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Tax & AccountingAugust 09, 2023

CCH audit software significantly increases productivity for MustaphaRaj Chartered Accountants

Navigating ever-changing global taxation and audit requirements means today’s accounting and audit firms find it challenging to stay up to date with legislative and regulatory change – and transform their offering in a digital world.

Many firms need to balance compliance with a growing need for work to shift online into a highly secure and mobile environment. Adopting CCH ProSystem fx Engagement software in 2015 has enabled MustaphaRaj Chartered Accountants to lead in compliance accreditation and differentiate their audit services for an international client base.

According to Ralph Ratnaswamy, Partner Audit and Assurance at MustaphaRaj Chartered Accountants, CCH ProSystem fx Engagement has helped them to create a highperformance audit service offering. The software integrates deeply with the digital audit manual for the Malaysian Institute of Certified Public Accountants (MICPA) and the Institute of Singapore Chartered Accountants (ISCA). This enables a high-quality audit work paper that complies with MICPA and ISCA audit methodology.

“With CCH ProSystem fx Engagement, we know that our 12-person Audit team has the assurance they are always up to date with any changes to local and regional regulatory and taxation requirements. Any changes to the Companies Act are always reflected immediately in our work papers and across all of our binders,” he said.

Company profile

Name: MustaphaRaj Chartered Accountants
Web: mustapharaj.com
Size: 65 employees

Benefits

  • Able to maintain 100% compliance with legislation and regulatory changes
  • Digitisation of audit work papers drastically reducing hard copy printing and creating 100% electronic workflow
  • Ability to create modern audit practice, work from wherever
  • Improves audit quality

Solution

  • CCH® ProSystem fx® Engagement – CCH ProSystem fx is a powerhouse of integrated tax and accounting solutions that enables you to incre/se accuracy, enhance client relationships and build opportunities for additional revenue.
CCH ProSystem fx Engagement is a digital audit tool allowing us to set new discovery benchmarks. I no longer have to wait until a team member returns from a field audit to assess what we also need to ask the client. The audit team now can ask those questions and for our audit reviewers to support our team members in real-time.
Ralph Ratnaswamy, Partner Audit and Assurance, MustaphaRaj Chartered Accountants

The benefit of automated audit technology

Audit teams that trust the latest technology offerings perform better. CCH ProSystem fx Engagement is an industry-leading audit and workflow tool designed to transform the audit process. The software is an electronic work paper management tool for external auditors. It streamlines the review bottleneck experienced during traditional manual audit reviews. Converting paper to a secure and highly mobile digital file and work paper means workflows can be automated, facilitating the review and collaboration of audits between clients, auditors and reviewers. Enabling a 100% transparent auditable workflow also helps to minimise errors and reduce risk.

The digital file and automated workflows that link the audit team and reviewers are transforming the audit process. CCH ProSystem fx Engagement software can be accessed from anywhere and deliver an ‘on the go’ approach to audit reviews.

A great bonus for CCH ProSystem fx Engagement is that I no longer have to wait for a binder to physically reach my desk like you would during a hardcover audit. I can begin the review from wherever I am. Automated workflows enable me to conveniently track the engagement status while on the move.
Ralph Ratnaswamy, Partner Audit and Assurance, MustaphaRaj Chartered Accountants

Setting new benchmarks for audit quality

When considering the most significant benefit of CCH ProSystem fx Engagement software, Ralph is clear – removing the large volume of paper from the review system has substantial environmental benefits. It’s important to the firm. He also believes the latest quality benchmarks the audit team can achieve are linked to the quality and mobility benefits of the CCH software.

“An audit has a very stringent process for areas where an auditor needs to focus on. We have learnt our audit team can be more adept at the types of questions they need to ask clients if they remain focused on the audit and not on finding answers in spreadsheets or physically locating work papers from different files,” he said.

For MustaphaRaj Chartered Accountants, CCH ProSystem fx Engagement software provides a clear and concise automated process. Accessing the file from any location at any time is also proving beneficial for the audit team, who are responsible for auditing companies of all sizes.

“CCH ProSystem fx Engagement is a digital audit tool allowing us to set new discovery benchmarks. I no longer have to wait until a team member returns from a field audit to assess what we also need to ask the client. The audit team now can ask those questions and for our audit reviewers to support our team members in real-time,” Ralph outlined.

The key benefit for MustaphaRaj Chartered Accountants is that team members and reviewers can access the same file simultaneously from any location. This has innovated how they can provide feedback internally and to their clients in real-time.

Clients understand we can now meet online, share a screen and advance our audit process. Implementing CCH ProSystem fx as part of this digitisation strategy has increased productivity tremendously. It’s part of our competitive advantage.
Ralph Ratnaswamy, Partner Audit and Assurance, MustaphaRaj Chartered Accountants

Making collaboration best practice

Following the adoption of CCH ProSystem fx Engagement software, MustaphaRaj Chartered Accountants rolled out a digitalisation plan for the firm. The goal was to reduce paper, centralise to as many digital solutions as possible and implement these benefits with their client base.

The end result is that they have been able to consolidate workflows and boost collaboration within the firm. Gone are the days when clients delivered boxes of paperwork and supporting documents to the audit team. In their place, clients can now scan all documents and share digital files more securely with the audit team via our secured web-based collaboration tool, Engagement Organiser.

Solutions
CCH ProSystem fx Engagement
The only fully integrated ISCA and MICPA working papers software solution on the market for audit professionals.
Learn More

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