“Maximizing both realizations and quality are critical for CPA firms. However, many methodologies and systems in place today do not allow for both. They discourage critical thinking because they are built on standardized checklists and inflexible processes that fail to leverage the accountant’s knowledge,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax and Accounting North America.
“CCH Axcess™ Knowledge Coach PCR, on the other hand, lets auditors leave behind inefficient tools that require manual data entry and redundant processes because they are built on outdated technology. This solution is another building block in our Integrated Audit Approach, helping firms realize the full benefits of our Knowledge-Based Methodology, a dynamic process developed specifically for firms that focus on audit, preparation, compilation or review engagements, all with ease of use in mind,” explains Rowe.
Performing only PCR engagements requires firms to streamline their workflow because they are often repetitive and performed for smaller clients. CCH Axcess™ Knowledge Coach PCR allows accountants to maximize efficiency by combining industry-specific guidance with a powerful and dynamic workflow engine to guide accountants dynamically and efficiently through the entire process – from preparation to final sign-off. It flows information throughout the forms where needed and monitors the engagement for completeness and compliance, while allowing accountants to exercise professional judgment.
This cloud-based solution leverages the same methodology as the CCH® ProSystem fx® Knowledge Coach software, which drives the highest audit quality and efficiency possible. A CCH Axcess™ Knowledge Coach PCR license includes all industry titles, and currently features ones for Commercial, Common Interest Realty Associations (CIRA/HOA), Construction Contractors, Dealerships, Not-for-Profit Entities, and Real Estate. Other key benefits include:
- Improved speed. Forms open instantly as HTML web pages
- Clarity about where to start. When creating engagements, users start with an overall tailoring question workpaper, eliminating guesswork and extra clicks to open forms
- Contextual diagnostics. Diagnostics are shown contextually in the form, so users don’t need to drill down to a separate risk pane to understand the problem
- Faster team collaboration. Supports real-time team collaboration with multi-user notifications when changes are made by team members
- Easier signoff. Signoff tools for the preparer and the reviewer are available both within and outside of the forms, saving multiple clicks when working on an engagement
- Standalone functionality. Though CCH Axcess™ Knowledge Coach PCR is not currently integrated with a workpaper management or trial balance solution, it can be used alongside CCH® ProSystem fx® Engagement or other similar solutions in the market
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting is part of Wolters Kluwer (WKL), a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.