Best Practices for Managing Audit Tax Engagements

Best Practices for Managing Audit & Tax Engagements Presented by: Scott Roush, CPA Brian Siet, CPA Hosted by: Accounting. WEB Aug 27, 2013

Presenter: Scott Roush, CPA § Scott is a Principal in the Boardman, Ohio office of Hill, Barth & King LLC (Hb. K) and has been with the firm since 2005. He began his career in public accounting in 1990. § Scott has served clients extensively in the areas of accounting, auditing and financial reporting. Over his career he has also consulted a variety of clients with mergers/acquisitions, public/private debt and equity offerings, restructuring improvement initiatives and numerous other technical accounting matters. § Scott serves on the Hb. K Assurance Practice Committee and is one of Hb. K’s Quality Control Principals, providing secondary review services as well as research and counsel on complex accounting issues. Best Practices for Managing Audit & Tax Engagements

Presenter: Brian Siet, CPA Solution Architect Manager CCH, a Wolters Kluwer business § Bachelor of Science Degree Cum Laude in Business Administration concentration in Accounting from Northeastern University in Boston. § Worked for CBIZ Tofias for 8 years in the A&A department and Tax department. § Joined CCH in 2005 as a Pro. System Engagement consultant working with small, medium and large firms. § Product specialist at CCH 2006 -2008 § Performed many speaking engagements at firm user groups and state societies on both A&A and tax workflow. Best Practices for Managing Audit & Tax Engagements

Objectives § Tips & tricks to easier engagement management § Integration that produces ROI and improved client service § How to effortlessly overcome common pain points with the help of Pro. System fx Engagement Best Practices for Managing Audit & Tax Engagements

About Hill, Barth & King LLC § Founded in 1949 § Headquartered in Boardman, Ohio § 11 offices in Florida, Ohio & Pennsylvania § Approximately 250 employees Best Practices for Managing Audit & Tax Engagements

Polling Question 1 § When it comes to implementing new product and processes, what do you think puts the most strain on your firm? • Getting buy-in from all firm partners • Initial setup and implementation time • Other/Don’t know Best Practices for Managing Audit & Tax Engagements

Pain Points - General § Resistance to functionality / usage § General lack of communication / idea sharing § Poor binder management • Not user/preparer friendly • Not reviewer friendly • Not conducive to roll-forward benefits § Unintended / Inconsistent Usage Best Practices for Managing Audit & Tax Engagements

Tip: Firm Policy/Practices Documentation § Policies Document (Best Practices Document) • • Needs documented Periodic updates User focus/friendly Integration w/ professional standards requirements § Tips/tricks quick reference card • Avoids/addresses the information overload in a policies document • Easy how-to guide ROI § § § Less resistance Staff compliance with policies Efficiencies Best Practices for Managing Audit & Tax Engagements

Polling Question 2 § What is most important to you when evaluating new software? • Ease of use • Integration with other software • Onboarding time • Improving the end product • The potential to re-design and have “one firm way” of doing things Best Practices for Managing Audit & Tax Engagements

Tip: Engagement Software Lead Team / Task Force § § Consists of cross section of users – primarily practice people Meet on a periodic basis – important Make team known to staff Focus • • • Software management Oversee software training Set firm practice options Police Usage Act as office/function champions ROI § § § Better communications Compliance Efficiencies Best Practices for Managing Audit & Tax Engagements

Tips: Engagement Training § Core training • Sample client binder • Focus for user friendly binder and binder management / setup • Investmentality § Specialized training • Level – (i. e. . Reviewer) • Function • Issues training ROI § § Better practices Compliance § Efficiencies – today and tomorrow Best Practices for Managing Audit & Tax Engagements

Tip: Communications § § § Communicate smart, concise, important matters Don’t overload Include tips in Firm publishing Organize the database library for easy use Have champions report to offices/functions Report to Partner Group/Management Group ROI § § Less resistance Staff compliance with policies Idea Sharing / Better Communications Efficiencies Best Practices for Managing Audit & Tax Engagements

Tips: Template Management § Binder templates § Workpaper templates § Roll-forward properties ROI § § Staff compliance with policies Efficiencies – today and tomorrow Best Practices for Managing Audit & Tax Engagements

Tip: Database/Resource Library § Internal Portal Database • • Contains firm policies / best practices Common error message resolution / troubleshooting How-To Videos Minutes of engagement team meetings § Practice Side vs. IT Side? ROI § § Staff compliance with policies Efficiencies Best Practices for Managing Audit & Tax Engagements

Tip: Binder Management § Access • Staff assignments • Special groups (i. e. . QC) § Accessibility § Rights/assignment management § Function – tax linking, etc. ROI § Efficiencies Best Practices for Managing Audit & Tax Engagements

Polling Question 3 § If a client or perspective client asked, “Is your firm paperless? ” how would you respond? • We are 100% paperless. • Our risk management provider has suggested maintaining certain files in “hard copy” format, but other than that, we are paperless. • We’d really describe ourselves as using “less paper” than we used to. • We’re paperless, but print certain files for reviewers and recycle them. • All of our engagements are on paper. Best Practices for Managing Audit & Tax Engagements

Tip: User Staff Management § Binder staff rights § Admin Rights § Need for periodic reviews § Police practices ROI § § Staff compliance with policies Protects firm Enhances users Efficiencies Best Practices for Managing Audit & Tax Engagements

Best Practices for Managing Audit & Tax Engagements

Thank You for Attending § For additional questions or to place an order, contact your Account Manager at 800 -739 -9998. § For more information, visit www. CCHGroup. com/AA. § Presenter Brian Siet, CPA • Phone: 877 -400 -0092 • Email: brian. siet@wolterskluwer. com We look forward to continuing the discussion on how CCH can help meet your needs. Best Practices for Managing Audit & Tax Engagements