Wolters Kluwer Announces Addition of New Capabilities to its TeamMate® Analytics Solution

New capabilities enable professionals to audit more efficiently

Today, Wolters Kluwer Tax & Accounting announced the addition of new capabilities to its innovative TeamMate® Analytics solution used by external auditors at tax and accounting firms, as well as by internal audit departments in businesses and public sector organizations of all sizes around the globe. New features include enhancements to the Expert Analyzer that enable auditors to append data to combine multiple data files together; new tools that facilitate mining and analyzing the make-up of transactions; new capabilities to evaluate formulas with more than 1 million rows of data; and advanced summary features that enable auditors to create more flexible summaries of data and analysis within their workflows.

“TeamMate® Analytics is the first audit automation tool that simplifies audit test automation to the point that a data specialist isn’t needed to configure common tests,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “It guides auditors through a structured process in Microsoft Excel, where the test is explained, checked for the right kind of data, executed, and then the results are also explained. Our customers are telling us that the time-savings is significant, for example, one firm shared that TeamMate® Analytics brought a test that was about 1 to 2 hours down to a 10-minute exercise.”

A solution designed to meet the data analysis needs of auditors

The TeamMate® Analytics solution offers more than 150 tools specifically designed to meet the data analysis needs of CPA firm auditors, accountants, and internal audit and controls professionals. It supports analytic testing with configurable modules that automate audit tests. With the addition of Expert Analyzer there is a new level of flexibility, allowing the automation of multi-step analysis with an intuitive graphical workflow designer that supports multiple datasets and an import directly from a PDF. Accessed from within Microsoft Excel®, the TeamMate® Analytics solution includes powerful analytical tools such as gap and duplicate detection, Benford’s testing, Monetary Unit Sampling, and stratification.

“TeamMate® Analytics continues to evolve to provide audit professionals with the robust capabilities they need to provide deep, data-driven insights to their organizations or for their clients. Analytics is a cornerstone of a complete audit process and this innovative solution puts the power of audit analytics into the hands of every auditor, for every audit,” adds Colleen Knuff, CPA, CIA, CISA, CRMA, NPDP and Senior Director of Product Management at Wolters Kluwer Tax & Accounting TeamMate Global Audit Solutions.

Wolters Kluwer Integrated Audit Approach empowers auditor judgment

Wolters Kluwer Integrated Audit Approach focuses the external 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 approach represents all the components necessary for an automated, data-driven audit workflow that is integrated with the indispensable CCH Axcess™ platform. Components include the efficiency of CCH Axcess™ Engagement and TeamMate® Analytics, the methodology of CCH Axcess™ Knowledge Coach, 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™.

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).

For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

Media Contact

MARISA WESTCOTT
212-771-0853
Marisa.Westcott@wolterskluwer.com

AUTHOR

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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