Wolters Kluwer introduces new audit module for CCH Axcess
Wolters Kluwer Tax & Accounting has introduced a new product, CCH Axcess Knowledge Coach, as the audit module in its CCH Axcess Cloud-based tax preparation, compliance and workflow management platform.
CCH Axcess Knowledge Coach is designed to tailor the audit based on the characteristics of the firm and the engagement. The software directly links identified risks to audit steps, flows information throughout the workpapers where needed, and monitors the engagement for completeness and compliance. The solution also offers real-time contextual-based diagnostics, notifications, and updates.
Launching with commercial titles first, CCH Axcess Knowledge Coach will include all industry titles in the coming months.
There is still room for the auditor to use their professional judgement within the software’s capabilities, and this is part of Wolters Kluwer’s Integrated Audit Approach, which focuses all audit technology around auditor judgement. The goal of this approach is to facilitate informed decision-making by ensuring that the audit is tailored for each client, always having a link to the assessed risk and the work performed. By focusing on the entire end-to-end workflow, the goal is to help firms maximize efficiencies and guide them to a higher quality audit without over- or under-auditing.
“A disengaged audit process negatively impacts overall quality, but many audit methodologies and systems in place today discourage critical thinking because they are built on standardized checklists and inflexible processes that fail to leverage auditor knowledge,” said Cathy Rowe, CPA, CA and director of accounting and audit product management at Wolters Kluwer, in a statement. “This solution is the next building block in our Integrated Audit Approach, which is helping auditors realize the full benefits of the Knowledge-Based Audit Methodology, a dynamic risk-based auditing process developed specifically in response to the AICPA’s risk assessment standards.”
“We are seeing disruptive change in the industry and it’s forcing firms to re-evaluate their processes and tools to ensure compliance with changing regulations. New technologies are changing the way auditors collaborate on projects and how firms engage with clients, who now expect them to provide higher-value advisory services,” said CEO Jason Marx, also in a statement. “All of this creates an opportunity for firms to adapt and transform the services they provide so they can deliver the higher quality services the clients seek and enhance the profitability of their firm.”