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