Companies Join Forces to Launch CCH® Audit Accelerator to Help Automate the Audit Process
Wolters Kluwer Tax & Accounting announced on April 10, 2017 that it has signed an exclusive and strategic license with Validis Holdings Limited, a UK and US-based company known for its data extraction and analytics software used in the accounting and lending industries. The agreement will expand and complement Wolters Kluwer’s existing audit product portfolio with the launch of CCH® Audit Accelerator.
Validis for Accountants truncates the labor intensive, resource-draining data compilation and preparation process required before an audit can begin by extracting data directly from the client’s source accounting package. Using Wolters Kluwer’s CCH ProSystem fx Engagement’s import capabilities, customers are able to quickly import required reports that were automatically created by the client data captured by Validis for Accountants. With CCH® Audit Accelerator, auditors can save a significant amount of time on their audit by automating the data capture and automatic creation of the reports, and at the same time enhancing the client relationship and making it easier to review an engagement.
“Customers tell us that auditors spend anywhere from 20 - 48 hours gathering the data required for an audit, which often impacts their ability to keep all the engagements on schedule during busy season,” said Heffy Provost, EVP and General Manager of Wolters Kluwer Tax & Accounting North America, Mid/Large Segment. “The strategic alliance between Wolters Kluwer and Validis will help accelerate audit preparation so that customers can better focus on the audit itself, stay on track during busy season, keep staff engaged and enhance their client relationships – all of which are critical to continued success and higher quality audits.”
CCH® Audit Accelerator will be part of Wolters Kluwer’s Integrated Audit Approach, which focuses the audit process on auditor judgment, facilitating their ability to make informed decisions rather than using a tool that makes decisions for them. A unique approach that combines the dynamic content-driven tools of CCH® ProSystem fx® Knowledge Coach, the efficiency of CCH® ProSystem fx® Engagement and the comprehensive content of CCH® Accounting Research Manager®, the Integrated Audit Approach focuses on the areas of greatest risk to ensure the highest quality audit without over-auditing.
Max Pell, CEO of Validis, said: “We are tremendously excited about our new strategic partnership with Wolters Kluwer. We believe that by working together, we will transform the way in which audits are conducted today — removing the transactional non-value added work to allow auditors to focus on providing a higher level of insight and advice to their clients.”