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How to Unlock 1500+ Audit Hours
Presented by:
Bill JenczykAudit Principal with DiCicco Gulman
Brian SietSolution Architect Manager with CCH
November 26, 2013
How to Unlock 1500+ Audit Hours
Presenter: Bill Jenczyk, CPA
Principal in the Real Estate Group at DiCicco, Gulman & Company (“DGC”) in Woburn, MA
Practice areas include audits of closely held and institutionally owned real estate entities; employee benefit plans, not for profits as well as commercial entities.
25 years in public practice.
Technology leader at DGC. Drove adoption of both Knowledge Coach and Accounting Research Manager.
About the Firm: DGC is a longtime user of Engagement – since 2001. Very focused on using the best technology available.
How to Unlock 1500+ Audit Hours
Presenter: Brian Siet, CPA
Solution Architect ManagerCCH, a Wolters Kluwer business
Bachelor of Science Degree Cum Laude in Business Administration concentration in Accounting from Northeastern University in Boston.
Worked for CBIZ Tofias for 8 years in the A&A department and Tax department.
Joined CCH in 2005 as a Engagement consultant working with small, medium and large firms.
Product specialist at CCH 2006-2008
Performed many speaking engagements at firm user groups and state societies on both A&A and tax workflow.
How to Unlock 1500+ Audit Hours
Session Objectives
During this session you’ll learn:
• Why a knowledge-based audit is better than a checklist-based one
• Best practices for creating your own efficiencies and improved audit quality
• How CCH’s Accounting & Audit solutions help make firms successful
How to Unlock 1500+ Audit Hours
Polling Question 1
Is the traditional checklist-based methodology “good enough” in truly meeting today’s risk-based audit standards? • Yes• No• Unsure
How to Unlock 1500+ Audit Hours
Audit Approach History
DGC had always been a PPC shop
• Move from paper programs and forms to MS Word versions to SMART Tools as quickly as possible
Firm was driven to be paperless to pick up efficiencies in process
• First saw early release of Knowledge Coach at CCH User Conference
Intrigued by integration with Engagement and efficiencies of approach
– Willing to wait for additional development
• When we moved to KC we also moved to ARM
How to Unlock 1500+ Audit Hours
The Suite
User of Engagement since 2001 – the “EPACE” days
Other tools:
• ProSystem fx® Knowledge Coach – implemented in August, 2010
• ProSystem fx® Practice Management – used product since before CCH acquisition
• ProSystem fx® Tax – used since firm inception
• Accounting Research Manager – adopted along with Knowledge Coach
• ProSystem fx® PDFlyer – adopted when first released
How to Unlock 1500+ Audit Hours
Engagement
Paperless
Integrated
• Excel
• Word
• Outlook
Easy to back up
Data integrity and security
How to Unlock 1500+ Audit Hours
Polling Question 2
Is there room for improvement in how you assess risk?• Yes• No• Unsure
How to Unlock 1500+ Audit Hours
Knowledge Coach Tight integration with Engagement and ARM Built from the ground up with the risk based standards in mind
• Better audits, because the auditor has to tie together the assessed risks and audit procedures
• Peer reviewer comments have been positive Rollover of prior year workpapers Changes flow through entire binder Customization Experience in second year of implementation – 10% to 15%
improvement in realization Expectations for the future – as we become more familiar with
approach and software additional improvements in realization
How to Unlock 1500+ Audit Hours
Accounting Research Manager (ARM) Access to Knowledge Based Audit guides and tools
GAAP research organized on the Codification
Searchable and drillable
Complete library of AICPA and FASB publications
Really like the 10-K search tool to get presentation and footnote samples
How to Unlock 1500+ Audit Hours
Practice Management
Electronic billing
Continuous time keeping
Anywhere capabilities with VPN/Citrix
Detail analysis of realization and utilization
Ties in with our scheduling solution
How to Unlock 1500+ Audit Hours
Tax
DGC is a longtime Tax user
For entity returns, we use grouping schedules in Engagement to aid in tax preparation for both attest and tax only engagements
Allows us to handle our complex individual and entity tax work
How to Unlock 1500+ Audit Hours
PDFlyer
Used for paperless review of financial statements and tax returns
DGC uses a three monitor approach:• Monitor 1 – current year financial statement or tax return in PDF
• Monitor 2 – prior year financial statement or tax return in PDF
• Monitor 3 – supporting workpapers from Engagement or document management solution
Paperless review is enhanced by PDFlyer• Tick marks
• Letters and numbers used for referencing
• Calculator tool to paste tapes
• Review any time, anywhere with combination of tools
How to Unlock 1500+ Audit Hours
Polling Question 3
How much more efficient would your firm be if all of your auditing software and research solutions were seamlessly integrated? • Much more efficient
• Somewhat more efficient• Efficiency would be unaffected• Unsure
How to Unlock 1500+ Audit Hours
Efficiencies Paperless approach is huge
• Integration of programs allows cross sharing of data
• Back up during each fieldwork day provides assurance data won’t be lost. DGC uses VPN and Citrix to tie in to home office.
KC approach has led to an estimated planning time savings of 10% per engagement after first year implementation
• First year investment was 8 to 12 hours per engagement
• Currently in year 2, and observation to date is that we have recovered the initial investment of time, plus we are doing a better audit
Integration of ARM, Engagement and KC allow us to quickly research issues as they arises
Paperless review is enhanced by PDFlyer
• Tick marks
• Letters and numbers used for referencing
• Calculator tool to paste tapes
• Review any time, anywhere with combination of tools CCH suite has enabled me to work anywhere/anytime, which lets me
live my life the way I want to
How to Unlock 1500+ Audit Hours
Wrap-up and Takeaways
Full integration of audit tools is an efficiency winner (Engagement/ARM/KC)
The KC audit approach does a great job of implementing the risk based standards
PDFlyer really helps our paperless financial statement review Practice lets us assess WIP and prepare billing in a quick and
efficient manner, which enhances our ability to collect Tax is a “best of breed” product
How to Unlock 1500+ Audit Hours
Polling Question 4
Please contact me to further discuss Knowledge Coach, Engagement or Accounting Research Manager and how CCH can help me meet my firm's needs. • Yes• No
How to Unlock 1500+ Audit Hours
Thank You for Attending
For additional questions or to place an order, contact your Account Manager at 800-739-9998.
For more information, visit www.CCHGroup.com/AA.
Presenter Brian Siet, CPA• Phone: 877-400-0092• Email: [email protected]
We look forward to continuing the discussion on how CCH can help meet your needs.
How to Unlock 1500+ Audit Hours