How to Unlock
1500+ Audit Hours
Presented by:
Bill Jenczyk
Audit Principal with
DiCicco Gulman
Brian Siet
Solution 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.
How to Unlock 1500+ Audit Hours
Presenter: Brian Siet, CPA
Solution Architect Manager
CCH, 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: brian.siet@wolterskluwer.com
We look forward to continuing the discussion on how
CCH can help meet your needs.
How to Unlock 1500+ Audit Hours
How to Unlock 1500+ Audit Hours