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CCH Accounting Research Manager Adds Knowledge-Based Audits of Employee Benefits Plans
(RIVERWOODS, ILL., May 6, 2008) – CCH has introduced Knowledge-Based Audits™ of Employee Benefits Plans, a new module in the CCH Accounting Research Manager® (ARM) that helps auditors efficiently and effectively perform financial statement audits of employee benefit plans in accordance with auditing standards generally accepted in the U.S. (GAAS). CCH, a Wolters Kluwer business, is a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).
This comprehensive, unique module provides over 175 risk assessment forms and practice aids in the Knowledge-Based Audits (KBA) methodology to help auditors gain knowledge of the entity and comply with the risk assessment standards . Knowledge-Based Audits of Employee Benefits Plans is available as an add-on product to any of CCH’s main ARM products.
“The more accurately an auditor assesses a contractor’s risks of material misstatement, the more assurance the auditor has that the procedures performed in response to the risk assessments will detect material misstatements,” notes CCH Product Manager Cynthia Kaplan.
The new title joins the CCH portfolio of other industry-specific titles – Knowledge-Based Audits of Health Care Entities, Knowledge-Based Audits of Construction Companies and Knowledge-Based Audits of Governmental Entities.
The KBA Approach
The primary drivers of the KBA approach are:
- Obtaining an understanding of the plan and its environment, including its internal control, sufficient to accurately assess the risks of material misstatement; and
- Designing and performing audit procedures that are responsive to the risks of material misstatement.
The KBA approach is designed to facilitate this flow of information. The forms, practice aids and audit programs incorporated in this methodology should be customized to the specific circumstances of the contractor being audited or the specific nature of the engagement.
This methodology is presented as nine processes:
1. Pre-Engagement Procedures;
2. Risk Assessment Procedures: Obtaining an Understanding of the Entity and Its Environment;
3. Risk Assessment Procedures: Evaluating the Design of Internal Controls;
4. Assessing the Risks of Material Misstatement;
5. Performing Audit Procedures in Response to Assessed Risks;
6. Performing Audit Procedures: Tests of the Operating Effectiveness of Internal Controls;
7. Performing Audit Procedures: Substantive Tests;
8. Evaluating, Concluding and Reporting Procedures; and
9. Audit Documentation Requirements.
Availability and Price
For a free trial or additional information on the Accounting Research Manager module, Knowledge-Based Audits of Employee Benefit Plans, visit accountingresearchmanager.com. A subscription to Knowledge-Based Audits of Employee Benefit Plans is $249 and is available only to those subscribing to other Accounting Research Manager audit libraries. Current subscribers can add on this valuable tool to their Audit Public, Standard, Audit Private, Accounting Only, Audit Only or Academic subscriptions.
For professionals who seek more interactive audit content, CCH offers the same Knowledge-Based Audit titles in the ProSystem fx Knowledge Tools library. Each ProSystem fx Knowledge Tools title is available as an add-on to ProSystem fx Engagement, the leading paperless workpaper management and trial balance solution in the accounting industry. For more information, visit CCHGroup.com or learn more about this unique offering here.
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, accounting and audit 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, CorpSystem®, 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 globally for professionals in the health, tax, accounting, corporate, financial services, legal, and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,544 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.
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