The ProSystem fx Knowledge Coach audit solution has been granted a U.S. patent for its knowledge-based system, rule-based content, contextual guidance and functionality, Wolters Kluwer CCH has announced.
The patent relates to Knowledge Coach’s software technology and its ability to generate dynamic workpapers that are driven by user-supplied data. Knowledge Coach is the first audit software and technology platform to deliver this intelligent solution to auditors and is unique in the industry.
When Knowledge Coach launched in 2009, it created significant change throughout the audit industry – providing a better way to comply with risk-based auditing standards through a structured, integrated and innovative dynamic software solution. It enables auditors to work from constantly refreshed electronic audit documentation while providing updated information in a dynamic software environment that leverages Wolters Kluwer, CCH’s Knowledge-Based Audit (KBA) methodology – improving upon the old checklist method of auditing.
“Knowledge Coach was built by auditors for auditors and it’s an honor to now have exclusive recognition with a patent for its software technology – a rare distinction in our profession,” said Teresa Mackintosh, President & CEO of Wolters Kluwer, CCH. “Its state-of-the-art functionality and advanced workflow make Knowledge Coach stand alone among auditing solutions. It’s also extremely rewarding to hear feedback from our customers on how Knowledge Coach has transformed their audit practices.”
Firm leaders say the system has helped them be more efficient.
“With Knowledge Coach, whether you’re large or small, it’s all about increasing audit efficiency,” said Jim Bourke, Partner and Chief Information Officer at accounting firm WithumSmith+Brown, PC. “The product evolves over time and is in tune with how standards change over time. Today we are well-positioned for the future, largely as a result of the technology solutions we are using — especially Knowledge Coach."
Knowledge Coach is an award-winning and peer-reviewed solution that’s an audit planning, risk assessment and audit documentation tool all rolled into one. Tailored audit information flows from planning through completion, coaching auditors through the process while still allowing for professional judgment. The explicit linkage of risks to program steps helps auditors follow a risk-based audit approach in an efficient and effective manner. Additionally, Knowledge Coach diagnostics help identify potential errors, inefficiencies and missing information to help streamline the review process.
With convenient integration to Wolters Kluwer, CCH’s ProSystem fx® Engagement, Knowledge Coach provides a superior audit management solution that’s supported by KBA methodology – ideal for improving the quality of audit plans, streamlining audit fieldwork and for boosting productivity compared to non-integrated solutions.
And when Knowledge Coach is combined with optional, direct linkage to Accounting Research Manager (ARM), users benefit from premier research content, information and analysis in one place.