SCS Global PAC maximises audit efficiency with CCH ProSystem fx Engagement audit software
“Previously, our workflow relied heavily on manual processes, involving paper-based tasks, printing, and storage. Recognising the need to enhance audit efficiency, we aimed to transition towards a paperless, digital approach. Additionally, the capability to review work at any given time held immense significance, particularly for our busy partners and managers who required remote or after working hours access.
“Understanding that most Small and Medium Practices (SMPs) were using CCH ProSystem fx Engagement, we found it to be the ideal solution for our needs. Leveraging the available government grant support at that time also facilitated the software adoption, assisting us in defraying its implementation costs.”
Maximising productivity and efficiency
SCS Global PAC has been able to realise many of their efficiency and productivity goals since taking on the software.
“While it’s hard to quantify, what I can say is that moving to CCH ProSystem fx Engagement has significantly improved the way we do the audit.
“After investing some time in setting up the first engagement, there are many time savings in subsequent years in uplifting from previous year audit working papers. Mainly because of the carry-forward functionality, the ability to roll forward last year’s binder and carry forward the opening balance is a massive time saving for us.
“It’s also easier to train new team members to use the software – it’s easy to pick up.”
Remote working and review
The ability to conduct reviews and work remotely was a key consideration for the firm; and this became even more important during the global pandemic.
“It’s important for partners and managers to be able to review anytime and anywhere we can.
“CCH ProSystem fx Engagement allows us to review even when not in the office; we can directly check the progress of an engagement in the software, identify any challenges and together provide a solution. The whole team has visibility on progress and approach. This was really helpful during Covid time as well.
“Overall, the efficiency benefits, the ability to review and clear the review point effectively have been the key benefits to us. We are currently in the process of integrating additional software functionalities into our workflow. This includes automating our audit working papers, to link figures seamlessly through dynamic trial balance links. For future engagement binder, the software will retain the capability to accurately retrieve the correct account code amounts for each period. This feature proves particularly advantageous in the preparation of financial statements, as the linked numbers from the trial balance provide a solid foundation. With this setup, the software will consistently identify the same accounts for the subsequent year and update the relevant figures accordingly, thereby significantly reducing the time and effort required for updating current year figures. We realised some functionality wasn’t being fully utilised and we want to continue to improve in our usage of the software.”
The importance of service and support
While the software features and functionality have been valuable to the firm, the key stand out has been the ongoing support provided to the firm over the years.
“The services provided by Wolters Kluwer have been very important to me. They have provided ongoing refresher training to our employees. Anytime we have a tech issue, we have had responsive support and solutions. To me, I value services and support very highly.
“I would recommend CCH ProSystem fx Engagement to other firms comparing the two main solutions on market – because for firms of a certain size, service is critical. As an audit firm, we are also a service provider; we are looking at the long term.
“We see Wolters Kluwer as a key partner, and we want to be able to grow together in this industry to see how software can better help our firm optimise efficiency and bring value to our clients.”
To learn how CCH ProSystem fx Engagement can help your firm, enquire today.