Quality Audits Are Built on Knowledge

Today’s accounting firms require solid audit processes closely aligned with AICPA risk-based standards. Wolters Kluwer’s Knowledge-Based Audit (KBA) framework brings together a risk-based audit approach with up-to-date expert content anchored in the latest guidance and professional standards. Our patented, award-winning methodology serves as the foundation of our audit workflow. Auditing software automates engagements and optimizes execution.

Quality Control Materials (QCM) reports

To confirm the technical accuracy and quality control of our materials, Wolters Kluwer voluntarily submits to a QCM Examination of our publishing system and our publications. QCM Reports are essentially a peer review of quality control materials. Our publications are examined every step of the way—from concept development to production—to ensure that we bring you the finest guides and workpapers on the market. In addition to the QCM Reports, our publications are updated annually and undergo strict technical and content reviews by qualified practitioners. This ensures that our products and practice aids are compliant with the most current standards and have “real-world” applicability.

View the titles release schedule here 
Below are the most current QCM reports for each title enrolled in the program:

  • 2020 QCM Reports | Content

    Content: CIRA, CON, EBP, FI, HC, PCR-CIRA, PCR-DEAL
    2020 QCM Reports

  • 2021 QCM Reports | Software

    Software: CCH ProSystem fx Knowledge Coach, v2021 
    2021 QCM Reports

  • 2021 QCM Reports | Content

    Content: COM, HUD, GOV, NTE, NFP, PCR-COM, SA, SOC 
    2021 QCM Reports

  • 2022 QCM Reports | Content

    Content: PCAOB, INT, CON-PCR, NFP-PCR, RE-PCR
    2022 QCM Reports

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Trusted guidance

Developed from the ground up by audit experts with years of professional engagement experience, our KBA Methodology has passed AICPA Peer Review. The approach aids auditors in performing accurate, efficient and effective financial statement audits compliant with both GAAS and IFRS. It provides an understanding of the entity and its environment, sufficient to accurately assess the risks of material misstatement, including internal controls. It's audit procedures are responsive to the risks of material misstatement. And, it protects against over/under auditing.

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Dynamic process

For an effective audit, information must flow through eight phases. First is pre-engagement procedures. Then, obtaining an understanding of the entity and its environment through risk assessment procedures. Next, the design of internal controls are evaluated. Phase four assesses the risks of material misstatement, and then audit procedures are designed in response to assessed risks. Testing the operating effectiveness of internal controls is phase six, and performing substantive tests follows that. Evaluating, concluding and reporting procedures is the eighth and final phase.

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Knowledge in action

Our methodology goes beyond checklist-based auditing programs. Instead of starting with all potential audit steps and then eliminating unnecessary ones, the engine (CCH Axcess™ Engagement Knowledge Coach or CCH® ProSystem fx® Knowledge Coach) seamlessly flows information throughout the audit, tailoring to an entity using industry-specific guidance, specific questions, active diagnostics and the auditor’s professional judgment. The auditor is prompted to add steps based on an understanding of the entity, connecting each step to a specific risk.

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Benefits galore

Work more efficiently and confidently. This methodology is scalable and flexible enough for audits of all sizes and complexity, and is always consistent with the most current risk assessment standards. It promotes a logical organization of workpapers, and those workpapers link to CCH® Accounting Research Manager® as well. Emphasis is on auditor judgment, while ensuring proper documentation of procedures by easily identifying workpapers consistent with GAAS. Team communication is enhanced, and all “musts, shoulds and should considers” are properly addressed.

Accounting & Audit Solutions

  • CCH Axcess™ Knowledge Coach
  • CCH Axcess™ Knowledge Coach PCR
  • CCH® ProSystem fx® Knowledge Coach

CCH Axcess™ Knowledge Coach

Produce data-driven, future-ready audits, preparations, compilations and reviews with cloud audit software. Built on a knowledge-based approach, you will find all of your audit practice aids for planning, risk assessment, review and team collaboration in CCH Axcess Knowledge Coach. Maximize audit efficiency and quality while ensuring compliance with AICPA auditing standards.

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CCH Axcess™ Knowledge Coach PCR

Complete streamlined preparation, compilation and review engagements in the cloud. Maximize efficiency with the help of tailored practice aids, knowledge-based content, and a dynamic workflow engine that keeps information flowing with CCH Axcess Knowledge Coach PCR. Robust diagnostics ensure completeness and contextual links take professionals directly to PCR standards and related content.

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CCH® ProSystem fx® Knowledge Coach

Increase quality with digital audits that link risks to procedures and employ dynamic audit diagnostics. CCH ProSystem fx Knowledge Coach is an on-premise, peer-reviewed digital audit management solution helps auditors optimize efficiency and save time with automated updating and roll forward capabilities.

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