Wolters Kluwer, Tax & Accounting Offers New, Integrated Audit Tools for Greater Efficiency

Wolters Kluwer, Tax & Accounting US has announced the key solutions and components supporting its Integrated Audit Approach, an end-to-end audit software solution for high quality audits — without over-auditing.

Wolters Kluwer, Tax & Accounting US products, including CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach, and CCH Accounting Research Manager (ARM), help strengthen firm audit capabilities now and in the future through a core, comprehensive, replatformed framework that emanates from the nerve center of the auditing process.

Supported by an intuitive foundation of Knowledge-Based Audit (KBA) Methodology, the integrated audit approach focuses on auditor judgment to drive the overall audit process — not older, pre-defined checklist methods. KBA methodology improves risk-based audit quality and boosts overall efficiency.

Boosting Efficiency for Customers

“We’ve had a big push within the firm to become more efficient, manage our resources more effectively and stay competitive in the marketplace without compromising on audit quality,” said Satpal Nagpal, CPA, MBA and Principal at Green Hasson Janks in Los Angeles — listed among the “Firms to Watch” in Accounting Today Magazine’s 2015 list of Top 100 Firms. “With Wolters Kluwer’s advanced audit solutions, our ability to update content, intelligently roll forward information from one version year to another while retaining documentation from the prior year was very appealing. The added flexibility of incorporating customized programs linked to our risk assessment will significantly save time spent on audits — all great innovations that reflect our core values in ‘growing great people!’”

“Our Integrated Audit Approach empowers auditors to focus on penetrative, value-added tasks,” said Heffy Provost, Vice President of Product Operations at Wolters Kluwer, Tax & Accounting US, CCH Software. “It’s designed to work the way our customers work, which is not always a linear process. The system facilitates audit design by identifying unnecessary steps and provides much more flexibility compared to rigid, lock-step processes found in other solutions.”

Wolters Kluwer’s Integrated Audit Approach provides a foundation for several new and upcoming audit innovations, including:

Newly Enhanced Single Audit Title for ARM – Our Single Audit title has been updated to help auditors efficiently and effectively perform single audits in accordance with professional standards and in compliance with the recently released 2015 Compliance Supplement and the Uniform Guidance. Subjects include uniform administrative requirements, cost principles and audit requirements for federal awards. The title also contains the guidance applicable under the OMB Circulars to assist the auditor who is performing a Single Audit under the 2015 Compliance Supplement when the Uniform Guidance is not yet effective.
Newly Enhanced CCH Accounting Research Manager (ARM) – A new interface and user experience accelerate efficiency and speed to answer in a newly reimagined ARM; Additional research and content features now include daily news updates, real-time special alerts and continuous research content updates. More learning options for professionals are also available as well as more whitepapers from Global Tax Weekly: A Closer Look. Professionals can also access more than 50 new versions of CPA’s Guide to Quality Control and Peer Reviews.

“Accounting Research Manager’s new enhancements are in direct response to customer feedback on research needs to boost productivity,” said Josh Braunstein, Vice President and General Manager of Wolters Kluwer, Tax & Accounting US, CCH Research and Learning. “The new ARM platform we’re developing is designed to enhance the user-friendly experience by providing more flexibility while delivering more world-class research content.”

The fully replatformed ARM solution is slated to be available in December 2015.