Firm adds CCH® ProSystem fx® Knowledge Coach and CCH® Accounting Research Manager® to its existing Wolters Kluwer solution set to better document risks, identify audit gaps, and streamline staff onboarding
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.”
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.
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.”
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.
