Improved audit documentation, gap identification and staff onboarding realized
Today, Wolters Kluwer Tax & Accounting announced that Doeren Mayhew CPAs and Advisors, an Accounting Today 2020 Top 100 firm, has added CCH® ProSystem fx® Knowledge Coach and CCH® Accounting Research Manager® to their Wolters Kluwer technology portfolio, rounding out their integrated audit workflow that also includes CCH® ProSystem fx® Engagement. These additions will help the firm’s audit practice identify gaps in audit engagements, onboard and train staff more quickly, and provide their clients with higher quality audits.
“Our firm is very excited about the switch to CCH® ProSystem fx® Knowledge Coach. As a member of the Quality Control Group, the software’s features make me sleep better at night,” said John Miller, Shareholder, Doeren Mayhew CPAs and Advisors. “Once the staff gets up to speed on the software, tailoring audits won’t be a chore. The connectivity between planning and executing the audit sold us on this solution.”
CCH® ProSystem fx® Knowledge Coach: A reliable practice aid
With its knowledge- and risk-based methodology, the award-winning CCH® ProSystem fx® Knowledge Coach is considered a reliable practice aid as examined under the AICPA Attestation standards. This comprehensive, patented solution rolls planning, trial balance, and workpaper management into one solution. It addresses and solves the risk violations that many of today’s most common methodologies do not. Its knowledge- and risk-based methodology works like a GPS for audits, prompting the auditor to consider what program steps are needed to address the risk assessment then reminding users to create a direct linkage, with help from a robust diagnostic series that identifies unaddressed risks or risks addressed incorrectly. Information and answers flow through all the workpapers dynamically, and when the flow of information results in additional work, diagnostics are automatically created. The gained efficiencies from using CCH® ProSystem fx® Knowledge Coach allow firms to conduct more audits than ever before, and in less time. In fact, it’s been stated that an average of $2000 to $3000 per audit can be saved, which is nearly a 10% reduction.
CCH® Accounting Research Manager®: Authoritative content yields greater auditor confidence
Further, CCH® Accounting Research Manager® gives auditors confidence in their audit decisions by providing interpretive guidance and authoritative content at their fingertips. It provides them with expertly curated information and organizes content in an intuitive way to help them stay ahead of emerging changes with timely and comprehensive audit information and tools. Featuring an intuitive user interface and innovative search functions, CCH® Accounting Research Manager® helps auditors get to the right answer faster, dramatically reducing time spent researching without sacrificing accuracy.
“The audit tools many firms rely on today are inefficient and often lead to common missteps found in peer review. Therefore, the accounting profession faces growing pressure to change how audits are performed to meet quality expectations under increasingly compressed timelines,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “CCH® ProSystem fx® Knowledge Coach is a proven solution that empowers auditors to deliver high quality audits that are tailored for all client sizes.”
Technology that supports Wolters Kluwer’s Integrated Audit Approach
Wolters Kluwer’s Integrated Audit Approach focuses the audit process on auditor judgment. It facilitates the auditor’s 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 the powerful content-driven tools of CCH® ProSystem fx® Knowledge Coach, and 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.
To read today’s full press release, click here.
About Doeren Mayhew CPAs and Advisors
Doeren Mayhew is a leading group of CPAs and trusted advisors who go beyond traditional accounting to help mid-sized companies grow and prosper. Founded in 1932, today they are a top 100 firm recognized globally and applauded nationally among INSIDE Public Accounting’s “Best of the Best.” With offices in Florida, Michigan, North Carolina, Texas and Europe, Doeren Mayhew’s staff of nearly 400 serves a diverse sector of industries with a full range of accounting, audit, tax, merger and acquisition, and business advisory services. Combining a deeply rooted history with a progressive mindset, they offer insight into the business, oversight to ensure best practices and foresight for what’s ahead.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & 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 & Accounting is part of Wolters Kluwer (WKL), 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 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 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).