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CCH Accounting Research Manager Adds Knowledge-Based Audits of Governmental Entities

(RIVERWOODS, ILL., February 14, 2008) – Now, there’s even more in-depth help with audits of state and local governmental organizations available from CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services (CCHGroup.com). Knowledge-Based Audits of Governmental Entities is a comprehensive module in the CCH Accounting Research Manager® (ARM) that helps professionals comply with risk assessment standards.

“To properly assess risk, auditors must know the specific characteristics of the entities they’re examining,” said Cynthia Kaplan, CCH product manager. “Our Knowledge-Based Audit (KBA) methodology helps the auditor efficiently and effectively perform financial statement audits of state and local governments in accordance with GAAS and GAGAS.”

Special Standards, Requirements

Audits performed on financial statements of state and local governments are unique in that the audits may have as many as three sets of applicable audit standards or requirements. These include:

• Generally Accepted Auditing Standards (GAAS);
• Government Auditing Standards – July 2007 Revision (GAGAS); and
• The Single Audit Act of 1996, as amended and OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations (Single Audit or A-133).

The circumstances surrounding the applicability of the different sets of standards and requirements vary and involve a number of issues, including legal, regulatory or contractual requirements, and the amount of federal awards expended by the nonfederal entity in the audit period. Knowledge-Based Audits of Governmental Entities provides an analysis of the applicability of GAAS, GAGAS and the Single Audit to an audit of a state or local government or non-profit organization’s financial statements and federal awards. GAAS, GAGAS and the Single Audit requirements have an overlapping relationship.

Knowledge-Based Audits of Governmental Entities contains over 175 practice aids and a descriptive overview.

Availability and Price

For a free trial or additional information on the Accounting Research Manager module, Knowledge-Based Audits of Governmental Entities, visit accountingresearchmanager.com. A subscription to Knowledge-Based Audits of Governmental Entities is $249 and is available only to those subscribing to other Accounting Research Manager audit libraries. Current subscribers can add on this valuable tool to their Audit Public, Standard, Audit Private, Accounting Only, Audit Only or the Academic subscriptions.

For professionals who seek more interactive audit content, CCH offers the same Knowledge-Based Audit titles in the ProSystem fx Knowledge Tools library. Each ProSystem fx Knowledge Tools title is available as an add-on to ProSystem fx Engagement, the leading paperless workpaper management and trial balance solution in the accounting industry. The latest ProSystem fx Knowledge Tools title – Knowledge-Based Audits of Government Entities, is now available for use within ProSystem fx Engagement. For more information, visit CCHGroup.com.

This title joins the CCH portfolio of other industry-specific titles – Knowledge-Based Audits of Health Care Entities and Knowledge-Based Audits of Construction Companies.

About Accounting Research Manager

Developed by a major international accounting firm, Accounting Research Manager (ARM) is the comprehensive and insightful database of expert-written interpretations of accounting, auditing, internal controls, government and SEC information. It also includes authoritative and proposed literature from the FASB, AICPA, SEC, EITF, IASB, PCAOB, COSO, IIA, GASB, GAO and OMB. Updated daily, it is the current, complete and objective resource for professionals’ financial reporting needs. A free 14-day trial is available.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax and accounting law 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, CorpSystem™, 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, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 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 Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.

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