Preps, Comps and Reviews – New Titles Update and Tips to Improve Realization

It does not matter what combination of services your firm provides. When it comes to preps, comps and reviews, as well as audits, the Integrated Audit Approach is worth checking out. Specifically, you should check out the CCH ProSystem fx Knowledge Coach solution.

With that said, here is a sneak peak of the upcoming Knowledge-Based Preparations, Compilations, and Reviews Titles release. These titles are for Knowledge Coach. Begin your planning with a review of the updates listed below, available in August 2018.

Sneak Peak at Preps, Comps and Reviews Titles

First, the 2018 Knowledge-Based Preps, Comps and Reviews Titles will be current through:

  • Statement on Standards for Accounting and Review Services No. 24 (SSARS-24), Omnibus Statement on Standards for Accounting and Review Services – 2018)
  • AICPA Guide Preparation, Compilation and Review Engagements
  • Revised AICPA Code of Professional Conduct (Code), including ET Section 1.295, Nonattest Services
  • AICPA Statement on Quality Control Standards No. 9 (QC Section 10), A Firm’s System of Quality Control (Redrafted)
  • AICPA Audit Risk Alert Developments in Preparation, Compilation and Review Engagements – 2017/2018

Multiple New Documents

Additionally, there are multiple new documents, including:

  • AID-828A Financial Statements: Not-for-Profit
  • AID-829A Financial Statements: Presentation of Functional Expenses
  • CMP-102 Compilation Program: Prospective Financial Statements
  • CMP-103 Compilation Program: Pro Forma
  • COR-201F Engagement Letter: Compilation of Financial Statements Prepared in Accordance with a Prescribed Format
  • COR-201G Engagement Letter: Compilation Engagement with Respect to One or More Specified Elements, Accounts, or Items of a Financial Statement
  • COR-208A Engagement Letter: Compilation – Pro Forma Financial Information Prepared by Client in Accordance with U.S. GAAP
  • RPT-0914A Compilation Report: Prospective Financial Statements— Financial Forecast Supplemented By A Financial Projection
  • RPT-0959A Compilation Report: Compiled Financial Statements Presented with Prior-Period Financial Statements Compiled by a Predecessor Accountant
  • RPT-0966E Compilation Report: Comparative Financial Statements Prepared In Accordance With Accounting Principles Generally Accepted In The United States Independence Impaired With Reasons Not Disclosed
  • RPT-0994A Compilation Report: Personal Financial Statements
  • RPT-0994B Compilation Report: Personal Financial Statements – Departure From U.S. GAAP
  • RPT-1061A Review Report: Special-Purpose Financial Presentation on Comparative Financial Statements Prepared in Accordance With the AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities
  • RPT-1080 Review Report: Comparative Financial Statements Prepared In Accordance With Accounting Principles Generally Accepted In The United States Of America And The Review Is Performed In Accordance With Statements On Standards For Accounting And Review Services And International Standard On Review Engagements 2400 (Revised) Issued By The International Auditing And Assurance Standards Board

Tips to Improve Realizations & Client Service

Keep in mind that maximizing your efficiencies is critical to increasing your realizations and improving your client service. That is a big reason why Wolters Kluwer strives to provide more value to customers with every new release.

Also, consider these tips:

  • When you roll-forward prior year engagements, make sure you get the latest content updates. Also, make sure you keep your responses, where it makes sense. Then, you simply review for changes.
    • CCH ProSystem fx Knowledge Coach allows updating to the latest content at any time, while keeping your answers and customizations. Take advantage of the saved time and start your planning!
  • Give yourself a head start. Reduce your client’s PBC (Prepared By Client) list by approximately twenty-five percent through technology.
    • CCH Audit Accelerator requests all the data you need from your client’s general ledger, accounts payable and accounts receivable sub-ledger. It then transforms that data into the most commonly used workpapers, including access to the detailed transactions. Then, for planning an even higher quality audit, TeamMate Analytics runs analytics to see the anomalies or risky transactions quicker. What you gain is:
      • More answers at your fingertips
      • A more informed view of your client at the beginning of each engagement

Wolters Kluwer’s Integrated Audit Approach

To sum up, those solutions – Knowledge Coach, Audit Accelerator, and TeamMate Analytics – are all part of Wolters Kluwer’s Integrated Audit Approach. CCH ProSystem fx Engagement and CCH Accounting Research Manager complete the set. Using that combination of integrated solutions, you are guaranteed to deliver higher quality audits while improving productivity through process improvement. Moreover, this approach keeps you prepared for changes to auditing, peer review, and regulatory standards – and you stay ahead of the competition.

So, are you interested in increasing your realizations and improving your client service? Then check out the Integrated Audit Approach today.

AUTHOR

Kurt Pitts

Kurt Pitts is a Senior Business Analyst at Wolters Kluwer Tax and Accounting North America. Kurt participates in design and development of CCH® ProSystem fx® Knowledge Coach. Kurt also works with internal teams, editorial and customers to provide new features and industry titles for CCH® ProSystem fx® Knowledge Coach. Prior to joining Wolters Kluwer in 2014, Kurt was a CPA with a top Southeast Regional Accounting Firm and has a Bachelor’s Degree in Accounting from Georgia Southwestern State University.

All stories by: Kurt Pitts