Wolters Kluwer introduces Audit Data Analytics Resources to help CPA firms deliver higher quality audits

Rhea-AI Summary

Wolters Kluwer Tax & Accounting has launched a library of Audit Data Analytics Resources to assist CPA firms in transitioning from traditional audit methods to real-time transaction analysis. This initiative aims to enhance audit quality and efficiency, offering resources developed by auditors for auditors, including blogs and video testimonials. The TeamMate® Analytics solution simplifies audit automation, reportedly reducing audit test times by up to 90%. Wolters Kluwer, a global leader in professional services, recorded €4.6 billion in revenue in 2020.

Positive

• Launch of Audit Data Analytics Resources supports firms in enhancing audit quality.
• TeamMate® Analytics solution significantly reduces audit test times by 80-90%.
• Provides practical guidance and insights for higher quality audits.

Negative

• None.

Valuable library of expert blogs, video testimonials from audit practitioners, and more helps CPA firms incorporate data analytics into their audit workflow and maximize the benefits of TeamMate^® Analytics solution

NEW YORK--(BUSINESS WIRE)-- Today, Wolters Kluwer Tax & Accounting announced that it has launched a library of complimentary Audit Data Analytics Resources designed to help audit practitioners in tax & accounting firms move away from a traditional data sampling approach when conducting audit engagements and toward analyzing all client transactions in real time. The library will be updated regularly with content developed by auditors for auditors, including topical blog posts from subject matter experts, video testimonials from audit professionals already taking advantage of data analytics, tips on how to best leverage the TeamMate^® Analytics solution for audit test automation, and more.

“Many firms and audit professionals still struggle to incorporate data analytics into their audit engagements and workflows,” said Colleen Knuff, Vice President of Audit Product Management at Wolters Kluwer Tax & Accounting North America. “By launching this growing library of resources, we are helping them to better understand how their peers are using audit data analytics to increase audit quality and to gain access to practical guidance on how to deliver the deep, data-driven insights their clients expect.”

The newly launched library of Audit Data Analytics Resources will provide both existing customers as well as CPA firms interested in purchasing the TeamMate^® Analytics solution with practical guidance and user insights so they can deliver higher quality audits for their clients.

TeamMate^® Analytics is the first audit automation tool that simplifies audit test automation to the point that a data specialist isn’t needed to configure common tests. It’s an essential tool for today’s data-driven auditors and part of the Integrated Audit Approach from Wolters Kluwer, which focuses the external audit process on augmenting auditor judgment and covers the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing. This approach represents all the components necessary for an automated, data-driven audit workflow.

“Firms using TeamMate^® Analytics are seeing not only a significant increase in audit quality but also considerable time savings. One firm shared with us that the impact of this audit test automation solution on their audit workflow was significant, bringing a one to two hour test down to about 10 minutes so about 80-90% less time,” added Knuff.

TeamMate^® Analytics offers more than 150 tools specifically designed to meet the data analysis needs of CPA firm auditors and accountants, as well as internal audit and controls professionals. It supports analytic testing with configurable modules that automate audit tests. The Expert Analyzer tool allows the automation of multi-step analysis with an intuitive graphical workflow designer that supports multiple datasets and imports directly from a PDF. Accessed from within Microsoft Excel^®, the TeamMate^® Analytics solution includes powerful analytical tools such as gap and duplicate detection, Benford’s testing, Monetary Unit Sampling, and stratification.

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 2020 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,200 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/20210908005189/en/

MARISA WESTCOTT

212-771-0853

Marisa.Westcott@wolterskluwer.com

Source: Wolters Kluwer Tax & Accounting

FAQ

What has Wolters Kluwer launched to assist CPA firms?

Wolters Kluwer has launched a library of Audit Data Analytics Resources.

How does TeamMate® Analytics improve audit efficiency?

It reduces audit test times by 80-90%, allowing audits to be completed more quickly.

What is the primary benefit of the newly launched resources?

They help firms transition from traditional methods to real-time data analysis, improving audit quality.

What revenue did Wolters Kluwer report in 2020?

Wolters Kluwer reported annual revenues of €4.6 billion in 2020.

Where are Wolters Kluwer shares traded?

Wolters Kluwer shares are traded on Euronext Amsterdam under the symbol WKL and its ADRs are traded in the U.S. under WTKWY.