Best Practices for Managing Audit & Tax Engagements

Presented by:Scott Roush, CPABrian Siet, CPA

Hosted by:AccountingWEB

Aug 27, 2013

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 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 ManagerCCH, 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: brian.siet@wolterskluwer.com

We look forward to continuing the discussion on how CCH can help meet your needs.