Take advantage of a more efficient audit process that combines the latest advances in technology and audit methodology. With ProSystem fx Knowledge Tools, you can:
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Leverage your investment in ProSystem fx Engagement, the industry leading paperless workflow solution, with integrated audit programs, checklists, and workpapers. -
Support effectiveness with the Knowledge-Based Audit, a comprehensive audit methodology created by a team of experts.
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Ensure your entire team has an in-depth understanding of your audit
client by streamlining the flow of information through the centralized
Communications Hub.
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Access context-sensitive interpretive guidance quickly and easily within
Microsoft® Office.
Knowledge-Based Audit Enhances Information Flow
The KBA methodology is a structured framework for applying complex auditing standards. The results of one set of procedures become input for another. These linkages provide evidence you might use to modify the nature, timing, or extent of other planned audit procedures.
By following the KBA methodology, you gain a deeper understanding of your clients. With all of the information at your fingertips, you’ll be able to make informed risk assessments using your own professional judgment and expertise.
Using the KBA methodology, Knowledge Tools:
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Supports the flow of information among the engagement team
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Enables linkages and tailored procedures with flexible, easy-to-use tools
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Ensures consistency and standardization across all published documents
Communications Hub Facilitates Iterative Audit Approach
The Knowledge-Based Audit methodology utilizes a set of integrated procedures, from pre-engagement through evaluating, concluding and reporting. The results from each audit stage feed into the Communication Hub, which enables audit team members to easily view summaries of the significant matters, risks and findings discovered in the audit. This design ensures that important information is not overlooked or hidden in the details of numerous checklists and forms.
Documents and Practice Aids
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KBA documents contain steps and procedures that are required by Generally Accepted Auditing Standards (GAAS).
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Audit Program documents guide you through related steps and procedures.
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Practice Aids help you complete steps or processes outlined in other documents.
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Correspondence document templates include engagement letters and confirmation requests.
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Auditor’s Reports documents are templates for a variety of sample auditor’s opinions on audited financial statements.
Interpretive Guidance
Integrated into each component of Knowledge Tools is a new Task Pane full of features to help you work more efficiently.
ProSystem fx Knowledge Tools integrate fully with ProSystem fx Engagement for robust paperless engagement workflow, streamlining your entire engagement process. With ProSystem fx Engagement, you can:
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Save engagement-related e-mails using new Microsoft® Outlook integration.
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Incorporate your Word® and Excel® workpapers and financial statements into electronic binders and automate them with links to client, engagement, and trial balance data.
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Take advantage of the only trial balance system built from the ground up on Microsoft® Word and Excel, allowing you to paste or insert links using ranges of cells, rather than inserting each cell individually into the link formula.
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Import data from popular trial balance packages such as ProSystem fx Trial Balance, GoSystem Audit, and ATB; automatically update every time you post a journal entry; export to popular tax packages such as ProSystem fx Tax, GoSystem Tax, and Lacerte; and efficiently post transactional entries. -
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