2019 Nontraditional Engagements

Check out the updates and enhancements to 2019 Nontraditional Engagements. It will be available for CCH ProSystem fx Knowledge Coach customers in April 2019.

Primarily, its design helps practitioners perform attestation engagements more efficiently and effectively, including these types:

  • Examination
  • Review
  • Agreed-Upon Procedures
  • Consulting engagements

Additionally, it is in accordance with applicable professional standards issued by the AICPA. Those standards include:

  • Statement on Standards for Attestation Engagements (SSAEs)
  • Statements on Standards for Consulting Services (SSCS) (CS Section 100)

NEW in 2019 is the addition of the following Consulting Engagements:

  • Due Diligence
  • Risk Assessment
  • ElderCare Services

 

Furthermore, the 2019 Nontraditional Engagements updates are in accordance with:

  • AICPA Auditing Standards Board (ASB) Statements on Standards for Attestation Engagements (SSAEs), Attestation Standards: Clarification and Recodification (SSAE No. 18)
  • the 2011 Revision of Government Auditing Standards (GAGAS, or the Yellow Book)
  • QC Section 10, A Firm’s System of Quality Control
  • revised AICPA Code of Professional Conduct (Code), including the provisions of ET Section 1.295, Nonattest Services

 

This module includes up-to-date guidance for attestation engagements including:

  • Attestation Engagements
    • Examination-Level (General)
    • Review-Level (General)
  • Agreed-Upon Procedures Engagements (General)
  • Prospective Financial Statements:
    • Examination-Level Engagements
    • Review-Level Engagements
  • Pro Forma Financial Information
    • Examination-Level Engagements
    • Review-Level Engagements
  • Entity’s Compliance with Specified Requirements or the Responsible Party’s Written Assertion
    • Examination-Level Engagements
    • Review=Level Engagements
  • Management’s Discussion and Analysis
    • Examination-Level Engagements
    • Review-Level Engagements
  • Sustainability Information
    • Examination-Level Engagements
    • Review-Level Engagements
  • Cybersecurity Risk Management Program
    • Examination-Level Engagements
  • Due Diligence Engagements (NEW)
    • Consulting Engagements (NEW)
  • Risk Assessment Engagements (NEW)
    • Consulting Engagements (NEW)
  • ElderCare Services Engagements (NEW)
    • Consulting Engagements (NEW)

Nontraditional Engagements – Updates and Enhancements

Many updates and new enhancements are in the 2019 Knowledge-Based Nontraditional Engagements title, including:

  • Consulting Engagements on
  • Due Diligence
  • Risk Assessment
  • Eldercare Services
  • Enhanced instructions and procedures throughout the toolset to improve workflow
  • New and reorganized columns in the workpapers documenting internal controls (ATT-400s) to improve workflow and address questions customers have raised in the past. Refer to KCO-001 for more descriptive changes and roll forward considerations
  • Enhancements to the activity-level control forms with updated subprocesses and activity-level control objectives throughout all the ATT-403 series workpapers
  • A new comments table in ATT-100 Engagement-Level Tailoring Questions to document any information you want to capture related to tailoring
  • The addition of many new documents as follows:
  • AID-802 SWOT Analysis Worksheet: Risk Assessment Engagements
  • CON-101 Overall Engagement Program: Due Diligence Engagement – Buyer’s Assistance
  • CON-102 Overall Engagement Program: Due Diligence Engagement – Seller’s Assistance
  • CON-103 Findings Summary: Consulting Engagement
  • CON-104 Overall Engagement Program: Risk Assessment Engagement
  • CON-105 Risk Assessment Engagement: Risk Identification and Prioritization Form
  • CON-106 Overall Engagement Program: ElderCare Services Engagement
  • CON-107 ElderCare Services Engagement: Client/Service Recipient Information Form
  • COR-212 Engagement Letter: Due Diligence Engagement
  • COR-213 Engagement Letter: Risk Assessment Engagement
  • COR-214 Engagement Letter: ElderCare Services Engagement
  • COR-917 Representation Letter: Due Diligence Engagement – Target Entity
  • COR-918 Representation Letter: Due Diligence Engagement – Buyer Client
  • COR-919 Representation Letter: Due Diligence Engagement – Seller Client
  • COR-920 Representation Letter: Due Diligence Engagement – Buyer Non-Client
  • COR-921 Representation Letter: Risk Assessment Engagement
  • COR-922 Representation Letter: ElderCare Services Engagement
  • RPT-1080 Due Diligence Engagement: Report on Procedures Performed in Connection with a Proposed Acquisition
  • RPT-1081 Risk Assessment Engagement: Report on Procedures Performed and Risk Management Recommendations
  • RPT-1082 ElderCare Services Engagement: Report and Recommendations

 

Tips to Improve Realizations & Client Service

Regarding increasing your realizations and improving your client service, it is critical to find ways to maximize efficiencies. Doing so will ensure a healthy bottom line and, at the same time, improved client service. Consider these tips:

  • When you roll-forward your 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 by reducing your client’s PBC list by approximately 25% 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, with TeamMate Analytics, run analytics to see anomalies or risky transactions more quickly for planning a higher quality audit. What you gain is more answers at your fingertips and, ultimately, a more informed view of your client at the beginning of each engagement.
  • Tailor your audit programs in direct response to the client’s risk. This will help you avoid over and under auditing. You will also get your ‘best bang for your buck’ with your audit procedures.
    • By design, Knowledge Coach easily ties risks to audit procedures. The result is a higher quality and more efficient audit and, thus, a happier client.

Are you interested in increased realizations and improved 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