Top of mind topics for auditors today
During a recent two-day “Audit Talks – LIVE” virtual conference, experts from the Tax & Accounting division of Wolters Kluwer were joined by speakers from the American Institute of Certified Public Accountants (AICPA) and CPA practitioners from several firms to offer candid insights and share best-practices to help firms better navigate the rapidly changing audit landscape and successfully transform their practices to better serve clients today and in the future. For anyone who missed the virtual conference, the session presentations and recordings are now available for download free of charge on the “Audit Talks – LIVE” webpage.
Adaption in the face of rapid change
“Adapting to change while working to transform your audit workflow is a challenge all firms are facing. Building an effective plan to meet that challenge is the first step,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “We created this virtual event as a platform where auditors looking for guidance and help could listen to experts and peers in their profession talk about how technology has helped transform their practice and how to best navigate the rapidly evolving audit landscape to ensure profitable growth.”
100 firms represented at inaugural event
With more than a 160 online attendees representing over a hundred firms, “Audit Talks – LIVE” provided participants with a flexible virtual platform offering 15 different sessions, each lasting no more than 30 minutes and several offered on both days to offer flexibility and help accommodate schedules. Topics ranged from avoiding peer review missteps to review of changing client expectations to getting more comfortable with audit analytics and reimagining “audit of the future” with artificial intelligence technologies.
“After attending Audit Talks – LIVE, I am even more on the Wolters Kluwer bandwagon,” said Roy Henderson, CPA and Principal at Henderson DeJohn LLC. “The sessions were great. Our firm is excited to grow with Wolters Kluwer as their CCH audit solutions move into the cloud.”
Technology partnered with sound auditor judgement = Success
Wolters Kluwer Integrated Audit Approach focuses the audit process on auditor judgment, covering the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing. This unique approach 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. It 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® and CCH Axcess™ Financial Prep, the first dynamic cloud-based trial balance solution integrated with CCH Axcess™.
Promoting critical thinking in every audit
“Many current audit methodologies and systems are built on standardized checklists and inflexible processes, failing to leverage auditor knowledge and discouraging critical thinking. The Knowledge-Based Audit Methodology from Wolters Kluwer is dynamic. It helps auditors plan and produce higher quality audits based on continuous knowledge gathering and reflection, which both minimizes compliance risk and maximizes audit effectiveness and efficiency,” added Rowe.
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