Audit Workflow Improves with the Integrated Audit Approach – a case study

As Mengel Metzger Barr & Co grew over the years, the firm’s leaders looked at the software it used. They also looked at processes. What they realized is this. The firm needed to employ software solutions that offer stronger integration. One firm Partner, James Schnell, says this. “When we took a look at the main software that we were using across the firm, what kept coming back were Wolters Kluwer’s software products. That’s where people found the most ease of use and comfort with the user interfaces.” Ultimately, on the audit side, the firm adopted Wolters Kluwer’s Integrated Audit Approach.

The Solution – Integrated Audit Approach

Schnell goes on to say, “The Integrated Audit Approach provides a really nice workflow. It helps to keep the staff heavily involved and participating in all levels of the engagement [as opposed to following a checklist].”

First, the firm adopted CCH ProSystem fx Engagement for all of its financial statement production. Then, they moved to CCH® ProSystem fx® Knowledge Coach for its audit software and CCH® Accounting Research Manager® for research. This combination of solutions makes up the core of Wolters Kluwer’s Integrated Audit Approach. Further, the approach starts with the Knowledge-Based Audit (KBA) Methodology as its foundation. This risk-based methodology relies on auditor judgment to drive the audit process, improving audit quality and minimizing over-auditing. Notably, the risk-based methodology was a big improvement over past practices that used a checklist mentality and added unnecessary steps.

Overall, the firm is pleased with their move to Wolters Kluwer and cannot imagine not having the Integrated Audit Approach.

“You don’t hear about anybody that regrets making the change,” says Schnell. “That’s really the proof in the pudding. You do not hear about people wanting to go back or unwind the changes of the evolution. That should mean a lot to anybody getting ready for a change.”

Advice to Firms

In closing, Mengel Metzger Barr & Co also has this advice for firms migrating to new software. “Have a champions team within your firm that includes a partner or somebody with a large sphere of influence. For example, select someone in a management committee or a Managing Partner. Also, include paraprofessionals. That cross-section of your firm is what’s going to be the sounding board, or the practical side, of the solution when you implement the different stages of the migration.”

Take Action Today

Hear directly from James Schnell in this short video, and access their full case study at the same time too.

P. S.

The Integrated Audit Approach seamlessly unites CCH Audit Accelerator, CCH ProSystem fx Engagement, TeamMate Analytics, CCH ProSystem fx Knowledge Coach, and CCH Accounting Research Manager. Additionally, it also leverages our School of Audit. This combination of solutions helps firms:

  • Maximize realizations
  • Increase audit quality
  • Ensure peer review readiness

If you have not checked out these solutions and this approach, it is worth your time to do so. Consider attending a complimentary demo at a time that fits your schedule.

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Wendy Cable

All stories by: Wendy Cable