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New ProSystem fx® Knowledge Coach Dramatically Increases Efficiency, Accuracy of Entire Audit Process
(RIVERWOODS, ILL., July 20, 2009) – Now there’s a way to ensure compliance with the AICPA Risk Assessment Standards while dramatically streamlining audit planning and management from beginning to end. Knowledge Coach, an innovative new addition to the CCH ProSystem fx Suite, allows auditors to make updates on the fly throughout the audit, dramatically increasing the efficiency and accuracy of the entire audit process. CCH, a Wolters Kluwer business, is a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).
Knowledge Coach combines the industry-specific content and guidance of ProSystem fx Knowledge Tools with a dynamic audit workflow engine that guides auditors through planning, ensuring that the proper program steps are in place to address a client’s specific situation, including making sure all identified risks have associated program steps and vice versa. Even more importantly, auditors can update risks, steps and content on the fly during the engagement, and all of these changes are flowed within and throughout the workpapers to all of the necessary places. This provides significant improvements in both accuracy and efficiency. All of this is done from within the ProSystem fx Engagement paperless engagement management system, which handles the organization, rights management and version control for all workpaper documents.
“We hear from auditors that they’re spending way too much of their time managing workpapers, checklists, reviews and administration instead of the investigative work of real auditing,” said CCH Product Manager Mike Ritchie. “We designed Knowledge Coach to handle most of the cumbersome planning, workflow, diagnostics and workpaper management tasks, so auditors are freed up to get back to what’s important, and to do those important things more efficiently than ever before.”
Knowledge Coach walks the auditor through the planning stage of the audit, in which risks are identified and specific program steps are associated with each risk, either drawn from a built-in program step library, or using steps defined by the auditor. Knowledge Coach also flags program steps that may not be applicable or are redundant, allowing the auditor to drop them if desired.
As the audit proceeds, the system continually monitors risks and steps to ensure that all risks are covered and all steps are eventually completed. The results and findings in each workpaper are flowed automatically to all of the workpapers that are impacted. The system continually monitors changes and notifies users when workpapers have changed, need to be updated, or need to be re-reviewed. All automatic entries include drill-downs back to the source information, so the auditor always knows where the information came from, adding transparency to the entire process.
“Not only does Knowledge Coach help ensure that all documents are accurate and up to date, it also drives unparalleled increases in efficiency,” Ritchie said. “Auditors don’t have to spend time on unnecessary administrative work or worry that something has been left undone. They can see at a glance just where they are.”
During the audit, subscribers to CCH’s Accounting Research Manager® and IntelliConnect™ can also take advantage of built-in links to the most up-to-date research content available, while sharing all necessary files within ProSystem fx Engagement.
“In this totally electronic environment, the entire audit process flows smoothly, with no need to pass paper files or go back to the office to look up a reference,” Ritchie observed. “Everything that everyone on the team needs is at their fingertips at all times.”
Built for the Real World
Knowledge Coach is built for the real world of audits, in which what’s uncovered during the audit may change the audit’s focus, steps or processes. As the audit team identifies new risks or new levels of risk, they can open an easy-to-use Risk Task Pane from any Knowledge Coach workpaper in the binder. They enter the new risk information and are prompted to choose or enter appropriate audit steps. Then Knowledge Coach automatically integrates the new material into the overall audit plan.
“Discovering something unexpected – which is one of the purposes of an audit – doesn’t mean that you have to go back to square one and re-work your entire plan or all of your workpapers,” Ritchie noted. “Knowledge Coach does this on the fly, updating all of the areas that need to be updated automatically.”
Finally, all Knowledge Coach workpapers can be rolled forward for the following year, again driving efficiency gains. The auditor can choose to roll forward the entire engagement, or a portion of the binder file. These files can also be updated automatically with the most up-to-date Knowledge Tools content and workpapers.
“There’s no other solution today that delivers the benefits that Knowledge Coach does. From beginning to end, Knowledge Coach enables auditors to significantly reduce time spent on each engagement while ensuring compliance and objectivity. It’s an ideal tool for the environment auditors face today, having to do more to comply with standards while under pressure to reduce or maintain fees and control costs. Previously, something had to give, but Knowledge Coach helps auditors do the best job possible, and more efficiently, than anyone dreamed possible,” Ritchie said.
For More Information
For more information on Knowledge Coach, visit CCHGroup.com/knowledgecoach , CCHGroup.com/PDFs/KnowledgeCoach.pdf or contact a sales representative at 1-800-739-9998.
To read a White Paper on how Knowledge Coach can help improve audit efficiency and accuracy, visit: CCHGroup.com/PDFs/ImprovingAuditsKnowledgeCoach.pdf.
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® Suite, CCH® TeamMate, CorpSystem®, CCH® IntelliConnect™, 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 had 2008 annual revenues of €3.4 billion, employs approximately 20,000 people worldwide, and maintains operations in over 35 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Visit www.wolterskluwer.com for information about our market positions, customers, brands, and organization.
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