CCH Audit Automation
audit facing today s challenges If it s not managed properly, audit can be a risky business for practitioners like us. The International Standards on Auditing lay down the approach we have to take, particularly in relation to control, fraud and risk, so we need to make certain that our staff are following correct procedures at all times. The ISAs mean we have to organise and manage paperwork like never before so that the documentation we generate will stand up to quality inspection and legal challenge. This is difficult when an audit generates so much paper. If we could automate the paperwork it would make audits more efficient and easier to manage, as well as saving valuable office space. Every client has different requirements, and every auditor has a different approach to the work, so a computer-based system would have to offer programmes and documents that can be easily customised. And it would have to help us make a profit from our audit work! 1
CCH Audit Automation the solution from Wolters Kluwer Automate the audit process for quality and efficiency Once the audit process is automated, the time required to plan, customise and document the audit is dramatically reduced, work is of a consistent quality and easier to manage. The current year s files provide a template for future years and staff time is used more efficiently. n A complete solution CCH Audit Automation covers the entire process of performing an audit, from engagement to sign-off. n Immediate benefits Full automation improves the quality, efficiency and consistency of audits. n Time saving Once a client has been set up, the balance forward process significantly reduces the setup time for subsequent years. n Instant summary CCH Audit Automation enables you to continually monitor progress by displaying a summary of outstanding tests and checklist questions and a list of documents that still have to be reviewed. n Smart selection During planning, sections and standard procedures that are not applicable are automatically removed. n Accounting links CCH Audit Automation links to all major accounts production systems including CCH Accounts Production. Trial balances can be imported and used to drive the production of audit programmes, preliminary analytical review information and materiality. n Audit journal tracking As the journals are agreed with the client, the draft accounts and lead schedules are automatically updated to provide full audit journal tracking. CCH Audit Automation guides you through the entire audit process 2
Reduce paper and increase quality and efficiency Manual audits create a lot of paper which uses valuable office space, costs money to store and takes time to file and retrieve. Paperless working reduces the cost, helps to improve quality and makes information easier and quicker to find. n Savings CCH Audit Automation makes the entire audit process paperless, saving staff time, office space and money. n Secure authorisation During the audit process, checklists and programmes are completed on screen and working papers, comments and notes can be added. Paperless working ensures that nothing is ever misplaced. n Multi-user access Any number of staff can work on a single client simultaneously, creating working papers and signing off tests and questions. They can download sections of the audit pack onto their own laptops, merging the results back into the main file on completion. n Templates Working papers can be based on standard templates, using the in-built word processor, Microsoft Word, Excel or other third-party applications. n Automatic indexing All documents generated within the system are automatically indexed and listed on screen, making them easy to find and use. Hyperlinks can be created to documents to make the review process quicker and easier. Keep everything together and instantly to hand 3
Identify, manage and minimise risk CCH Audit Automation has been providing a framework to carry out risk-based audits since 2005. The software helps you to identify and record risk at every stage in the audit process. n Compliance CCH Audit Automation provides a framework that is fully compliant with the International Standards on Auditing, including the latest Clarified ISAs. n Evaluation Risk analysis tools allow you to evaluate risks in an ISA-compliant manner. By identifying and recording significant business risks, the audit procedure is intrinsically linked to risks and the reviewer gets a full picture of the results of the audit work. n Analysis Powerful analytical tools allow you to identify possible problem areas by reviewing calculations and comparing trends. Based on your assessment of the risks, further tests can be added as necessary. n Error reduction No step in the process can be signed off until all tests, questions and notes have been answered and reviewed. n Automatic quality control Sophisticated quality control procedures are built into every stage of the audit process. For example, planning can t be signed off until all significant risks have been mitigated and the audit file itself can t be signed off unless all notes have been cleared. Record and review test results 4
