Cheerful smart businessmen discussing their project
Tax & Accounting10 พฤศจิกายน, 2566

Thong & Lim delivers faster, high quality audit engagements with CCH ProSystem fx Engagement

For Singapore-based audit firm, Thong & Lim, 2022 was a busy year, with new staff hires, record engagements, a new office renovation and a decision to digitise their practice by moving to a paperless audit workflow.

Company details

Name: Thong & Lim
Size: 25+ Employees



  • Digitisation of practice in line with regulatory body recommendations
  • $30K+ in cost savings annually by removing the need for paper storage facility
  • 25% average time savings per audit
  • Staff less stressed with more work-life balance

“Over the past five years or so, digitisation has been a key trend in Singapore and from a regulatory perspective, there is growing emphasis on audit quality. We had also been caught out by Covid, with a backlog of audit working papers to print on our return to the office, so with all this considered, plus the establishment of the new ISQM standard, we knew it was time to make the transition to paperless audit software,” said Thong & Lim Partner, Shaun Tang.

As part of their office upgrade, Thong & Lim were also keen to reduce rental costs associated with space dedicated to storage.

“We were renting a 500/600sqft room at $2,600 SGD per month purely for storing paper. With CCH ProSystem fx Engagement paperless audit, and renovating our office space, we have now been able to give up that storage room, which is a significant cost saving annually,” he said.

In our second year of using the software, we have observed that we are completing audits sooner than we usually would; time and productivity are the key benefits.
Shaun Tang, Partner, Thong & Lim

Choosing the right solution

When it came time to choose the right audit software for the firm, Shaun says there were only two obvious solutions the firm was considering.

“When we were faced with the choice between the two options, our preference leaned towards CCH ProSystem fx Engagement. It stood out as a more adaptable software, seamlessly integrating with the Microsoft Office applications which we are already accustomed to. For our firm, which was transitioning to our first audit software, this choice seemed to offer a smoother and more natural progression. CCH ProSystem fx Engagement was also the more cost-effective choice of the two options, which factored into our decision,” he said.

Time, productivity, and compliance

While it did take the firm some time to get up and running with the software, the key benefits became obvious in subsequent years after implementation.

“In the initial year of implementation, there is a need to invest time in bringing in prior year balances and ensuring the proper setup. However, by the second year, during the peak season from April to August, for those engagements we had already integrated into CCH ProSystem fx Engagement the previous year, the process was significantly quicker and more efficient. We have definitely witnessed improvements in terms of time and productivity," Shaun explained.

“As an example, for one of my clients we would typically sign-off the audit in December, but this year we have completed the engagement about two months quicker. Some of this time saving would be attributable to our staff being more familiar with the recurring engagement, but I think a good portion of that time saving is attributable to the software. I can see our staff are less stressed this year as well.

“Also, paperless audit software ensures stronger adherence to the quality standards. Previously I would have had to revamp all my templates to comply with the latest SQM. But now Wolters Kluwer takes care of it for me. One less thing for me to do!”

CCH ProSystem fx Engagement is a more flexible audit solution that’s easy to use; with complimentary training and providing us with significant time savings.
Shaun Tang, Partner, Thong & Lim

Ongoing training and support

Thong & Lim started using CCH ProSystem fx Engagement software in early 2022. Like many firms they had been impacted by ‘The Great Resignation’ so they were faced with the challenge of training many new team members at the same time as implementing new software.

They find the regular, complimentary training sessions to be a key advantage of the software. “This is very useful for our staff, and the fact that the refresher training is free is great – and a point of difference,” Shaun said.

Reflecting on the firm’s many changes, Shaun is happy to see it all come together, and is also looking forward to moving to Wolters Kluwer full cloud audit solution when it is launched.

“All in all, we are pleased that all the diverse components - the new software, hardware, office space, and staff – came together nicely in the end. For firms like us who have yet to implement an audit software, if they are committed to excelling in the audit business, it is a worthwhile investment. I would highly recommend CCH ProSystem fx Engagement, as it facilitates a relatively smooth process with a reduced learning curve and transition.

“I understand that Wolters Kluwer is developing a full cloud audit solution, and I am looking forward to that as the next step in our technology adoption.”

To learn how CCH ProSystem fx Engagement can help your firm, enquire today.

Back To Top