AUDIT PACKAGES

1
AUDIT PACKAGES

• PAPERLESS ENGAGEMENTS
• WHY? WHO? HOW?

NOVEMBER 5, 2002 NEW YORK STATE SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS TECHNOLOGY ASSURANCE
COMMITTEE PRESENTER DANIEL TIRONE, CPA
D.TIRONE_at_WORLDNET.ATT.NET
2
WHY?

• COST
• EFFICIENCY
• CONSISTENCY
• COLLABORATION
• CONTROL
• AUDIT STANDARDS SAS 95

3
WHY? - COST

• ACCORDING TO A COOPERS LYBRAND STUDY IT COSTS
  20 TO FILE A DOCUMENT, 120 TO FIND A LOST
  DOCUMENT AND 220 TO REPLACE A LOST OR MISFILED
  DOCUMENT
• 8 OF ALL PAPER DOCUMENTS ARE TOTALLY LOST WHILE
  3 OF PAPER DOCUMENTS ARE MISFILED

4
WHY? - EFFICIENCY

• TEMPLATES
• ROLL FORWARD CAPABILITIES
• INTEGRATION WITH TAX, ACCOUNTING AND OTHER
  APPLICATIONS
• INCREASED COLLABORATION POSSIBILITIES
• PORTABILITY
• ELIMINATE MANUAL (OOPS!) PROCESSES

5
WHY? - CONSISTENCY

• STANDARDIZATION ACROSS ENGAGEMENT TYPES, OFFICES,
  PARTNERS AND STAFF
• FIRM TEMPLATES
• GREATER ASSURANCE OF MEETING STANDARDS

6
WHY? - COLLABORATION

• WORKPAPERS EXIST AT MULTIPLE SITES AT THE SAME
  TIME
• INDIVIDUALS IN DIFFERENT LOCATIONS SUCH AS HOME
  OFFICE, REMOTE OFFICE OR CLIENT LOCATION ALL SEE
  THE SAME WORKPAPERS AT THE SAME TIME
• EASE OF ADDING SOMEONE OUTSIDE THE ENGAGEMENT FOR
  ADDITIONAL EXPERTISE

7
WHY? AUDIT STANDARDS SAS 95

• PROPER PLANNING OF ASSISTANTS
• SUFFICIENT COMPETENT EVIDENTIAL MATTER
• PROPER SUPERVISION THROUGH THE INTEGRATION OF
  ENGAGEMENT GUIDANCE

8
WHY? - CONTROL

• CONTROL OVER STORAGE OF WORKPAPERS DURING THE
  ENGAGEMENT
• CONTROL OVER REVIEW PROCESS, INCLUDING
  DIAGNOSTICS
• CONTROL OVER ACCESS TO WORKPAPERS

9
WHO?

• PRACTITIONERS PUBLISHING COMPANY
  ENGAGEMENT MANAGER ES
• CREATIVE SOLUTIONS INC.
• CASEWARE
• PROSYSTEMFX

10
HOW?

• RESEARCH YOUR OPTIONS
• TAKE IT SLOWLY
• INTEGRATE COMPLETELY
• ACCEPT CHANGE

11
ESSENTIALS OF AN ENGAGEMENT MANAGEMENT SYSTEM

• FINAL PRODUCT FINANCIAL STATEMENTS IN AN AUDIT
  ENVIRONMENT
• DOCUMENT MANAGEMENT AND COLLABORATION
• PROFESSIONAL ENGAGEMENT GUIDANCE AND CONTROL

12
ELEMENTS OF A PAPERLESS SOLUTION

• DOCUMENT MANAGEMENT
• DRILL DOWN CAPABLE
• ARCHIVAL
• TEAM MANAGEMENT
• TEMPLATES
• FIELD AND OFFICE CAPABLE
• INTEGRATION WITH OTHER SOFTWARE
• REVIEW TOOLS

13
IMPLEMENTATION CONSIDERATIONS

• EASE OF USE
• PRESENT SYSTEMS AND USE OF EXISTING DOCUMENTS
• COST OF CONVERSION
• LEARNING CURVE
• SUPPORT
• TRAINING

14
COMPARING THE PLAYERS
15
ABOUT PPC

• PROVIDES CONTENT AND INTERNET BASED STORAGE OF
  DOCUMENTS
• PROVIDES ADVISOR. COM TO SET-UP CLIENT PORTALS
  WHERE TAX RETURNS AND DOCUMENTS CAN BE STORED FOD
  CLIENTS AND CLIENTS CAN AGGREGATE THEIR FINANCIAL
  ACCOUNTS
• WORKS BEST WITH CREATIVE SOLUTIONS
• IS NOT A TRIAL BALANCE PROGRAM
• DOCUMENT MANAGER

16
ABOUT CASEWARE

• STRONG PROGRAM CREATED BY CANADIAN COMPANY
• NUMEROUS INTEGRATED PRODUCTS
• INTEGRATES WITH EXCEL AND WORD THROUGH A
  PROPRIETARY PROGRAM CALLED CONNECTOR

17
ABOUT CREATIVE SOLUTIONS, INC.

• STRONG IN ELECTRONIC DOCUMENT STORAGE AND
  INTERNET USE
• FILE CABINET SOLUTION
• STRONG RELATIONSHIP WITH PPC AND EASIEST
  INTEGRATION WITH THE PPC CONTENT

18
ABOUT PROSYSTEMFX

• FORMERLY CALLED EPACE
• EXCEL AND WORD BASED
• PROVIDES EITHER MILLER OR MCGLADREY-PULLEN
  CONTENT
• PPC CONTENT CAN BE USED BUT DOES NOT INTEGRATE AS
  WELL

19
REALITIES

• TECHNOLOGY IS UNDERUTILIZED
• TECHNOLOGY PROVIDES BETTER CONTROL AND RESULTS
• TECHNOLOGICALLY PROFICIENT WILL WIN THE RACE