Using A Knowledge-based Audit Methodology To Overcome Common Audit Missteps- AICPA Engage 2019

Wolters Kluwer Tax & Accounting Highlights How a Knowledge-based Audit Methodology Can Help Overcome Common Audit Missteps 

Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America, will participate in the “Methodology Providers Address Common Missteps” expert panel taking place today at the 2019 AICPA Engage Conference in Las Vegas, Nevada. The session will assist audit practitioners in identifying common missteps driving non-conformity with AU-C Sections 315 and 330, and learn how to apply their audit methodologies in most challenging areas properly.

Old methodology- Checklist driven process

“In today’s complex environment, a disengaged audit process negatively impacts overall quality. Many audit methodologies and systems are currently built on standardized checklists and inflexible processes that fail to leverage auditor knowledge, which often discourages critical thinking,” said Rowe.

New methodology- Auditor driven process

Wolters Kluwer Integrated Audit Approach focuses the audit process on auditor judgment. It facilitates their ability to make informed decisions by ensuring that the audit is tailored for each client, always having a link to the assessed risk and the work performed. This unique approach combines the powerful content-driven tools of CCH® ProSystem fx® Knowledge Coach, the efficiency of CCH® ProSystem fx® Engagement, CCH® Audit Accelerator and TeamMate® Analytics, plus the comprehensive content of CCH® Accounting Research Manager®. The Integrated Audit Approach focuses on the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing.

Developed in response to AICPA risk standards

“The Knowledge-based Audit Methodology from Wolters Kluwer is a dynamic auditing process developed specifically in response to the AICPA’s risk assessment standards. Auditors can plan and produce higher quality audits based on continuous knowledge gathering and reflection to both minimize compliance risk and maximize their effectiveness and efficiency,” added Rowe.

Learn more by visiting us at AICPA ENGAGE 2019

Visit us at booth #309 during the 2019 AICPA Engage Conference to learn more about the award-winning portfolio of tax, accounting, and audit solutions from Wolters Kluwer.

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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