Wolters Kluwer shows how data is rewriting the future of audit
Colleen Knuff, Vice President of Audit, takes the stage at AICPA Engage Conference to show firms how to incorporate data and automation into audit practices.
NEW YORK–(BUSINESS WIRE)–#AICPA–Colleen Knuff, Vice President of Product Management for Audit at Wolters Kluwer Tax & Accounting North America, will be leading an Education Lab session at the AICPA Engage Conference in Las Vegas, Nevada. In her session “Increase Your Value as a Client Advisor,” Colleen will explain why the AICPA emphasizes Audit Data Analytics (ADA) in reporting requirements, and how ADA tools create new possibilities for auditors to add value as advisors to their clients.
Additionally, on Tuesday, June 7, Knuff will be presenting a session – “Rewriting the Book on Audit” – during which attendees will learn how audit work is trending toward data-driven audits, or cloud-enabled data integration. She will explain the technologies behind Wolters Kluwer’s evolving data-driven audit and show how data and automation can be incorporated into the audit process to reduce risk, add value, and complete audits more quickly.
“We provide diagnostics and coaching in our audit approach to guide auditors through the work they need to perform. Doing so creates a much more optimized and intelligent workflow that yields the profitable audit and satisfied client that every firm is looking for,” says Knuff. “Currently, you provide the audit opinion on financial statements, but wouldn’t clients be so much happier if you also came back to them with data visualizations to say, ‘Here’s how you compare to your peers in your industry,” or “here’s an analysis we’ve done over several years, along with where we think your business is going.”
ADA tools like Wolters Kluwer’s TeamMate Analytics provide auditors with robust analytics without needing highly specialized technical training or data science expertise, making it possible to analyze even large amounts of data efficiently and effectively. Colleen will present key concepts during her presentation on Monday during the Education Lab session.
“The biggest complaint I get from our auditors is that sample sizes are too big. But the reality is if that is what your risk assessment is producing, then you have to approach it in a different way. So there’s a lot of savings with TeamMate Analytics because it digs into those transactions that fall outside the curve or the spectrum of normal,” says Christopher O’Neal, CPA and Partner at Roedl Management Inc.
Wolters Kluwer’s suite of cloud-based audit solutions is constructed with this same emphasis on data and cloud-enabled automation. With CCH Axcess™ Engagement (currently in an early adopter phase) and CCH Axcess™ Knowledge Coach (Wolters Kluwer’s proprietary risk-based audit methodology solution) serving as the foundation, additional tools like TeamMate Analytics round out the suite for fully integrated data and data analytics throughout the audit process.
”Wolters Kluwer is innovating and investing in ideas like data-driven audit, which will help automate time consuming and highly manual tasks that are performed in almost every engagement. We are incorporating data analytics and harnessing those analytics to perform preliminary analysis on our clients, spot patterns and identify trends. That’s part of our Data-Driven Approach that we’re very, very excited about,” says Knuff.
Visit booth 927 during the 2022 AICPA Engage Conference to learn more about the award-winning portfolio of tax, accounting, and audit solutions from Wolters Kluwer.
About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.
Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.
KELLY DE CASTRO
Wolters Kluwer Tax & Accounting
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