CPA.com and CaseWare debut client engagement software
CPA.com, the technology arm of the American Institute of CPAs (AICPA), along with CaseWare International, has released OnPoint PCR, a smart, cloud-based solution for CPAs to conduct preparation, compilation and review engagements. CaseWare is a tech company that provides cloud-enabled audit, financial reporting and data analytics solutions.
“OnPoint helps guide the practitioner through the entire process of doing a preparation, compilation or review,” said Erik Asgeirsson, president and CEO of CPA.com, at AICPA ENGAGE, currently being held at the MGM Grand in Las Vegas. “At the start, there’s an intelligent questionnaire that asks a lot of questions about the service that the firm is providing. Based on that, it dynamically fills out things like an engagement letter, management representation letters where appropriate, and a report if it's a compilation or review. It also helps with the importing of data in a very seamless manner, and provides some visual analytic capabilities that will help the firm provide more strategic insight to their client as they look at their business. It’s really taking that category of prep, comp and review, which is an important category, to the next level.”
While the tool is “smart,” providing a predictive template that fills in the type of engagement letter a firm is likely to send, it does not have a machine learning capability built in that would allow it to learn a firm’s habits over time.
OnPoint offers guided engagements, a smart, interactive process meant to eliminate unnecessary steps and facilitates compliance with standards. It also facilitates integrated data, simplifying data management and the import of client data, and is designed to reduce redundant data entry. Built on a cloud platform, it gives real-time updates to data and provides built-in collaboration tools that can be used instead of third-party apps, including external email.
“A solution that includes intelligent checklists informed by AICPA technical guidance will help practitioners focus on adherence to standards and the firm’s quality control process,” stated Susan Coffey, CPA, CGMA, the AICPA’s executive vice president of public practice. “CPAs still must exercise professional judgment, and OnPoint supports proper documentation and promotes consistency and quality in engagements.”
“Technology offers great potential in attest services, but it’s only part of the equation,” added Dwight Wainman, CEO of CaseWare. “Our collaboration with CPA.com and the AICPA gives us greater visibility into CPA firms’ needs, plus the critical content and methodology these firms rely on.”
CPA.com will be demonstrating OnPoint PCR’s features at its booth in the exhibit hall throughout AICPA ENGAGE, which runs through June 14. There will also be a demo at 6 PM PDT on Wednesday, June 13, at the event’s TECH Zone.
For more information on OnPoint, visit CPA.com/OnPoint.