Wolters Kluwer licenses Validis software to create audit accelerator product
Wolters Kluwer Tax & Accounting has signed an agreement with Validis to use its data extraction and analytics software for a new product, CCH Audit Accelerator. The offering works in combination with CCH ProSystem fx Engagement to provide a comprehensive, semi-automated audit process.
Validis for Accountants, which is what powers CCH Audit Accelerator, is designed to pare down the traditionally time-consuming audit process by extracting data directly from the client’s source accounting package. With this new integrated offering, Wolters Kluwers customers can use CCH ProSystem fx Engagement to import required reports that are automatically created by the client data captured by CCH Audit Accelerator.
Wolters Kluwer and Validis share a goal of automating accounting processes. CCH Audit Accelerator is part of Wolters Kluwer’s Integrated Audit Approach, a suite of products and strategies aimed at automating audit processes to free the auditor to perform more of an analyst role.
“Customers tell us that auditors spend anywhere from 20 - 48 hours gathering the data required for an audit, which often impacts their ability to keep all the engagements on schedule during busy season,” said Heffy Provost, EVP and general manager of Wolters Kluwer Tax & Accounting North America, mid/large segment, in a statement. “The strategic alliance between Wolters Kluwer and Validis will help accelerate audit preparation so that customers can better focus on the audit itself, stay on track during busy season, keep staff engaged and enhance their client relationships – all of which are critical to continued success and higher quality audits.”
“We believe that by working together, we will transform the way in which audits are conducted today — removing the transactional non-value added work to allow auditors to focus on providing a higher level of insight and advice to their clients,” added Max Pell, CEO of Validis.