Legacy systems are leaving firms exposed to costly errors and inefficiencies, and so the future of auditing demands an evolution — a different kind of solution. Firms need to know that they are doing what’s expected and needs to be done, that they are covering the standards and that they are remaining competitive while becoming more profitable. That vision can be accomplished by leaving the checklist approach in the past and putting control back in the hands of the auditor. It's time to start seeing audits differently.
Wolters Kluwer’s Integrated Audit Approach takes a new perspective on auditing. This revolutionary system is designed to break from the “checklist mentality,” where continually following predefined steps ends up discouraging auditors from thinking critically. Instead, the Integrated Audit Approach produces higher quality audits and improves efficiency through dynamic, iterative processes and tools that encourage auditor judgment and continual learning. With this approach, firms are realizing they can do more with the same — or even fewer — resources.
Dynamic Feedback & Coaching
Fast-changing legislation makes it hard to stay knowledgeable about the latest compliance issues. Wolters Kluwer’s Integrated Audit Approach minimizes oversights and manages completion with real-time alerts and diagnostics. And with "answer effects" that explain the impact of certain actions, users can see the big picture, helping them develop as auditors.
A More Efficient Audit
Save hours per audit thanks to a single roll-forward and update process, automatic linking of the financial statement to the trial balance and industry-specific audit templates.
It’s hard to proactively offer advice for your clients when you find yourself spending too much time on low-end work. The iterative design of the Integrated Audit Approach cuts down on non-value added activities by instantly updating data throughout all workpapers without having to re-run reports, allowing you to get back to the investigative work of auditing.
The system identifies unnecessary steps and potentially unaddressed risk, but leaves the auditor in control of the audit. The goal is to help you make informed decisions, not to make decisions for you — a philosophically unique approach versus other audit solutions.
The Integrated Audit Approach is an end-to-end audit system, comprised of three of the industry's most-trusted solutions working seamlessly together. Switching back and forth between multiple programs is now a thing of the past!
- K2 Quality Award for Audit Technology — Multi-Year Winner
- Fully peer reviewed; K2 Quality Award for Audit Technology — Multi-Year Winner
- CPA Practice Advisor's Reader's Choice Award, Tax & Accounting Research System, 2015 — Finalist
Your Toolkit for an Exceptional Audit Workflow
The Knowledge-Based Audit (KBA) Titles provide the industry-specific content that fuels the interactive processes used by the Integrated Audit Approach. The technology and content come together in a step-by-step process that facilitates an auditor’s thinking as he or she works through an audit. Each KBA Title has passed voluntary review by the AICPA, and is complemented by a full industry-specific KBA Guide on CCH® Accounting Research Manager.
*Available as both Knowledge-Based Audit Titles and new Knowledge-Based Preparation, Compilation and Review Titles!
These future-ready firms have done the heavy lifting — there's no better place to start your learning journey than with their advice:
Stay ahead of the curve with expert insights and analysis of industry developments:
6 Habits of Highly Effective Audit Teams White Paper
Linking Talent to Technology White Paper
5 Ways to Increase Your Engagement Efficiency White Paper
Common Audit Deficiencies Found in Peer Review
Wolters Kluwer’s Knowledge-Based Audit (KBA) Methodology is the foundation on which the entire system rests. Rather than using predefined checklists, the KBA Methodology relies on auditor judgement to drive the audit process, improving audit quality and minimizing over-auditing.
Learn more about the KBA Methodology:
Built within CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach draws clear connections between steps and risk — while offering all of Engagement's efficiency tools and automation.
See how these solutions are applied in practice:
CONTENT & RESEARCH
Highly integrated with CCH ProSystem fx Knowledge Coach, CCH Accounting Research Manager provides industry-specific guidance, making researching and linking source documents easier than ever.
See the advantage of information-driven auditing:
IN THE SPOTLIGHT
"We use Knowledge Coach so that everything stays in compliance. Nothing is missed in the audit process. It’s a benefit largely from a legal standpoint for us because it reduces risk and helps us provide a higher quality audit.”
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IN THE SPOTLIGHT
Weaver needed a more efficient audit process that would provide better quality audits to meet new AICPA guidelines. After transitioning to the Integrated Audit Approach, Weaver saw a 10 percent efficiency improvement and higher quality audits!
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As your engagement team’s main hub, CCH ProSystem fx Engagement can be used to import raw client data, prepare adjustments, create financial statements and export completed data to tax returns.
Take control of your audit process with this award-winning planning tool, workpaper generator, audit workflow management application and risk overseer all rolled into one.
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