Oct 4th 2013
Monitoring and reporting trial balance activity on multiple funds while ensuring compliance is becoming easier for audit professionals with new software enhancements for two of Wolters Kluwer, CCH's industry-leading solutions – ProSystem fx® Engagement and ProSystem fx® Knowledge Coach. Added optional support from Accounting Research Manager® (ARM), ProSystem fx® Tax and the powerful IntelliConnect® research platform provide for maximum workflow efficiency without interruptions. CCH, a part of Wolters Kluwer is a leading global provider of tax, accounting, and audit information, software and, services.
"Partnering with our customers and listening to their feedback has always been a priority in building new solution functionality that makes their jobs easier," said Cathy Wright, Product Line Manager, Accounting & Audit Solutions. "Our latest Engagement and Knowledge Coach solutions are direct results of what customers told us they needed to better execute government and nonprofit audits, as well as less complex engagements of all sizes, throughout the year."
New Engagement Solution Features
As a central hub for importing raw client data, preparing financial reports, exporting completed data to tax returns, and much more, Engagement also serves as a data nerve center for tracking, reporting, reviewing, adjusting, and archiving key client information – creating the most advanced work paper management and trial balance system available.
The newest version now offers a new type of trial balance for working with funds – providing for efficient fund setup along with fund types and subtypes. This new enhancement enables users to more easily define a broader view of all fund balances, which can be reviewed in the fund trial balance and fund trial balance reports.
Support for Easier Fund Account Reporting
Fund accounting is a system used by not-for-profit organizations and governmental entities where there are multiple funds. Each fund is a self-balancing set of accounts that are kept separate in accordance with laws, regulations, or specific restrictions and limitations that may apply.
For example, a city might have a water fund, a roads fund, a municipal waste fund, and others, all of which act as separate sets of accounts but get rolled up together for audit reporting purposes. This new level of depth makes working with consolidated accounts, government, and not-for-profits more efficient.
Other new Engagement features include:
Chart of accounts dialog. Enables users to assign accounts to groups or subgroups on the fly or determine where an account is assigned with powerful, complex filtering capabilities.
Enhanced binder synchronization. Allows users to continue working while the binder is still synchronizing in the following ways:
- Open a binder immediately after initiating a full or express synchronization to continue working while synchronizing.
- Initiate a full or express synchronization from an open binder.
- Select a work paper that is synchronizing and it will be reprioritized in the synchronization queue. When finished synchronizing, the work paper will open automatically.
One-click sign off of work papers. Provides a more streamlined method of signing off on work paper by preparers and reviewers.
Multiple technology updates. Supports today's technologies so users can work with the most up-to-date applications and tools.
Knowledge Coach Enhancements – Everyday Efficiency
Supported by Knowledge-Based Audit (KBA) methodology for streamlining the investigative work of auditing, new Knowledge Coach features for supporting everyday efficiency include:
Support for multiple audit programs. This ability provides better support of government and consolidation work.
Improved peer-to-peer synchronization. The ability to synchronize a Knowledge Coach work paper without any team member closing the binder.
Better tracking when refreshing work papers. The new enhancement ensures you keep your place as you work through Knowledge Coach work papers, even when the system is refreshing and adding content.
Added tailoring for noncomplex engagements. The 2013 Commercial Title helps streamline engagements of all sizes, especially for noncomplex entities. Since clients grow and change over time, the tailoring easily allows users to expand or compress audit procedures as needed without switching titles or losing work. Materiality and sampling forms are also now included in the information flow and roll forward capabilities of Knowledge Coach.
New Knowledge Coach functionality makes it easy to work smarter on complex as well as noncomplex engagements and all audits.
For More Information
To learn more about how the newly enhanced ProSystem fx® Engagement and ProSystem fx® Knowledge Coach and solutions can improve efficiency and productivity, please contact a CCH representative at 1-800-PFX-9998 (1-800-739-9998) or have a representative contact you with more information.