How to Unlock Audit Hours Presented by: Bill Jenczyk Audit Principal with DiCicco Gulman Brian Siet Solution Architect Manager with CCH November 26, 2013

How to Unlock Audit Hours 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 Very focused on using the best technology available.

How to Unlock 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. CBIZ Tofias  Joined CCH in 2005 as a 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.

How to Unlock 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 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 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 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 Audit Hours Engagement  Paperless  Integrated Excel Word Outlook  Easy to back up  Data integrity and security

How to Unlock Audit Hours Polling Question 2  Is there room for improvement in how you assess risk? Yes No Unsure

How to Unlock 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 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 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 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 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 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 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 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 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 Audit Hours 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.

How to Unlock Audit Hours