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CCH Adds Knowledge-Based Single Audits to ProSystem fx Engagement, Accounting Research Manager
(RIVERWOODS, ILL., July 28, 2008) – CCH has introduced Knowledge-Based Single Audits, a new module in the Knowledge Tools library for CCH ProSystem fx® Engagement and the CCH Accounting Research Manager® (ARM). The module helps auditors efficiently and effectively perform financial statement audits of a variety of state and local governments and not-for-profit corporations that receive federal government grants or contracts in accordance with auditing standards generally accepted in the U.S. (GAAS), the Single Audit Act of 1996 and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. 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 .
“By following the KBA methodology, auditors gain a deeper understanding of their clients,” notes CCH Director of Software Product Management Brian Steinert. “With all of the information at their fingertips, they’re able to make informed decisions about how to approach the audit.”
The new title joins the CCH portfolio of other industry-specific titles – Knowledge-Based Audits™ of Not-for-Profit Entities, Knowledge-Based Audits ™ of Employee Benefits Plans , 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 entity 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 and the functionality available allows the forms, practice aids and audit programs incorporated in this methodology to be customized to the specific circumstances of the entity 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 Single Audits, visit accountingresearchmanager.com. Knowledge-Based Single Audits is included in all subscriptions to the Government Audit Library at no additional charge. A subscription to Knowledge-Based Single Audits is available to for $249 to current subscribers to the 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 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 ProSystem fx Engagement
ProSystem fx Engagement allows firms to maximize efficiency by moving toward a true paperless office. It reduces costs associated with creating and storing paper documents while providing instant access to client files from any location at any time, helping increase efficiency and improve customer service. Electronic storage mitigates risks associated with document storage and retention and facilitates compliance with Sarbanes-Oxley and other compliance rules.
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 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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