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Enhancing Productivity in CPA Firms: Essential Tools and Technology

This chapter delves into critical productivity tools utilized by CPA firms to streamline their operations. It covers various essential software, including e-workpapers, groupware, and time and billing systems. Firms often use common applications like Microsoft Office or specialized tools such as CaseWare and CCH ProSystem. Key features are emphasized, such as client data import, working paper generation, and risk analysis. Additionally, the chapter discusses document management systems, reference libraries, and computer-assisted audit techniques to enhance efficiency and accuracy in audit processes.

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Enhancing Productivity in CPA Firms: Essential Tools and Technology

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Presentation Transcript

  1. ACG 5458 Chapter 8

  2. Productivity Tools • Include: • E-workpapers • Groupware • Time and billing software • Reference libraries • Document management

  3. Electronic Working Papers • Many smaller CPA firms use Microsoft Word, Excel, Access and Outlook Express • Others use specialty-type software • CaseWare Working Papers • CCH ProSystem fx • D&T Intacct Audit • PWC TeamMate • Big 4 have proprietary software

  4. Electronic Working Papers Key Features • Import client’s raw data • Generate working papers and references • Export information to other formats • Drill down • Enter AJEs • Break down accounts into subcomponents • Create consolidated financial statements • Map from lead to detailed schedules • Populate report templates and risk assessments • Calculate predefined ratio and performance measures • Compare versions of documents and highlight • Generate risk analysis and business cycle analysis

  5. Groupware • Facilitate sharing of information – Calendar, scheduling, and file sharing • Lotus Notes • Novell GroupWise • MS Exchange

  6. Time & Billing Record and manage time and billing • Timeslips • Prosystem fx Practice

  7. Reference Libraries Authoritative literature Company-specific policies and procedures

  8. Document Management Document storage and retrieval systems CSI FileCabinet Intuit Workspace Pro

  9. Generalized Audit Software Tools • Include: • ACL and Idea • Audit expert systems • Utility and statistical software

  10. ACL • Widely used for data extraction and analysis • Allows for virtual 100% testing of client data

  11. Audit Expert Systems • Audit planning, risk assessments, materiality, and controls evaluation • If/then rules • Returns answer based on inputs • Advantages • Unbiased, captures expertise, always available • Disadvantages • Difficult to develop

  12. Computer Assisted Audit Techniques • Testing client’s controls (Assess control risk) • Test data (or test decks) • Parallel simulation • Integrated test facility • Testing client’s data (Substantive testing) • Data extraction and analysis (e.g., ACL) • Fraud detection (e.g., ACL) • Continuous auditing techniques

  13. CAATs to Detect Fraud • Digital analysis • Benford’s Law for a series of naturally occurring numbers • Deals with expected frequency of first digits • Exponential distribution • Requires large sample size

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