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Best Practices for Managing Audit & Tax Engagements Presented by: Scott Roush, CPA Brian Siet, CPA Hosted by: AccountingWEB Aug 27, 2013.

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Presentation on theme: "Best Practices for Managing Audit & Tax Engagements Presented by: Scott Roush, CPA Brian Siet, CPA Hosted by: AccountingWEB Aug 27, 2013."— Presentation transcript:

1 Best Practices for Managing Audit & Tax Engagements Presented by: Scott Roush, CPA Brian Siet, CPA Hosted by: AccountingWEB Aug 27, 2013

2 Best Practices for Managing Audit & Tax Engagements Presenter: Scott Roush, CPA  Scott is a Principal in the Boardman, Ohio office of Hill, Barth & King LLC (HbK) and has been with the firm since He began his career in public accounting in  Scott has served clients extensively in the areas of accounting, auditing and financial reporting. Over his career he has also consulted a variety of clients with mergers/acquisitions, public/private debt and equity offerings, restructuring improvement initiatives and numerous other technical accounting matters.  Scott serves on the HbK Assurance Practice Committee and is one of HbK’s Quality Control Principals, providing secondary review services as well as research and counsel on complex accounting issues.

3 Best Practices for Managing Audit & Tax Engagements 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. CBIZ Tofias  Joined CCH in 2005 as a ProSystem Engagement consultant working with small, medium and large firms.  Product specialist at CCH  Performed many speaking engagements at firm user groups and state societies on both A&A and tax workflow.

4 Best Practices for Managing Audit & Tax Engagements Objectives  Tips & tricks to easier engagement management  Integration that produces ROI and improved client service  How to effortlessly overcome common pain points with the help of ProSystem fx Engagement

5 Best Practices for Managing Audit & Tax Engagements About Hill, Barth & King LLC  Founded in 1949  Headquartered in Boardman, Ohio  11 offices in Florida, Ohio & Pennsylvania  Approximately 250 employees

6 Best Practices for Managing Audit & Tax Engagements Polling Question 1  When it comes to implementing new product and processes, what do you think puts the most strain on your firm? Getting buy-in from all firm partners Initial setup and implementation time Other/Don’t know

7 Best Practices for Managing Audit & Tax Engagements Pain Points - General  Resistance to functionality / usage  General lack of communication / idea sharing  Poor binder management Not user/preparer friendly Not reviewer friendly Not conducive to roll-forward benefits  Unintended / Inconsistent Usage

8 Best Practices for Managing Audit & Tax Engagements Tip: Firm Policy/Practices Documentation  Policies Document (Best Practices Document) Needs documented Periodic updates User focus/friendly Integration w/ professional standards requirements  Tips/tricks quick reference card Avoids/addresses the information overload in a policies document Easy how-to guide ROI  Less resistance  Staff compliance with policies  Efficiencies

9 Best Practices for Managing Audit & Tax Engagements Polling Question 2  What is most important to you when evaluating new software? Ease of use Integration with other software Onboarding time Improving the end product The potential to re-design and have “one firm way” of doing things

10 Best Practices for Managing Audit & Tax Engagements Tip: Engagement Software Lead Team / Task Force  Consists of cross section of users – primarily practice people  Meet on a periodic basis – important  Make team known to staff  Focus Software management Oversee software training Set firm practice options Police Usage Act as office/function champions ROI  Better communications  Compliance  Efficiencies

11 Best Practices for Managing Audit & Tax Engagements Tips: Engagement Training  Core training Sample client binder Focus for user friendly binder and binder management / setup Investment mentality  Specialized training Level – (i.e.. Reviewer) Function Issues training ROI  Better practices  Compliance  Efficiencies – today and tomorrow

12 Best Practices for Managing Audit & Tax Engagements Tip: Communications  Communicate smart, concise, important matters  Don’t overload  Include tips in Firm publishing  Organize the database library for easy use  Have champions report to offices/functions  Report to Partner Group/Management Group ROI  Less resistance  Staff compliance with policies  Idea Sharing / Better Communications  Efficiencies

13 Best Practices for Managing Audit & Tax Engagements Tips: Template Management  Binder templates  Workpaper templates  Roll-forward properties ROI  Staff compliance with policies  Efficiencies – today and tomorrow

14 Best Practices for Managing Audit & Tax Engagements Tip: Database/Resource Library  Internal Portal Database Contains firm policies / best practices Common error message resolution / troubleshooting How-To Videos Minutes of engagement team meetings  Practice Side vs. IT Side? ROI  Staff compliance with policies  Efficiencies

15 Best Practices for Managing Audit & Tax Engagements Tip: Binder Management  Access Staff assignments Special groups (i.e.. QC)  Accessibility  Rights/assignment management  Function – tax linking, etc. ROI  Efficiencies

16 Best Practices for Managing Audit & Tax Engagements Polling Question 3  If a client or perspective client asked, “Is your firm paperless?” how would you respond? We are 100% paperless. Our risk management provider has suggested maintaining certain files in “hard copy” format, but other than that, we are paperless. We’d really describe ourselves as using “less paper” than we used to. We’re paperless, but print certain files for reviewers and recycle them. All of our engagements are on paper.

17 Best Practices for Managing Audit & Tax Engagements Tip: User Staff Management  Binder staff rights  Admin Rights  Need for periodic reviews  Police practices ROI  Staff compliance with policies  Protects firm  Enhances users  Efficiencies

18 Best Practices for Managing Audit & Tax Engagements

19 Thank You for Attending  For additional questions or to place an order, contact your Account Manager at  For more information, visit  Presenter Brian Siet, CPA Phone: We look forward to continuing the discussion on how CCH can help meet your needs.


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