Improve Your Audit Quality and Efficiency in 2018 – Part 2

Audit quality is a hot topic in the Accounting Industry. The Peer Review process continues to uncover common issues amongst CPA firms. Examples include internal control, insufficient risk assessment, no linkage of risk and improper control risk. CCH ProSystem fx Knowledge Coach offers firms a solution to not only improve efficiency but also improve overall audit quality. The 2018 release of Knowledge Coach adds new features to help. With it, firms will improve their audit quality through use of Wolters Kluwer’s Integrated Audit Approach.

Enhanced custom program steps

First, in this release we have improved the firm’s ability to keep custom program steps in the program step library. When your firm creates custom steps for industries or specific customers, they are now stored in the program step library. You no longer need to keep them displayed in the audit workpaper, even when updating titles to a new version. Here is how this setup works:

  • On the Workpaper Properties settings, select the Knowledge Coach Roll Forward tab
  • Under Data Retention Options, the option to “keep custom program steps” is now independent of the option to “keep audit programs populated with program steps” in Engagement v2018.

To learn more about this feature, review this short video!

Enhanced industry specific templates

Furthermore, a great way for firms to achieve efficiency in their binder creation process is by creating industry specific templates. With this version, now there is a new option that allows teams to pull template updates into their active binders. Users can get AUD- 80X series program steps, including custom program steps and Knowledge Coach steps added to the audit program. In addition, template updates include changes to roll forward settings. These changes are applicable for each workpaper for binders created from the template. Now you can accomplish something that was not possible in the past! With this feature, the firm simply pushes updates from a binder template to active binders.

To see this feature in action, watch this short video!

Increased efficiencies

Then, often changes to applicable standards, or industry change, occur and the auditor must manually ensure they have the latest documentation in their binder. However, in Knowledge Coach 2018, the following items are created and inserted directly into the binder using the Accounting Research Manager (ARM) content. This takes effect beginning with the KBA Commercial 2018 title.

  • Correspondence
  • Report
  • Resource
  • Microsoft Excel Knowledge Coach workpapers

Even better, no changes are required to the way that you insert, update, or use these files.

Moreover, when applicable standard updates or industry changes occur after the title release, you can get the latest version of these files without having to install a Knowledge Coach Content Update or getting them from CCH Accounting Research Manager (ARM). Instead, the updated version delivers directly into your binders using one of these methods:

  • Use the Tools > Repair Knowledge Coach Workpaper option
  • Insert a new version of the workpaper through the New Knowledge Coach Workpaper dialog

Note that an internet connection is required when you

  • Insert the file into your binder
  • Update content
  • Open the workpaper for the first time

This feature offers the auditor confidence that they have all of the latest documentation in their audit binder.

Data analytics rocks

Remember, one of the best ways to ensure audit quality is to use an integrated audit approach. Knowledge Coach 2018 leverages the power of TeamMate Analytics in the program step library. A new TeamMate Analytics icon displays in the program step library of the AUD-80X workpapers. It shows which program steps are available for use with this data analytics tool. Simply hover-over the icon, and you will see the applicable TeamMate Analytics test name. This information also displays with the program step in the workpaper. There you can review the test name without having the program step library open. As an auditor, you can quickly determine which test to run in TeamMate Analytics that best addresses the selected audit program step.

To learn more about integrating TeamMate in Knowledge Coach, review the following video.

In conclusion, do not wait to upgrade to the 2018 version of CCH ProSystem fx Knowledge Coach. Upgrade now! Your firm can then immediately take advantage of these innovative ways to improve your audit quality and efficiency.

P.S. If you missed the first part of this two part series, you can read it here.

 

AUTHOR

Kim Conaway

All stories by: Kim Conaway