CCH has created new software to make the audit process more efficient.

Knowledge Coach is an addition to the CCH ProSystem fx Suite and is designed to streamline audit plannning and management. The software ensures compliance with the AICPA Risk Assessment Standards and allows auditors to make updates on the fly throughout the audit.

Knowledge Coach provides an audit workflow engine that guides auditors through planning to ensure that the proper program steps are in place to address a client’s specific situation, including making sure all identified risks have associated program steps and vice versa.

Auditors can update risks, steps and content on the fly during the engagement, and all of these changes are flowed within and throughout the workpapers to all of the necessary places. All of this is done from within the ProSystem fx Engagement paperless engagement management system, which handles the organization, rights management and version control for all workpaper documents.

Knowledge Coach walks the auditor through the planning stage of the audit, in which risks are identified and specific program steps are associated with each risk, either drawn from a built-in program step library, or using steps defined by the auditor. Knowledge Coach also flags program steps that may not be applicable or are redundant, allowing the auditor to drop them if desired.

As the audit proceeds, the system continually monitors risks and steps to ensure that all risks are covered and all steps are eventually completed. The results and findings in each workpaper are flowed automatically to all of the workpapers that are affected. The system continually monitors changes and notifies users when workpapers have changed, need to be updated, or need to be re-reviewed. All automatic entries include drill-downs back to the source information to provide transparency.

During the audit, subscribers to CCH’s Accounting Research Manager and IntelliConnect can also take advantage of built-in links to up-to-date research content, while sharing all necessary files within ProSystem fx Engagement.

For more information, visit http://CCHGroup.com/knowledgecoach.

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