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CCH Announces ProSystem fx Knowledge Tools for Knowledge-based Audits

(RIVERWOODS, ILL., April 26, 2007) – Accountants implementing the AICPA’s new Risk Assessment Standards can get the new tools they need from CCH, a Wolters Kluwer business, a leading supplier of tax, audit and accounting information, software and services. ProSystem fx Knowledge Tools from CCH provides a streamlined, easy-to-follow audit methodology for implementing these new standards effectively and efficiently and makes the most of technology to support the new audit process (CCHGroup.com).

Knowledge Tools is the result of a collaboration between audit experts at CCH and AuditWatch to develop a more effective audit process that combines the latest advances in technology and audit methodology. This new, Knowledge-Based Audit (KBA) methodology was developed from the ground up for a smooth, successful transition to the new standards.

Available as an integrated module for ProSystem fx, Knowledge Tools provides the technological foundation to help professionals comply with the new standards.

Structured Framework

“The KBA methodology is a structured framework for applying complex auditing standards. The results of one set of procedures become input for another. We’ve designed Knowledge Tools to facilitate and document that process,” said Brian Steinert, CCH product manager. CCH will offer training in the new methodology, as well as training on the Knowledge Tools software.

By following the KBA methodology, firms gain a deeper understanding of their clients. With all of the information at their fingertips, they are able to make informed risk assessments using their own professional judgment and expertise.

The KBA methodology utilizes a set of integrated procedures, from pre-engagement all the way through evaluating, concluding and reporting. The results from each audit stage feed into a Communication Hub, which enables audit team members to easily view summaries of the significant matters, risks and findings discovered in the audit. This design ensures that important information is not overlooked or hidden in the details of numerous checklists and forms.

Documents and Practice Aids

KBA documents contain steps and procedures required by Generally Accepted Auditing Standards (GAAS). These include audit program documents that guide professionals through related steps and procedures, practice aids that help them complete steps or processes outlined in other documents, correspondence document templates that include engagement letters and confirmation requests and auditor’s report documents that provide templates for a variety of sample auditor’s opinions on audited financial statements. In addition, users of Knowledge Tools have access to:

  • Practice Points – Additional information helpful in completing the associated section of the audit program, checklist, or workpaper;
  • Audit Alerts – Information such as upcoming changes to audit pronouncements;
  • Examples – Example workpapers and explanations regarding how a section could be completed;
  • Optional Workpapers – Workpapers that can be brought in to complete the documentation for a specific step; and
  • References – Links to books, such as industry guides, and original pronouncements.

Added Power with ProSystem fx Engagement, Accounting Research Manager

Knowledge Tools becomes even more powerful when used in conjunction with ProSystem fx Engagement and the CCH Accounting Research Manager.

ProSystem fx® Engagement (CCHGroup.com/engagement) promotes maximum efficiency by moving toward a true paperless office.  Users can instantly access workpapers from any location, eliminating the hassles associated with paper binders. Automated features such as customized binder templates, a Finalize Binder Wizard and the ability to roll an engagement forward with a single mouse click save hours of time. Users can manage binder and workpaper completion dates to ensure compliance with 45- or 60-day requirements while securely managing documents during all stages of an engagement, ultimately locking documents after final review.

CCH Accounting Research Manager (CCHGroup.com/ARM) provides one-stop access to objective and analytical accounting, SEC, auditing and governmental information, as well as primary source data from accounting standards boards and regulators. Updated daily, it provides a current, complete and objective resource for financial reporting needs. It provides links to FASB, AICPA, SEC, EITF, IASB, PCAOB, GASB, GAO and OMB authoritative and proposal-stage literature, plus insightful guidance from financial reporting experts. Accounting Research Manager saves time by eliminating the need to review multiple sources when preparing financial reports and keeps subscribers current with an e-mail newsletter highlighting the key developments of the week.

For More Information

For more information on ProSystem fx Knowledge Tools, visit CCHGroup.com/knowledgetools or call 800-CCH-REPS (800-739-9998).

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory, and education sectors. Wolters Kluwer has annual revenues (2006) of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.

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