Choose a way of working that suits you Every client has different requirements, and every auditor has a different way of working. It s easy to adapt and customise documents and programmes and to save these changes for future use. n Customisation Standard audit programmes represent the minimum work that has be done. Tests can be added or deleted according to the specific requirements and risk profile of the client. n Test pool Optional tests can be drawn from an extensive pool of possible audit tests, making it easy to create appropriate audit programmes for each client. n Flexible Accounts disclosures and other checklists are customised to suit the requirements of the case. Create an audit programme for each client Select your audit methodology Select one of our standard methodologies CCH, PCAS or Mercia or automate your own. The choice is yours. n Audit methodologies Master packs allow you to use established audit methodologies such as PCAS and Mercia. n Standard templates The master packs include a full range of standard templates and file structures for each type of assignment. n Practice preferences Templates can be customised and adapted to suit your own personal preferences, or you can automate your own audit methodology. 5
audit customer perspectives An automated system helps to reduce the risk that something can be overlooked because everything has to be ticked and signed off properly. You can tell at a glance what s been done and what s still outstanding; from a management and control point of view, that s very useful. Wendy Bambrick Mercer & Hole The skills you need to conduct an audit don t really change you still have to have that professional scepticism but the software has helped us modernise and become more efficient. Ian Thomas Broomfield & Alexander Reducing the amount of paper involved in the office has allowed us to become more efficient on the audit which means we can focus on the bits of the audit that really matter. Despite the fact that ISA-based audits should be more time consuming, we re actually spending less time on our audits now than we did on pre-isa audits. That s meant a considerable time saving overall, which has had a significant impact on the profitability of our audit work. Maurice Frost Richard Place Dobson Tim Neale Kirk Rice 6
CCH Central delivering a competitive advantage The CCH software suite provides tax and accounting professionals with the tools they need to serve their clients and to manage and grow their own businesses. At the heart of this integrated software suite is CCH Central which combines information from multiple applications on customisable home pages. CCH Central redefines the meaning of integrated software. Data from across the practice can be extracted, reported on and used for CRM, business development and practice management. The intuitive, browser-style interface makes it easy for everyone even occasional users to use the software. Because CCH Central operates across the entire software suite you only have to learn a function once to be able to use it anywhere. Data management CCH Central eliminates wasted effort and eradicates errors with a single, central database so you only have to enter and update information in one place. And because CCH Central works across your software suite, you get a complete picture of your clients and your practice without constantly swapping between applications. Reporting Using CCH Central Reporting, even non-technical users can construct complex reports, simply by dragging and dropping fields. Data can be drawn from multiple CCH applications and presented in a single report. Simplified cross-client and cross-application reporting enables rapid data mining, opening up new markets and opportunities. Workflow CRM and business development CCH CRM powered by Workbooks is integrated with CCH Central so you can grow your practice and engage with your clients using the information and skills you already have. The cloud-based CRM system improves the efficiency of the entire marketing and business development process, from running events and capturing web queries to managing your new business pipeline and measuring the return on your marketing spend. Managing KPIs CCH KPI Monitoring enables you to manage business-critical events, deadlines and tasks occurring across all your applications. When a trigger condition such as overdue information, excessive WIP or a completed tax return is met, the software sends out an alert email which can include a report on the exact status of the key performance indicator being monitored. You can also use it to automate the production and distribution of regular practice reports. CCH Workflow allows you to manage tasks across your entire software suite. Workflows can be triggered by an event such as setting up a new client or by the completion of another workflow, and can be extended to interact with third-party systems. CCH Workflow helps you monitor deadlines, avoid resource bottlenecks and focus on managing end-to-end client relationships rather than just individual jobs. 7 8
The Wolters Kluwer difference Wolters Kluwer is one of the world s largest providers of tax, accounting and audit software, information and services. As a global market-leader with annual revenues of over 3.5 billion, operations in 40 countries and more than 18,000 employees worldwide *, our software, information and services deliver smart tools, vital insights, timely training and the guidance of subject-matter experts. In the UK our products and services supplied through the CCH and Twinfield brands support more than 20,000 professionals. We work hard to help you improve efficiency and reduce compliance risks so you can use more of your time to build stronger relationships with your clients. 97% of the top 100 accountancy firms use a Wolters Kluwer product 54% of FTSE 350 companies use a Wolters Kluwer product *Revenue in 2013 3.565 billion. Other figures from the Wolters Kluwer annual report. Customer numbers based on internal research, November 2014. 9
Find out more about CCH Audit Automation For more information about the CCH software suite: Call: 0844 561 8181 Email: cchsoftware@wolterskluwer.co.uk Visit: www.cch.co.uk/software Wolters Kluwer (UK) Limited. Registered in England and Wales, No 450650, VAT No. 710 9357 45. Registered Office: 145 London Road, Kingston upon Thames, KT2 6SR, United Kingdom.