New capabilities enable audit professionals to provide added value to their organizations and clients.
Today, Wolters Kluwer Tax & Accounting announced the addition of new capabilities to its innovative TeamMate® Analytics solution used by external auditors at tax and accounting firms, as well as by internal audit departments in businesses and public sector organizations of all sizes around the globe. New features include enhancements to the Expert Analyzer that enable auditors to append data to combine multiple data files together; new tools that facilitate mining and analyzing the make-up of transactions; new capabilities to evaluate formulas with more than 1 million rows of data; and advanced summary features that enable auditors to create more flexible summaries of data and analysis within their workflows.
“TeamMate® Analytics is the first audit automation tool that simplifies audit test automation to the point that a data specialist isn’t needed to configure common tests,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “It guides auditors through a structured process in Microsoft Excel, where the test is explained, checked for the right kind of data, executed, and then the results are also explained. Our customers are telling us that the time-savings is significant, for example, one firm shared that TeamMate® Analytics brought a test that was about 1 to 2 hours down to a 10-minute exercise.”
The TeamMate® Analytics solution offers more than 150 tools specifically designed to meet the data analysis needs of CPA firm auditors, accountants, and internal audit and controls professionals. It supports analytic testing with configurable modules that automate audit tests. With the addition of Expert Analyzer there is a new level of flexibility, allowing the automation of multi-step analysis with an intuitive graphical workflow designer that supports multiple datasets and an import directly from a PDF. Accessed from within Microsoft Excel®, the TeamMate® Analytics solution includes powerful analytical tools such as gap and duplicate detection, Benford’s testing, Monetary Unit Sampling, and stratification.
“TeamMate® Analytics continues to evolve to provide audit professionals with the robust capabilities they need to provide deep, data-driven insights to their organizations or for their clients. Analytics is a cornerstone of a complete audit process and this innovative solution puts the power of audit analytics into the hands of every auditor, for every audit,” adds Colleen Knuff, CPA, CIA, CISA, CRMA, NPDP and Senior Director of Product Management at Wolters Kluwer Tax & Accounting TeamMate Global Audit Solutions.
Wolters Kluwer Integrated Audit Approach focuses the external 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 approach represents all the components necessary for an automated, data-driven audit workflow that is integrated with the indispensable CCH Axcess™ platform. Components include the efficiency of CCH Axcess™ Engagement and TeamMate® Analytics, the methodology of CCH Axcess™ Knowledge Coach, the comprehensive content of CCH® Accounting Research Manager® and CCH Axcess™ Financial Prep, the first dynamic cloud-based trial balance solution integrated with CCH Axcess™.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & 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.
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.