(RIVERWOODS, ILL., November 30, 2011) – Now there’s a new solution for compiling fast, accurate audits of homeowners associations, cooperatives, time share properties and other real estate-based organizations. The all-new, CCH ProSystem fx Knowledge Coach – Knowledge-BasedTM Audits, Compilations, and Reviews of Common-Interest Realty Associations (CIRAs) – is designed to help the practitioner efficiently and effectively perform financial statement audits, compilations and reviews of CIRAs in full compliance with U.S. standards. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
“Navigating the complexities of CIRA audits calls for a specialized solution to ensure accuracy and identify risks,” said Mike Ritchie, CCH Director of Accounting and Audit Product Management. “With the Knowledge-Based Audit functionality of Knowledge Coach, practitioners can tailor their CIRA documentation to fit each particular engagement and each particular client’s needs.”
The new ProSystem fx Knowledge Coach CIRA title features:
- 2011 CIRA Knowledge-Based Audits (available now); and
- 2011 CIRA Knowledge-Based Compilations and Reviews (C&R available December 2011).
Advantage of Knowledge-Based Methodology
Knowledge-Based Methodology allows the results of one set of procedures to become the input for the next. Key components of the Knowledge-Based Methodology for CIRA engagements include:
- An overview that guides practitioners through the methodology;
- Customizable engagement programs that take practitioners through related steps and procedures;
- Practice aids to help practitioners complete steps or processes outlined in the overall engagement programs;
- Reports that provide a variety of sample auditor’s opinions on audited financial statements and sample practitioner’s reports on compiled or reviewed financial statements;
- Correspondence documents that provide sample engagement and representation letters to be used to comply with professional standards and in many other common situations; and
- Audit, compilation, and review (C&R) documents – integral to the overall engagement processes that contain steps and procedures required by professional standards.
Knowledge Coach Power, Flexibility
Knowledge Coach is a comprehensive, dynamic audit workflow solution that helps firms manage an engagement from planning through completion. While Knowledge Coach provides all the risk assessment and workflow features audit firms require, firms can also take advantage of powerful features on their C&R jobs, including:
- Dynamic, real time diagnostics;
- Extensive library of workpapers and tools;
- Integrated and efficient information flow between workpapers; and
- Drill downs, guidance and tips built into the programs.
Knowledge Coach: Award-winning Solution
In June, Knowledge Coach was honored with one of the tax and accounting profession’s most prestigious awards. The solution earned the 2011 Tax & Accounting Technology Innovation Award, sponsored by The CPA Practice Advisor. The annual awards recognize innovative developments in technologies that benefit the tax and accounting profession, as well as significant advancements in existing technologies.