Protect Your Firm

Get the resources to address your firm’s risk with a suite of tools
 
 
When the American Institute of Certified Public Accountants (AICPA) created its latest risk-based audit standards, the intent was to ensure that auditors no longer did "cookie-cutter" audits but instead tailored each audit to address the particular risks identified in an organization. But now, three years later, auditors still struggle with compliance. CCH's streamlined, easy-to-follow Knowledge-Based Audit (KBA) methodology helps auditors implement the AICPA standards effectively and efficiently, with a host of tools delivering KBA content:
 
Software: All KBA guidance and tools are embodied in CCH’s ProSystem fx® Knowledge Tools (KT) product, which is customized for a variety of individual industries. Each KT title includes hundreds of workpapers to be used with ProSystem fx Engagement, providing almost everything you’ll need for an audit, including instructions and guidance, sample correspondence, reports and worksheets. ProSystem fx Knowledge Coach, a dynamic audit workflow engine being launched this month, adds even greater functionality, including automatic workpaper flow, robust diagnostics to monitor progress and completeness, and the ability to make changes on the fly, such as adding risks and program steps that flow seamlessly throughout workpapers. 
 
Research tools: The Accounting Research Manager® (ARM) Knowledge-Based Audit Overview provides auditors with a smooth transition in implementing AICPA standards and affords quick and efficient access to authoritative literature and analysis. Users can also research KBA content with IntelliConnect®, CCH’s award-winning research platform for tax and accounting professionals that allows users to search the entire library of CCH content and then drill down using sophisticated filters, reducing research time dramatically.
 
Publications: The CCH library also offers a host of literature to help auditors comply with AICPA standards, including the following publications: Construction Guide: Accounting and Knowledge-Based Audits; Knowledge-Based Audits of Not-for-Profit Organizations with Single Audits; and Knowledge-Based Audits of State and Local Governments with Single Audits.
 
Training and consulting: CCH’s two-day KBA methodology program dives into the risk assessment standards and explains how your firm can adapt to meet the requirements utilizing the KBA approach. Learn how the risk assessment standards will affect audits and how to use components of KBA, including the Communication Hub. Find out more about sampling and data extraction techniques, when to use them, and how they tie into the KBA programs.