainly the case with Denise Dampier CPAs.
Major Time Savings
Dampier reports a 15 to 25 percent time savings on average on every quality audit, and often even more time.
“On some items, it saves even more because everything in Knowledge Coach is easy to use and customize.”
Dampier now does the same amount of work in less time, boosting her profit margins by 10 to 12 percent. Check out the video below and see for yourself how the future of auditing demands an evolution!
Better Customer Service
Taking less time per audit means that your firm can provide more thorough guidance to clients.
“I’m always trying to educate because that will make my work easier, too. Thanks to Wolters Kluwer’s Integrated Audit Approach, I have more time and not feel so stressed out about a deadline. I like this software a lot. It’s really easy to use.”
It’s important to become an expert in the industry in which you work and stay up on regulations and trends. Dampier has this advice specific to non profits.
“Remember that the client is running a non profit for reasons other than profit, and so they’re different from a corporate situation that’s about the business and profits. So, you have to have a different mindset. It can’t just be about money. It has to be how this benefits the organization and the people the organization helps.”
Now, Wolters Kluwer’s Integrated Audit Approach has expanded to include TeamMate® Analytics, so that you can perform data analytics work that traditionally, is impossible. Additionally, CCH® Audit Accelerator has been added, so you can gain as much as 40-48 hours per engagement, depending on the size of the audit.
“Adding the CCH Audit Accelerator and TeamMate Analytics solutions to our audit workflow has changed our world, though. What use to take as much as 180 hours in years past now takes as little as 1-hour. That is an amazing amount of time saved. With it, our auditors can now deliver deeper insights to the client, thus enhancing the client’s experience. We are looking forward to moving toward “continuous auditing” throughout the entire year.”
— Muhammad Hussain, Senior Audit Manager, EOS Accountants LLP