Product News: PMB Helin Donovan moves audit to the cloud with AuditFile
Texas-based firm PMB Helin Donovan has selected AuditFile to move its audit processes to the cloud. AuditFile’s audit software combines workpaper and trial balance management, workflow, and methodology in an online platform that can integrate with a firm’s existing programs and technology environment. PMB Helin Donovan signed a multi-year contract for the AuditFile Enterprise solution, and plans to use the Wiley Advantage Audit series of industry-specific programs for audits, reviews and compilations, in conjunction with a custom library of programs to automate additional audit and tax processes. As part of the agreement, the firm is working closely with AuditFile on customizations to address the specific needs of its multiple offices, including integration with the firm’s newly deployed cloud-based resource management and collaborative project management solution, Mavenlink.
“There’s been a great deal of discussion about the anticipated impact of new technologies like AI and big data on the audit area, in particular,” said Chris Bona, Audit Partner at PMB Helin Donovan, in a statement. “We look at preparing for these changes as an opportunity to optimize and improve all areas of our audit practice. In AuditFile, we didn’t just find a vendor, but also a strategic partner that shares our vision for the future of audit.”
Wolters Kluwer Tax & Accounting completes SOC 1 exam for indirect tax content services
Wolters Kluwer Tax & Accounting has successfully completed a Service Organization Control (SOC) 1 examination of its indirect tax content services and related general controls. The resulting SOC 1 report states that management of Wolters Kluwer Tax & Accounting has suitably designed controls over the collection, analysis and management of its sales and use tax rates and taxability content. The exam was conducted by Atlanta-based firm Frazier & Deeter, LLC. The SOC1 report shows that according to the examining firm, the software company has the appropriate practices and controls in place to mitigate risks related to indirect tax content services and related general controls.
Hopi Tribe uses Sage Intacct to drive business value
Sage Intacct, formerly Intacct, has reported that the Hopi Tribe Economic Development Corporation (HTEDC) has improved its business value by $7 million since using the company’s financial software. The HTEDC, which is owned by the federally recognized Indian Hopi Tribe, but operates separately from it, exists to bring economic development opportunities to the Hopi people. The group implemented the software with the help of CPA firm and Sage Intacct value added reseller Joseph Eve. According to the software provider, the HTEDC gained financial visibility that increased gross margins by 20 percent, improved cash flow by $500,000, and enabled the organization to better manage operations in real-time.