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CCH Adds Knowledge-Based Audit Methodology to Accounting Research Manager®
(RIVERWOODS, ILL., June 27, 2007) – CCH, a Wolters Kluwer business and a leading provider of tax, audit and accounting information, software and services has added its own Knowledge-Based Audit (KBA) methodology to the audit libraries on the CCH Accounting Research Manager® (ARM), the premier research database of accounting, auditing, internal controls, SEC and governmental authoritative literature and interpretive guidance. Users can now access valuable, time-saving guidance that enables practitioners to efficiently implement and comply with the new AICPA Risk Assessment Standards. At no additional cost, subscribers to the Audit Public, Audit Private, Audit Only and Academic Audit Public libraries can use this exclusive content from CCH (accountingresearchmanager.com).
“The methodology we’ve developed will make firms more efficient and effective in meeting new AICPA standards,” said Cynthia Kaplan, CCH product manager. “Making it available as part of our audit libraries underscores Accounting Research Manager’s position as a premier source of web-based auditing information as well as accounting, SEC, governmental and internal controls guidance.”
The new KBA methodology was developed by CCH in partnership with AuditWatch. This updated methodology emphasizes understanding clients and their environment so auditors can accurately assess the risks of material misstatements. The KBA method focuses on information flow rather than document flow, enhances communication between engagement team members and allows for ongoing evaluation of procedures. Practitioners are able to make informed risk assessments using their own professional judgment and expertise.
The KBA methodology facilitates compliance with GAAS, encourages more efficient and effective audits and helps auditors to identify and focus on risks. The KBA methodology on ARM consists of an overview supplemented by close to 200 practice aids.
“Overall, the KBA overview and practice aids are the first steps in a new, smarter way of conducting audits,” Kaplan said.
Other Knowledge-Based Audit Offerings from CCH
For users who require more functionality in their workflow, CCH offers ProSystem fx® Engagement and Knowledge Tools which provide complete interactivity and integration with the leading software solution. ProSystem fx® Engagement and KnowledgeTools together provide a complete and streamlined methodology, making it easier to comply with the risk assessment standards.
Knowledge-Based Audits on Commercial Entities from CCH is a book and CD-ROM combination that provides an inexpensive, portable method to learn how to comply with the risk assessment standards.
More information about these KBA products from CCH can be found on CCHGroup.com.
About Accounting Research Manager
Developed by a major international accounting firm, Accounting Research Manager (ARM) is the comprehensive and insightful database of expert-written interpretations of accounting, auditing, internal controls, government and SEC information. It also includes authoritative and proposed literature from the FASB, AICPA, SEC, EITF, IASB, PCAOB, COSO, IIA, GASB, GAO and OMB. Updated daily, it is the current, complete and objective resource for professionals’ financial reporting needs. A free 14-day trial is available.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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