CCH ProSystem fx Knowledge Coach Makes It Easier to Conduct Not-for-Profit Audits

RIVERWOODS, ILL. – Additional guidance for auditors of not-for-profit (NFP) entities is now being offered in the latest enhancement of CCH’s ProSystem fx Knowledge Coach. CCH, a Wolters Kluwer business is a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).

The new NFP title is the first within Knowledge Coach that features new links that will take the auditor directly to audit guides on CCH’s Accounting Research Manager (ARM) subscription library, enhancing the linkage already in place that takes the auditor to audit standards on ARM.

Collectively, the ARM links help users easily and effectively navigate between key audit guidance and authoritative content (FASB, AICPA and more) from resources within Knowledge Coach documents. Additional ARM content and functionality includes:

  • A comprehensive online financial reporting database including all source content and industry-leading interpretations;
  • Interpretive guidance providing the ability to navigate directly from within a document or from within the tips view in a task pane to resources on ARM;
  • Unique FASB functionality that saves valuable time through “combine an entire topic” and summaries of new releases; and
  • Exclusive up-to-date coverage of current developments such as the AICPA Clarity Project.

“With the inclusion of these new ARM links within our latest NFP title, auditors not only learn what the rules are, but how to interpret them,” said Mike Ritchie, CCH Director of Product Management, Accounting & Audit Solutions. “The feedback from our customers on the ease and effectiveness of connecting with regulatory content through the ARM links in our titles has been very positive. Adding links to our interpretive guides makes this feature even stronger – a huge benefit to customers that use both Knowledge Coach and ARM.”

Among the other new enhancements within CCH’s Knowledge Coach NFP title include:

  • A new Non-audit Services Independence Checklist designed to help auditors document considerations of auditor independence regarding the provision of non-audit/non-attest services;
  • The Audit Engagement Letter now incorporates language to cover situations when an auditor may be required by law, regulation or audit contract to provide access to audit documentation of the auditor’s understanding with a client of non-attest services. Additional language covers communicating the identity and role of the engagement partner to management and those charged with governance; and
  • A new report that specifically addresses a successor auditor’s unqualified opinion when a predecessor auditor’s report is unqualified and not presented.

The NFP title is currently available and can be accessed through electronic downloads. For more information on CCH’s ProSystem fx Knowledge Coach, please click here or contact a CCH Sales Representative at 1-800-739-9998.

About ProSystem fx Knowledge Coach
Simply put, Knowledge Coach allows auditors to focus on the investigative work of auditing. It’s not just a planning tool, a workpaper generator or an audit workflow management tool. It’s all of these things and more. From raising the bar on audit engagement management, to saving time by eliminating checklists and alleviating fears of a material misstatement going undetected – Knowledge Coach is fundamentally changing how audits are planned and performed.

The product combines the industry-specific guidance from CCH’s world class Knowledge-Based Audit (KBA) tools and content titles with a powerful and dynamic audit workflow engine that guides auditors through the entire audit – from planning to final sign-off – in a thorough, dynamic and efficient manner. Knowledge Coach also integrates fully with ProSystem fx Engagement and CCH Accounting Research Manager for robust paperless engagement workflow, streamlining the entire engagement process.

About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx Suite, CorpSystem, CCH IntelliConnect, Accounting Research Manager and the U.S. Master Tax Guide. CCH is based in Riverwoods, Ill. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

 

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