Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/36891
CCH, a Wolters Kluwer business — ProSystem fx Engagement 2011 OVERALL RATING BEST FIRM FIT Firms that are trying to maximize overall engagement effi ciency with integration with other CCH and third-party applications. STRENGTHS • Most intuitive user interface of products reviewed • Integration with other CCH & third-party fi rm management & workfl ow applications • Web hosting available through third-party partnership • Integration with CCH practice aids & reference materials 800-739-9998 POTENTIAL LIMITATIONS • Users of PPC Practice Aids will have to manually update check- lists stored in ProSystem fx Engagement. SUMMARY & PRICING ProSystem fx Engagement is a full-featured product that off ers some robust workfl ow/integration tools. For fi rms who are interested in integrating their engagement application with other CCH products, this product should definitely be investigated. This application has particularly strong integration with the CCH Knowledge Based Audits practice aids and ProSystem fx Knowledge Coach, and fi rms using these tools will fi nd that the integration with these tools is excellent. Initial purchase of ProSystem fx Engage- ment and Trial Balance for a single user is $1,520; additional licenses cost $640 each. ✔ On-Premises ■ SaaS ■ PRODUCT DELIVERY METHODS: ■ ✔ Hosted by Vendor BASIC SYSTEM FUNCTIONS ENGAGEMENT MANAGEMENT WORKFLOW & COLLABORATION INTEGRATION/IMPORT/EXPORT HELP/SUPPORT Read the full review of this product exclusively online at www.CPAPracticeAdvisor.com/10290918 CCHGroup.com IDEA includes features similar to an audit trail, with tools that automatically track and record the nature of changes made within a database, from transactional information to user IDs. T e system allows data to be imported and exported into all common business formats, enabling it to be used with most ERP and accounting systems. It off ers free-form search that can look across millions of records in seconds, and then allows comparison and consolida- tion of data from fi les from various sources to help fi nd anomalies, and eliminate gaps and duplicates. T e system’s reporting features provide deep data analysis, continuous auditing, travel and expense auditing, systematic soſt ware selection tools, and a proposal ranking matrix. It includes pre-built tests and reports for business fi nancials, including GL, AR, AP, inventory and fi xed assets, as well as functions for managing SAS 99 requirements. The system’s features are available in a toolbar ribbon that integrates into the Excel interface, and includes functions for format ing by number, date or currency, as well as for manipulating text, merging, inserting borders, adding ticks or crosses, and various sampling options. Data analysis capabilities include the ability to easily join and append sheets, re-age listings, produce quick and advanced summaries, perform ledger splits, identify gaps and duplicates, and process analytical reviews. TopCAATs has dozens of pre-built tools, guides and reports, including testing of all data, as opposed to sampling. Tests that can be performed within the system include Benford’s testing, Gap/Duplicate detection and Monetary Unit testing. T ese tools and the program’s additional features can be customized to the workfl ow processes of audit teams and fi rms, thereby helping to standardize audit engagements. ReInvent Data www.topcaats.com T e TopCAATs system from ReInvent Data is an Excel add-on that includes more than 130 audit and accounting focused tools and features that help streamline and automate processes and testing functions. Thomson Reuters — PPC SMART Audit Suite PPC.ThomsonReuters.com T e PPC brand has long been a familiar name to auditors, with a suite of products and associated guides and tools for A&A; engagements. In addition to integration with the various PPC tools for Checkpoint, practice management, workpapers, interactive disclo- sure libraries and an engagement let er generator, the PPC SMART Practice Aids modules include the Guide to Audit Risk Assessment, Internal Control, Disclosure, Field Work and Single Audit. T e Field Work utility is the newest addition to the suite, giving users the ability to plan and execute an entire audit, with greater control over processes, efficiency and workflow. This tool brings PPC’s SMART “decision support” capabilities to all audit functions, enabling data sharing between all of the practice aids, the ability to add integrated and linked workpaper references to any document, a Navigator feature that guides staff through engagement pro- cesses, and an Engagement Dashboard that gives an overview of the entire audit and for each area of the audit. T e other tools in the SMART Audit Suite include Risk Assessment, which helps audit management identify risks and complete planning forms, while providing a suggested audit program; the Internal Control system guides users through the steps required for evaluating internal control over fi nancial reporting; the Disclosure and IFRS Disclosure Modules, which offer structure and guidance for preparing disclosure checklists and reporting; and the Single Audit system, a tool that automates complex and highly scrutinized single audit engagements. 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