how to unlock 1500+ audit hours presented by: bill jenczyk audit principal with dicicco gulman brian...

How to Unlock 1500+ Audit Hours

Presented by:

Bill JenczykAudit Principal with DiCicco Gulman

Brian SietSolution Architect Manager with CCH

November 26, 2013


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.


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.


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


Polling Question 1

Is the traditional checklist-based methodology “good enough” in truly meeting today’s risk-based audit standards? • Yes• No• Unsure


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


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


Engagement

Paperless

Integrated

• Excel

• Word

• Outlook

Easy to back up

Data integrity and security


Polling Question 2

Is there room for improvement in how you assess risk?• Yes• No• Unsure


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


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


Practice Management

Electronic billing

Continuous time keeping

Anywhere capabilities with VPN/Citrix

Detail analysis of realization and utilization

Ties in with our scheduling solution


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


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


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


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


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


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


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 presented by: bill jenczyk audit principal with dicicco gulman brian...

Documents

audit hours presenter

knowledgebased audit

audit hours polling

audit hours session

improved audit quality

arm slide

unsure slide

bill jenczyk audit principal