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Tax & AccountingFebruary 03, 2020

What’s NEW with CCH Axcess™ Knowledge Coach 2020

Knowledge coach titles

In 2019, Wolters Kluwer introduced CCH Axcess™ Knowledge Coach. The first audit module in the award-winning CCH Axcess™ cloud-based platform, this solution is miles and miles ahead of any competitor.

Equally important to note is that Knowledge Coach – for both CCH® ProSystem® fx and CCH Axcess™ – utilizes the Knowledge Based Audit methodology and associated KBA titles. Further, that content is the same expert content used in CCH® Account Research Manager® modules. In addition, the KBA methodology and its titles – written by practicing CPAs – provides the auditor an integrated set of procedures from pre-engagement through evaluating, concluding and reporting. Notably, the KBA methodology framework helps firms:

  • Efficiently and effectively manage the auditing standards
  • Ensure that important information is not overlooked or hidden in the details of numerous checklists and forms

Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer has this to say. “CCH Axcess™ Knowledge Coach is the next building block in our Integrated Audit Approach. This integrated approach helps auditors realize the full benefits of the KBA Methodology. This patented and award-winning methodology is a dynamic risk-based auditing process developed specifically in response to the AICPA’s risk assessment standards.”

Check out the 2020 release schedule

Title Release Month
Commercial Entities August 2020
Commercial Entities Preparation, Compilation and Reviews May 2020 (2019 Title), August 2020
Common Interest Realty Associations (CIRA/HOA) June 2020
Common Interest Realty Associations Preparation, Compilation and Reviews June 2020
Construction Contractors November 2020
Construction Contractors Preparation, Compilation and Reviews May 2020
Dealerships May 2020
Dealerships Preparation, Compilation and Reviews May 2020
Employee Benefit Plans April 2020
Employee Benefit Plans updated for SAS 136 January 2021
Examinations of Service Organizations March 2020
Financial Institutions October 2020
Governmental Entities June 2020
Healthcare Entities November 2020
HUD-Multifamily Housing December 2020 (HUD FSA Only)
International Entities January 2021
Non-Traditional Engagements (Examinations, Agreed Upon Procedures, and Reviews May 2020
Not-for-Profit Entities June 2020
Not-for-Profit Entities Preparation, Compilation and Reviews May 2020
Public Entities (PCAOB – Includes Broker-Dealer) September 2020
Real Estate Entities October 2020
Real Estate Entities Preparation, Compilation and Reviews May 2020
Single Audits 2021

*Note: release dates are subject to change. E-mail [email protected] with any questions.

Conclusion

In conclusion, this Integrated Audit Approach focuses the audit process on auditor judgment. Moreover, it facilitates making informed decisions by ensuring the audit is tailored for each client, and always linked to the assessed risk and work performed. In fact, by focusing on the entire end-to-end workflow, this approach:

  • Maximizes efficiency and effectiveness
  • Guides to a higher quality audit without over or under auditing

For these reasons, it’s time to get over any fear of change you have regarding deciding what audit technology is best for your future. It’s time to check out the power of Wolters Kluwer’s Integrated Audit Approach. The approach includes the:

P.S. While you’re at it, check out this blog too – Wolters Kluwer Introduces CCH Axcess™ Knowledge Coach to Help Facilitate Tighter Auditor Collaboration and Improve Quality of Audits. It compliments this content.

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency.
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