Transcript the presentation slides here
Best Practices for Managing Audit & Tax Engagements Presented by:
Scott Roush, CPA Brian Siet, CPA
Hosted by:
AccountingWEB Aug 27, 2013
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 2005. He began his career in public accounting in 1990.
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.
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.
Joined CCH in 2005 as a ProSystem Engagement consultant working with small, medium and large firms.
Product specialist at CCH 2006-2008 Performed many speaking engagements at firm user groups and state societies on both A&A and tax workflow. 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 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 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 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 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 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 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 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 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 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 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 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 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.
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 Best Practices for Managing Audit & Tax Engagements
Best Practices for Managing Audit & Tax Engagements
Thank You for Attending
For additional questions or to place an order, contact your Account Manager at 800-739-9998.
For more information, visit www.CCHGroup.com/AA .
Presenter Brian Siet, CPA • • Phone: 877-400-0092 Email: [email protected]
We look forward to continuing the discussion on how CCH can help meet your needs.
Best Practices for Managing Audit & Tax Engagements