Best Practices for Managing Audit & Tax Engagements

1. Best Practices for Managing Audit & Tax EngagementsPresented by:Scott Roush, CPABrian Siet, CPAHosted by:AccountingWEBAug 27, 2013

2. Presenter: Scott Roush, CPA • Scott is a Principal in the Boardman, Ohio office of Hill, Barth & King LLC (HbK) 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 HbK Assurance Practice Committee and is one of HbK’s Quality Control Principals, providing secondary review services as well as research and counsel on complex accounting issues.

3. 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 Tofiasfor 8 years in the A&A department and Tax department.  • Joined CCH in 2005 as a ProSystem 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.

4. 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 ProSystem fx Engagement

5. About Hill, Barth & King LLC • Founded in 1949 • Headquartered in Boardman, Ohio • 11 offices in Florida, Ohio & Pennsylvania • Approximately 250 employees

6. 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

7. 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

8. 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

9. 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

10. 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

11. Tips: Engagement Training • Core training • Sample client binder • Focus for user friendly binder and binder management / setup • Investment mentality • Specialized training • Level – (i.e.. Reviewer) • Function • Issues training ROI • Better practices • Compliance • Efficiencies – today and tomorrow

12. 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

13. Tips: Template Management • Binder templates • Workpaper templates • Roll-forward properties ROI • Staff compliance with policies • Efficiencies – today and tomorrow

14. 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

15. Tip: Binder Management • Access • Staff assignments • Special groups (i.e.. QC) • Accessibility • Rights/assignment management • Function – tax linking, etc. ROI • Efficiencies

16. 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.

17. 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

19. 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.