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: [email protected]
We look forward to continuing the discussion on how CCH can help meet your needs.