Innovative cloud-based confirmation and validation expert solution leverages blockchain technology to gather confidential third-party audit evidence in accordance with AICPA Audit Standards AU-C Section 330
CPA firm auditors are often impacted by costly, time-consuming manual or partially-automated confirmation and validation processes. These processes have the potential to limit the sample of data examined, jeopardize audit accuracy, expose their client data to fraudulent actors, and create the risk of increased liability for their firm. As part of its 2021 CCH® Connections User Conference, Wolters Kluwer Tax & Accounting announces the addition of CCH Axcess™ Validate to its award-winning CCH Axcess™ cloud-based tax preparation, compliance, and workflow management platform to help firms fast-track bank confirmations.
“Unlike other solutions available today, CCH Axcess™ Validate uses blockchain technology to share confidential financial data during the audit of a business”
“Unlike other solutions available today, CCH Axcess™ Validate uses blockchain technology to share confidential financial data during the audit of a business,” said Colleen Knuff, Vice President of Audit Product Management at Wolters Kluwer Tax and Accounting North America. “This patent-pending solution enables the auditor to obtain detailed transactional data directly from financial institutions, further enabling matching of transactions to the client records for verification.”
Read More: BlueSnap Becomes First Global PSP to Launch Local Acquiring in Israel
The cloud-based CCH Axcess Validate expert solution enables CPA firm auditors, client approvers, and participating financial institutions to fast-track bank confirmations and account verifications by leveraging blockchain technology to automatically gather confidential financial third-party audit evidence, in accordance with AICPA Audit Standards AU-C Section 330. Its blockchain-enabled workflow provides firms with the simplicity, speed, and trust auditors require in today’s environment, enabling the authorization part of the audit process to be reduced to just 5 minutes or less. The CPA auditor makes a confirmation request for financial information and the client provides authorization directly through their bank’s online authorization system. Leveraging blockchain technology, the certified audit trail shows proof of all interactions and identities involved.
“Additionally, CCH Axcess™ Validate allows the auditor to share the audit results with third parties, like peer reviewers and inspectors or other auditors that are engaged with the audited business, in a trustable and secure way,” adds Knuff.
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 while avoiding 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. The audit workflow is based on a Knowledge-Based Audit Methodology, which provides a framework that brings together a risk-based approach with expert content anchored in the latest guidance and professional standards. Together with a comprehensive portfolio of audit software for accountants, the approach and methodology enable CPA firms to deliver higher quality audits and enhance client understanding by improving audit preparation and management.
Read More: RAIR TECH Debuts its First Secure NFT for Blockchain Investor Conference CoinAgenda Global
[To share your insights with us, please write to sghosh@martechseries.com]
