CCH Releases Risk-Assessment Toolkit

In an effort to ease the implementation of the new risk-assessment standards from the American Institute of CPAs, tax and accounting products provider CCH has released ProSystem fx Knowledge Tools -- a product collaboration between CCH and audit process and services concern AuditWatch. The new offering, which is predicated on the guidelines of the knowledge-based audit, is available as an integrated module for ProSystem fx Engagement, or as a stand-alone application. The Knowledge Tools' KBA methodology uses a set of integrated procedures, from the pre-engagement stage through evaluating, concluding and reporting. The results from each audit stage are fed into a communication "hub," which enables audit team members to view summaries of the significant matters, risks and findings uncovered during the audit. The KBA documents contain steps and procedures required by generally accepted auditing standards. In addition Knowledge Tool users have access to: * Practice points - additional information in completing the associated section of the audit program, checklist, or workpaper; * Audit alerts - information such as upcoming changes to audit pronouncements; * Examples - example workpapers and explanations regarding how a section could be completed; * Optional workpapers - workpapers that can be brought in to complete the documentation for a specific step; and, * References - links to books, such as industry guides, and original pronouncements. CCH said it would offer training in the new methodology, as well as training on the Knowledge Tools software. For more information, go to