CCH Axcess™ Validate expert solution from Wolters Kluwer named among Accounting Today’s 2022 Top New Products

Rhea-AI Summary

Wolters Kluwer Tax & Accounting has launched its cloud-based solution, CCH Axcess™ Validate, recognized by Accounting Today as a top new product in the Audit tools category for 2022. This blockchain-enabled tool simplifies and accelerates banking confirmations for auditors, reducing the time for the authorization process to under 5 minutes. It enables detailed transactional data retrieval directly from financial institutions, enhancing audit transparency and efficiency. Wolters Kluwer reported €4.8 billion in 2021 revenues, serving customers globally.

Positive

• CCH Axcess™ Validate recognized as a top new product by Accounting Today.
• The solution reduces banking confirmation process time to under 5 minutes.
• Utilizes blockchain technology for enhanced audit efficiency.
• Enables auditors to obtain detailed transactional data from financial institutions.

Negative

• None.

Innovative cloud-based expert solution leverages blockchain technology to help CPA firm auditors fast-track banking confirmations

NEW YORK,--(BUSINESS WIRE)-- Wolters Kluwer Tax & Accounting announced today that its cloud-based CCH Axcess™ Validate expert solution was recognized by Accounting Today in the Audit tools category of the 2022 Top New Products special report. Its blockchain-enabled workflow provides firms with the simplicity, speed, and trust that auditors require in today’s environment, enabling the authorization part of the audit process to be reduced to a few clicks and completed in just 5 minutes or less.

“We are delighted that CCH Axcess™ Validate was recognized among 2022 Top New Products by Accounting Today,” said Colleen Knuff, Vice President of Audit Product Management at Wolters Kluwer Tax and Accounting North America. “This patent-pending solution enables the auditor to obtain detailed transactional data directly from financial institutions, further enabling matching of transactions to the client records for verification. It also allows the auditor to share the audit results with third parties, like peer reviewers and inspectors or other auditors that are engaged with the audited business.”

“The expert solution fast-tracks bank confirmations in three easy steps using blockchain technology, which not only accelerates the process but provides a certified trail of interactions to almost instantly deliver confidential third-party audit evidence gathered in accordance with professional accounting standards,” noted Accounting Today editors.

Part of the award-winning CCH Axcess™ portfolio, the cloud-based CCH Axcess™ Validate solution enables CPA firm auditors to automatically gather confidential financial third-party audit evidence, in accordance with AICPA Audit Standards AU-C Section 330. The auditor makes a confirmation request for financial information and their client provides authorization directly through their bank’s online authorization system. The certified audit trail shows proof of all interactions and the identities of those involved.

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.

Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005104/en/

MARISA WESTCOTT

Wolters Kluwer Tax & Accounting

+1 212-771-0853

marisa.westcott@wolterskluwer.com

Source: Wolters Kluwer Tax & Accounting

FAQ

What is CCH Axcess™ Validate by WTKWY?

CCH Axcess™ Validate is a cloud-based solution by Wolters Kluwer that streamlines banking confirmations for auditors using blockchain technology.

How does CCH Axcess™ Validate improve the auditing process for WTKWY?

It reduces the banking confirmation process to under 5 minutes and provides detailed transactional data directly from financial institutions.

Who recognized CCH Axcess™ Validate as a top product for WTKWY?

Accounting Today recognized CCH Axcess™ Validate in the 2022 Top New Products special report.

What technology does CCH Axcess™ Validate utilize?

CCH Axcess™ Validate leverages blockchain technology to enhance the auditing process.

What were the annual revenues reported by WTKWY?

Wolters Kluwer reported annual revenues of €4.8 billion for 2021.