New titles help auditors prepare for the eventual implementation of SAS 134 through SAS 137 and reflect AICPA guidance for addressing service organization engagements.
Today, Wolters Kluwer Tax & Accounting announced the addition of new Knowledge-Based Audit Titles to its first CCH Axcess™ Knowledge Coach audit module on the award-winning CCH Axcess™ cloud-based tax preparation, compliance and workflow management platform. CCH Axcess Knowledge Coach now features titles for Employee Benefit Plans, Examinations of Service Organizations (SOC), and Common Interest Realty Associations, in addition to the Commercial titles already available.
“Adapting to change while also working to transform the audit workflow is something all firms are facing today,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “With many states still having stay-at-home orders in place that require firm staff to work remotely, cloud-based audit solutions like CCH Axcess Knowledge Coach make it much easier for audit teams to collaborate in real-time and work on these engagements in a virtual environment.”
Providing auditors with the flexibility of anywhere, anytime access, CCH Axcess Knowledge Coach facilitates collaboration across audit engagement, improves overall audit quality, and allows the auditor to exercise professional judgment. The solution tailors audits based on the characteristics of the firm and the engagement, directly links identified risks with audit steps, flows information throughout the workpapers where needed, and monitors the engagement for completeness and compliance. By offering real-time contextual-based diagnostics, notifications, and updates, CCH Axcess Knowledge Coach provides auditors with knowledge-based guidance and the tools that they need to deliver a truly complete, thorough, and compliant audit.
Knowledge Based Audit Titles are written by practicing CPAs within a framework that provides an integrated set of procedures from pre-engagement through evaluating, concluding and reporting. This framework helps auditors and their firms manage the auditing standards and ensures that important information is not overlooked or hidden in the details of numerous checklists and forms.
With this latest title release, CCH Axcess Knowledge Coach now includes updated practice aids and tips for auditing Employee Benefits Plans to help prepare firms for the eventual implementation of SAS 134 through SAS 137. Also, in response to the American Institute of Certified Public Accountants’ (AICPA’s) Enhancing Audit Quality initiative that has made SOC Engagements an area of focus in 2020 due to instances of firms following outdated standards or omitting required elements from reports, the Examinations of Service Organizations (SOC) title is updated with all the requirements of recently issued pronouncements to help auditors and their firms avoid these issues.
“While building an effective plan should be the first step, many current audit methodologies and systems are built on standardized checklists and inflexible processes, failing to leverage auditor knowledge and discouraging critical thinking. The Knowledge-Based Audit Methodology from Wolters Kluwer is dynamic, helping auditors plan and produce higher quality audits based on continuous knowledge gathering and reflection, which both minimizes compliance risk and maximizes audit effectiveness and efficiency,” explains Rowe.
Wolters Kluwer Integrated Audit Approach focuses the audit process on auditor judgment, covering the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing. This unique approach facilitates their ability to make informed decisions by ensuring that the audit is tailored for each client, always having a link to the assessed risk and the work performed. It combines the powerful content-driven tools of CCH® ProSystem fx® Knowledge Coach and CCH Axcess™ Knowledge Coach, the efficiency of CCH® ProSystem fx® Engagement and TeamMate® Analytics, plus the comprehensive content of CCH® Accounting Research Manager® and CCH Axcess™ Financial Prep, the first dynamic cloud-based trial balance solution integrated with Xero, QBOnline, CCH Axcess™ Workstream, CCH Axcess™ Tax, as well as other cloud-based audit solutions soon to be released on the award-winning CCH Axcess™ platform.