Can you rely on your audit tool?

Is your software & content reliable?

Quality is foundational in everything we need to do as a CPA to be the trusted advisor for clients.  That really begs the question, can you really rely on the tools that you use for your audits?

This is an important question to ask.  If fact, there are two aspects to consider – the content and the software.

Consider both the content and the software

  1. The content

As a provider of Quality Control Materials (QCM), Wolters Kluwer voluntarily enrolled our Knowledge-Based Audit (KBA) products in the AICPA’s peer review program. Where appropriate, the content undergoes a Quality Control Materials (QCM) review. Wolters Kluwer’s QCM reviews are administered by the National Peer Review Committee and are performed in accordance with the AICPA Standards for Performing and Reporting on Peer Reviews. Additionally, Wolters Kluwer’s QCM reviews are performed on a rolling basis – as the same quality control system is used for each KBA title.

To find the most current QCM review reports for each title enrolled in the program, click here. The reports are midway down the page.

  1. The Software

Oftentimes the software that works with the audit titles have many business rules that ultimately drive your audit.  Tailoring, flow of answers, diagnostics, and linkage to risk are a few examples.  Do you know if you can rely on these tools for your audit?

Recently, Wolters Kluwer had our assertion of reliability examined under AICPA Attestation Standards. The report states that the Knowledge Coach Audit of Commercial Entities materials is a reliable practice aid, as of June 30, 2019, (an unmodified opinion).

To receive a copy of this report, click here. The report is midway down the page.

CCH® ProSystem fx® Knowledge Coach

Notably, there is an ongoing call to action for a risk-based audit that is tailored for each client.  Historically, though, this is a challenge for firms. However, it does not have to be a challenge anymore.

To explain, CCH® ProSystem fx® Knowledge Coach was designed in response to the risk assessment standards. This software solution not only helps you avoid all the common peer review problems, it also helps you be more efficient through tight integration with CCH® ProSystem fx® Engagement. Furthermore, Knowledge Coach strengthens your audit team through the coaching and contextual guidance it provides along the audit workflow. That coaching and guidance helps the auditor really understand what they are doing, and why.

Now is the time to make a change and move to a reliable tool. CCH® ProSystem fx® Knowledge Coach is that tool. Learn more today!

AUTHOR

Cathy Rowe

All stories by: Cathy Rowe