In its next feature spotlighting future-ready firms achieving peak performance by embracing digital transformation, Wolters Kluwer Tax & Accounting features Spinelli CPA, a small accounting firm located in Massachusetts that’s woman-owned and specializes in accounting & audit, tax strategy, tax compliance, and business consulting for non-profit organizations, construction industry, women-owned businesses, small businesses, and high net worth individuals.
“Wolters Kluwer has helped my firm stay ahead of the track by always being ahead on their own, and by providing guidance and assistance to small businesses like our firm,” said Karen Spinelli, CPA, Managing Partner and President, Spinelli CPA. “I've been working with Wolters Kluwer solutions for probably close to 20 years now. Their integrated solutions just work for me. I like to be able to build on something, to not have a separate product for every single thing I need. Wolters Kluwer provides these building blocks for me and my organization so that I'm utilizing almost really one company, one organization and solution for my firm’s needs.”
Spinelli CPA chose the Wolters Kluwer Integrated Audit Approach because it focuses the audit process on auditor judgment. It 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. This unique approach focuses on the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing. It combines powerful content-driven tools of CCH® ProSystem fx® Knowledge Coach, the efficiency of CCH® ProSystem fx® Engagement, and the comprehensive content of CCH® Accounting Research Manager® to give auditors a single platform to handle all steps in the audit engagement.
“The Integrated Audit Approach helps us in a lot of different ways. With CCH ProSystem fx Engagement, we can save time in preparing the tax returns by putting all client information into this tool for all of our corporations, partnerships, and not-for-profit organizations. From that we can then link right to the tax software and be able to create the tax return. It minimizes how much time is utilized for having to create that tax return. We're not having to do data entry for every piece of information,” Spinelli explains. “And, one of the great benefits is that sometimes you get to the end of that return and you're talking to the client and they say ‘Oh, I forgot to tell you this,’ resulting in another journal entry of which we weren't aware. Well, I can make that journal entry and it instantaneously fixes and changes my trial balance, my audit financial statement, and the tax return. With that audited integration between all of the products, I can now quickly change something and keep the cost of doing this very minimal to me so that I can provide that quality product to the client.”
“The unique integrated audit approach developed by Wolters Kluwer helps firms of all sizes like Spinelli CPA, LLP produce higher quality audits by improving their efficiency through dynamic, iterative processes and tools that encourage auditor judgment and continual learning,“ said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “Our Knowledge-based Audit Methodology is a dynamic auditing process that empowers auditors to plan and produce higher quality audits based on continuous knowledge gathering and reflection to both minimize compliance risk and maximize their effectiveness and efficiency.”
Watch this short video to learn more about why Spinelli CPA chose to implement the Wolters Kluwer Integrated Audit Approach and the software solutions that support it to ensure efficiency, consistency and quality of its audit & assurance services. Hear additional stories from firms that are achieving peak performance with proven solutions from Wolters Kluwer.