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CCH Expands Functionality of Audit Technology Tools: ProSystem fx Knowledge Coach Now Supports Public Company Audits

(ORLANDO, FLA., November 9, 2010) – After hearing all the positive customer feedback following the Single Audit engagement product enhancement to CCH’s ProSystem fx® Knowledge Coach back in August, another new enhancement has been introduced to benefit an entirely new customer base. The new PCAOB (Public Company Accounting Oversight Board) Knowledge Coach title now supports the audits of public entities. CCH, a Wolters Kluwer business, is a global leading provider of tax, accounting and audit information, software and services (CCHGroup.com).

The new product title, Knowledge-Based Audits of Public Entities: A Guide to PCAOB Standards and SEC Rules, has been assisting auditors since it was released this fall. It was highly requested by CCH customers and opens the door to a new market of public company auditors who want the enhanced benefit of Knowledge Coach’s efficiency, power and Knowledge-Based Audit (KBA) methodology.

High Praise from Knowledge Coach Customers

“Transitioning to Knowledge Coach is worth it,” said Barry Wechsler, Audit Partner at Buchbinder, Tunick & Co. LLP in New York City and Rockville, Md. “Interactivity that advises when additional documentation is necessary, and automatic linkage of audit risks, provide a far superior audit binder. Other solutions won’t do that.”

“The seamless workflow and integration to Engagement that Knowledge Coach provides is ultimately what pushed us to buy,” states Bill Jenczyk, Audit Principal at DiCicco, Gulman & Co, in Woburn, Mass. “We are certain that the efficiencies we will gain by using Knowledge Coach will be well worth the investment.”

Single Audit Title Efficiencies

Ever since Knowledge Coach was named the “2010 Top New Product” in the audit software category by Accounting Today , it continues driving auditing accuracy and efficiency to a higher level of performance. In addition to new public company audit functionality, the Single Audit engagement feature allows for the addition of Single Audit workpapers to a binder along with workpapers from another Knowledge Coach title, or as a single title in a binder. The Knowledge Coach risk pane will display both single audit and financial statement audit risk summaries.

The Single Audit Title now supports four different kinds of risks while working in the same binder with other titles:

• Financial Statement Risks and Specific Risks which can later be linked to audit procedures in accordance with the risk assessment standards.
• Major Program-level Risks and Compliance Requirement-level Risks may also be added in the new Single Audit Title.

“Knowledge Coach is seriously changing how auditors will do their jobs moving forward,” said CCH Accounting & Audit Solutions Product Management Director Mike Ritchie. “It is revolutionary in what it can do in streamlining the risk-based audit process. Nothing else has its ability to literally coach an auditor through the audit process with probing questions and diagnostics.”

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.

For More Information

For more information on ProSystem fx Knowledge Coach, click here to download Improving Audit Efficiency and Accuracy, a CCH White Paper; visit CCHGroup.com/knowledgecoach; or contact a CCH Sales Representative at 1-800-739-9998.

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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