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Accounting

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

New Content Links Save Time, Boost Efficiency

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.