Wolters Kluwer introduces cloud-based CCH Axcess™ Validate expert solution, leveraging blockchain to help CPA firm auditors fast-track banking confirmations

Rhea-AI Summary

Wolters Kluwer Tax & Accounting has introduced CCH Axcess™ Validate, a cloud-based solution employing blockchain technology for efficient bank confirmations during audits. This innovation minimizes the manual and time-consuming processes auditors traditionally face, enhancing audit accuracy and reducing liability risks. The solution allows auditors to directly obtain transactional data from financial institutions, completing requests in under 5 minutes. By facilitating secure sharing of audit results, it aims to improve overall audit quality, aligning with AICPA standards.

Positive

• Launch of CCH Axcess™ Validate enhances efficiency in bank confirmations.
• Blockchain technology improves data security and audit accuracy.
• Reduction of confirmation request time to under 5 minutes.
• Allows secure sharing of audit results with third parties.

Negative

• None.

Innovative cloud-based confirmation and validation expert solution leverages blockchain technology to gather confidential third-party audit evidence in accordance with AICPA Audit Standards AU-C Section 330

AUSTIN, Texas--(BUSINESS WIRE)-- Today, CPA firm auditors are often impacted by costly, time-consuming manual or partially-automated confirmation and validation processes. These processes have the potential to limit the sample of data examined, jeopardize audit accuracy, expose their client data to fraudulent actors, and create the risk of increased liability for their firm. As part of its 2021 CCH® Connections User Conference, Wolters Kluwer Tax & Accounting announces the addition of CCH Axcess™ Validate to its award-winning CCH Axcess™ cloud-based tax preparation, compliance, and workflow management platform to help firms fast-track bank confirmations.

“Unlike other solutions available today, CCH Axcess™ Validate uses blockchain technology to share confidential financial data during the audit of a business,” 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.”

The cloud-based CCH Axcess™ Validate expert solution enables CPA firm auditors, client approvers, and participating financial institutions to fast-track bank confirmations and account verifications by leveraging blockchain technology to automatically gather confidential financial third-party audit evidence, in accordance with AICPA Audit Standards AU-C Section 330. Its blockchain-enabled workflow provides firms with the simplicity, speed, and trust auditors require in today’s environment, enabling the authorization part of the audit process to be reduced to just 5 minutes or less. The CPA auditor makes a confirmation request for financial information and the client provides authorization directly through their bank’s online authorization system. Leveraging blockchain technology, the certified audit trail shows proof of all interactions and identities involved.

“Additionally, CCH Axcess™ Validate 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, in a trustable and secure way,” adds Knuff.

Wolters Kluwer Integrated Audit Approach focuses the audit process on auditor judgment, covering the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit while avoiding over- or under-auditing. This unique approach facilitates their ability to make informed decisions by ensuring that the audit is tailored for each client, always having a link to the assessed risk and the work performed. The audit workflow is based on a Knowledge-Based Audit Methodology, which provides a framework that brings together a risk-based approach with expert content anchored in the latest guidance and professional standards. Together with a comprehensive portfolio of audit software for accountants, the approach and methodology enable CPA firms to deliver higher quality audits and enhance client understanding by improving audit preparation and management.

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/20211028005096/en/

MARISA WESTCOTT

212-771-0853

Marisa.Westcott@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is CCH Axcess™ Validate and how does it work?

CCH Axcess™ Validate is a cloud-based solution from Wolters Kluwer that utilizes blockchain technology to streamline bank confirmations in audits, allowing auditors to obtain information directly from financial institutions efficiently.

When was CCH Axcess™ Validate launched?

CCH Axcess™ Validate was announced during the 2021 CCH Connections User Conference.

What technology does CCH Axcess™ Validate use?

It employs blockchain technology to securely gather confidential financial data during the audit process.

How long does it take to complete a confirmation request with CCH Axcess™ Validate?

The confirmation request process can be completed in under 5 minutes.

What standards does CCH Axcess™ Validate comply with?

CCH Axcess™ Validate complies with AICPA Audit Standards AU-C Section 330.

What company is behind CCH Axcess™ Validate?

CCH Axcess™ Validate is developed by Wolters Kluwer Tax & Accounting.

What benefits does CCH Axcess™ Validate offer to auditors?

The solution enhances audit efficiency, accuracy, and security while facilitating quicker confirmation and verification processes.