Companies Join Forces to Launch CCH® Audit Accelerator to Help Automate the Audit Process
Wolters Kluwer Tax & Accounting announced today 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.”
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency.
Wolters Kluwer Tax & Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
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 program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
Validis is an innovative FinTech with a unique data transmission and analytics software that provides fast financial transparency to global businesses across the accounting and lending industries. Current clients include Deloitte, Siemens, Ebury and Bibby Financial Services.