CCH has added public company audit capabilities to its ProSystem fx Knowledge Coach software.
The new Public Company Accounting Oversight Board Knowledge Coach feature supports the audits of public entities, joining the original Single Audit title in Knowledge Coach. The new product addition, entitled Knowledge-Based Audits of Public Entities: A Guide to PCAOB Standards and SEC Rules, is aimed at the market of public company auditors.
In addition to new public company audit functions, the Single Audit engagement feature allows for the addition of Single Audit workpapers to a binder along with workpapers from another Knowledge Coach title, or as a single title in a binder. The Knowledge Coach risk pane will display both single audit and financial statement audit risk summaries.
The Single Audit title now supports four different kinds of risks while working in the same binder with other titles. Financial statement risks and specific risks can later be linked to audit procedures in accordance with the risk assessment standards. Major program-level risks and compliance requirement-level risks may also be added in the new Single Audit title.
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