Accounting
New Features Added to Integrated Audit Approach
During the AICPA Engage conference, Wolters Kluwer Tax & Accounting announced enhancements to the Integrated Audit Approach, leveraging auditor expertise to drive the overall audit process with enhancements to the client collaboration solutions and ...
Jun. 12, 2018
Future-minded auditors are moving beyond the traditional checklist method into higher-quality engagements that minimize compliance risk while boosting overall efficiency. During the AICPA Engage conference, Wolters Kluwer Tax & Accounting announced enhancements to the Integrated Audit Approach, leveraging auditor expertise to drive the overall audit process with enhancements to the client collaboration solutions and engagement preparations.
The First Integrated “Prepared By Client” PBC List
Before starting an audit, firms can spend hours working with a client to finalize necessary documentation. To enhance and simplify the process, Wolters Kluwer unveiled the Engagement Organizer, an automated and integrated client request list. Accessed within CCH ProSystem fx Engagement, Engagement Organizer allows auditors and clients to collaborate through a secure portal connection to review and complete templates and documents by required dates. The portal can also facilitate a dialog of questions and notes between auditors and clients, and distribute automatic reminders and notifications to keep both parties in sync, in real time. Demonstrations of Engagement Organizer can be seen in Booth 411 at AICPA Engage and is available with the August release of CCH ProSystem fx Engagement.
“The value of an integrated approach cannot be underestimated,” said Jim McGinnis, Executive Vice President and GM, Medium & Large Firm, Wolters Kluwer Tax & Accounting North America. “With that in mind, we designed a solution that is easy to use by both the auditor and client, enhancing collaboration and improving efficiencies.”
Enhanced Preparation of Balances for Business Tax Returns
Business tax preparation requires manual data interpretation and coordination of disparate documents. To increase efficiency and reduce manual processes, Wolters Kluwer unveiled CCH Axcess Financial Prep, the first integrated cloud-based offering for preparing tax balances for business tax returns. As a new CCH Axcess module, users upload client trial balance data into CCH Axcess Financial Prep, and the solution automatically groups the accounts and assigns the tax codes respectively. Users can then make adjustments and send balances to the business tax return in CCH Axcess Tax.
With CCH Axcess Financial Prep, professionals benefit from having data reside in a secure common cloud database where multiple staff can work simultaneously from any device, at any time, within the same engagement. With instant integration to CCH Axcess, there is no need to sync data, leading to greater productivity when working on trial balance and related reports.
“CCH Axcess Financial Prep is efficient and user friendly. It is amazing how it automatically assigns groups and easily creates journal entries. We save about 25% of time, and that is a huge time-saver,” said Christina Stewart, Senior Accountant, Fuller Witcher & Company, P.A.