CCH, a Wolters Kluwer business — ProSystem fx Engagement

From the July 2010 Review of Trial
Balance and Engagement Management Systems.

CCH’s
ProSystem fx Engagement is designed to be used as an integrated part
of the vendor’s comprehensive suite of professional accounting, tax and
practice management systems, providing advanced workflow tools, collaboration
capabilities, automation of tasking, integration with external programs and
strong oversight for audit managers. The system includes the core features found
in CCH’s trial balance solution, and shares data with tax, accounting,
document management and other applications.

BASIC SYSTEM FUNCTIONS:
ProSystem fx Engagement is simple to setup, providing customizable
engagement binder templates that are easy to work with and design workflows
to meet firm and client needs. The program, along with most other applications
in the ProSystem fx suite, uses an exceptionally intuitive interface
that provides extensive customization options at the user level, letting users
move quickly through engagement processes while working with accounts and moving
between trial balance functions, including importing data from outside programs,
consolidations, making adjusting entries, accessing source journals and producing
reports and financials. When working with financial statements and reports,
users can link directly to the trial balance, which provides the ability to
quickly see the effects of changes to transactions.

Binder and Trial Balance Snapshot views are available in a shortcuts panel
on the left, providing quick access to overviews, while additional links can
be added as part of the customization options. An Engagements Today dashboard
is also accessible. Tools are included that can help simplify first-year engagements
and data acquisition and assist with grouping and sub-grouping of accounts,
generating lead schedules and tax lines, rolling entire engagements forward,
monitoring engagement progress, and maintaining data security.

ENGAGEMENT MANAGEMENT:
ProSystem fx Engagement is somewhat centered around the Local File
Room, which provides a Windows Explorer-style organization console that gives
access to workpapers to both workers in the field and those in the office, enabling
collaboration while also offering checks and tools to prevent data overwrite
or errors, but without having to check out the electronic files, since this
would make them inaccessible to other staff. All workpapers are efficiently
organized and accessible based on user access rights, and binders can be locked
after finalizing engagements. The system also provides client portal functions
for sending the contents of entire binders to clients or third parties. Notes,
tick marks, references and links can be included with all files, which are provided
as a bookmarked and interactive PDF binder.

ProSystem fx Engagement includes a built-in reporting editor that
simplifies customization and output of managerial and financial report sets,
while also providing options for varying statement formats to meet client, third-party
or industry requirements. The program integrates with the SaaS-based ProSystem
fx Document for advanced digital management functions, including automated
file retention processes, client portals and other features.

WORKFLOW & COLLABORATION:
ProSystem fx Engagement provides excellent user-based security and
access features, which also serve to streamline and advance workflow processes
by giving users access to only the features they need and then allowing even
further customization. This provides streamlined oversight to managers, while
allowing users to be more efficient. Firms can customize virtually every key
element of the system, including workflow checklists. Any file type can be included
as a workpaper in binders, including Word, Excel and PDFs. The binders can also
be dynamically linked to client tax and other data files when using the other
components of the ProSystem fx Suite. Reports and financial sets can
also be output into Word or Excel for additional editing and customization.

Industry-specific checklists, audit programs, and practice aids are provided
via the integrated modules Knowledge Tools and Knowledge Coach. These workpapers
integrate seamlessly within the ProSystem fx Engagement environment.
Knowledge Coach tailors workpapers based on the answers to interview questions,
accumulates identified risks, automatically flows information between workpapers,
provides a dynamic library for designing audit programs and signing off on steps,
and displays pertinent diagnostics to ensure auditors sufficiently document
their work. Research can be integrated using CCH’s Accounting Research
Manager and IntelliConnect.

INTEGRATION/IMPORT/EXPORT:
ProSystem fx Engagement seamlessly integrates with the tax, research,
write-up and other programs in the suite, allowing users to quickly aggregate
and move trial balance data into the engagement system, as well as to move data
back out into those programs as necessary. Reports and financials can be saved
to various formats, including PDF, Word and Excel, and can also be shared with
clients and third parties via CCH’s portals or via email. Limited direct
integration with third-party systems is available.

HELP/SUPPORT:
The program’s Help utility offers index-based assistance, while more extensive
audit-based guidance can be found using the built-in Knowledge Tools and Coach
modules, which provide contextual interpretive guidance and links to original
pronouncements online. CCH’s website provides additional support options,
including flash demos, training and consulting information, and whitepapers.
Live support is included in system pricing.

SUMMARY & PRICING
CCH’s ProSystem fx Engagement provides advanced workflow and
collaboration features key to modern audit engagements. Additional automation
and management tools further streamline workpaper management processes. Extensive
integration with other systems in the CCH ProSystem fx Suite, including
the vendor’s new SaaS-based programs, provides valuable added benefit
in acquiring data and maintaining accuracy. Pricing starts at about $1,400.

2010 OVERALL RATING: