Integrated audit workflow maximizes time and productivity
The next profile in the Wolters Kluwer Tax & Accounting series showcasing future-ready firms that are achieving peak performance by embracing digital transformation spotlights K·Coe Isom, one of the 2019 Top 100 tax and accounting firms in the United States according to Accounting Today. With roots going back to 1935, the firm operates 20 offices across the country and delivers a broad range of accounting, audit, consulting, tax, and wealth management services to clients in the agriculture and food industries as well as related sectors, such as distribution and equipment manufacturing.
“The big challenge we face is that everybody says our job’s going to go away. But the best part about our job, at least from my perspective, is we are CPAs and we’re the only people that can issue an audit opinion,” said Dawn Buchanan, CPA, Director of Audit and Attest at K·Coe Isom. “Our job is not going to go away but what’s going to happen is our work will change. The Integrated Audit Approach and software solutions from Wolters Kluwer enable us to have a more holistic approach to our audit and we can work with our clients to identify consulting opportunities, as well. We ask them what’s going on instead of flipping through paper and we can have some good conversations about their pain points.”
Approach places auditor judgement at the forefront
Wolters Kluwer Integrated Audit Approach focuses the audit process on auditor judgment. It facilitates the auditors’ 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 focuses on the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing. It combines powerful content-driven tools of CCH® ProSystem fx® Knowledge Coach, the efficiency of CCH® ProSystem fx® Engagement and TeamMate® Analytics, with the comprehensive content of CCH® Accounting Research Manager®, giving auditors a single platform to handle all steps in the audit engagement.
“CCH ProSystem fx Knowledge Coach improves the quality of audits because you are clearly ready for the peer review and you pass it with the tools. And, the roll forward feature alone saves us several hours of planning time per audit,” explains Buchanan. “Our industry is changing so much, becoming more geared towards data analytics. Because we can tailor our audit focus to look into the riskier areas and higher risk transactions, this frees up time for our auditors to engage with clients more closely and provide more consultative services they seek today.”
“Our unique integrated audit approach helps firms deliver higher quality audits by improving efficiency through dynamic, iterative processes and tools that encourage auditor judgment and continual learning so auditors have a true understanding of why they are performing selected audit tests,“ said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America.
Analytics strengthen greater understanding of each audit
To help make maximum use of their client data, K·Coe Isom incorporated analytics into the audit workflow with the help of TeamMate® Analytics, which offers over 150 tools specifically designed to meet the analytical needs of CPA firm auditors and accountants. These easy to use tools are Microsoft Excel-based, support analytic testing with configurable Expert Analyzer modules that automate audit tests, help identify risky transactions, provide visualization of results, and offer an in-depth test library with guidance on how to interpret test results.
“Firms 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. By using the data analytics capabilities of TeamMate Analytics, auditors gain a much better understanding of the client’s business and can offer insights to help their client make more informed business decisions,” added Rowe.
Watch the video
Watch this short video to learn more about why K·Coe Isom chose to implement the Wolters Kluwer Integrated Audit Approach to help enable higher-quality audits that ease the peer review process and ensure the firm is ready for the future. To hear additional stories from firms achieving peak performance with proven solutions from Wolters Kluwer, please click here.
To read the full press release, click here.
About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.
Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 18,600 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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 (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).