Wolters Kluwer Integrated Audit Approach helps the firm improve the effectiveness of audits while realizing efficiency & productivity gains.
Wolters Kluwer Tax & Accounting today announced that Pattillo, Brown & Hill LLP, one of the oldest and most respected accounting firms in the Southwest, has further strengthened their audit capabilities by adding TeamMate Analytics to their Wolters Kluwer Integrated Audit Platform implementation, which already includes CCH® ProSystem fx® Knowledge Coach, CCH® ProSystem fx® Engagement, and CCH® Accounting Research Manager.
“Having this complete toolkit enables us to constantly reassess risk and update our understanding of the client, knowing that changes flow smoothly throughout the binder and will be saved and rolled forward into the next fiscal year,” said Paula Lowe, CPA, and Partner at Pattillo, Brown & Hill LLP. “By adding TeamMate Analytics, we will improve the value we bring to our clients with our advanced ability to test a larger number of transactions while focusing on assessed risks.”
TeamMate Analytics offers over 150 tools specifically designed to meet the analytical needs of CPA firm auditors and accountants to help them run analytics and, more importantly, interpret the results. These easy to use tools are Microsoft Excel-based, support analytic testing with configurable modules that automate audit tests, provide visualization of results, and offer an in-depth test library with guidance on how to interpret test results. Users range from sole practitioners to Big 4 accounting firms in more than 70 countries worldwide, with departments that have one auditor to departments with more than 100.
“We will now be able to focus on the risky transactions rather than a simple random sample, giving us the confidence that we’ve identified and tested for any assessed risks. In addition, the ability to drill down on a population of transactions and quickly identify red flags with just a few clicks will save our auditors significant time,” added Kent Willis, CPA and Audit Supervisor at Pattillo, Brown & Hill LLP.
The Wolters Kluwer Integrated Audit Approach enables firms to elevate their audit process and to transform the services they offer to their clients. The Integrated Audit Platform delivers against the AICPA risk assessment standards and can be purchased whole or in modules. It includes TeamMate Analytics and the following award-winning Wolters Kluwer solutions.
- CCH® ProSystem fx® Knowledge Coach provides the full audit workflow for improved audit quality and efficiency with capabilities that include linking procedures to risks, real-time diagnostics, and linkage of workpapers
- CCH® ProSystem fx® Engagement is an end-to-end solution that combines workpaper manager, trial balance manager, and workflow tool into one integrated solution. The integration between Knowledge Coach and Engagement enables firms to continuously update their understanding of clients, add risks, and dynamically update workpapers throughout the entire engagement
- CCH® Accounting Research Manager is a research tool that provides results with meaningful context and interpretive guidance linked with authoritative content
“Our unique audit approach helps firms produce higher quality audits and improves their efficiency through dynamic, iterative processes and tools that encourage auditor judgment and continual learning,” said Jim McGinnis, Executive Vice President and General Manager of Medium and Large Firm Segment at Wolters Kluwer Tax & Accounting North America. “Firms using the Wolters Kluwer Integrated Audit Approach are realizing that they can do more with the same — or even fewer — resources.”
Visit us at booth #309 during the 2019 AICPA Engage Conference to learn more about the award-winning portfolio of tax, accounting, and audit solutions from Wolters Kluwer. Make sure you don’t miss “The Power of Data to Strengthen Your Audit Practice” presentation taking place on June 11 and led by our integrated audit expert Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting.