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Wolters Kluwer Tax & Accounting Expert to Speak at the 2020 Calcpa Employee Benefit Plans Audit Conference About Enhancing Employee Benefit Audits With Risk-Based Audit Methodology

Wolters Kluwer Tax & Accounting is pleased to announce that Patrick Tokarski, Senior Technology Product Manager at Wolters Kluwer Tax & Accounting North America, will present on the topic of “Enhancing the Quality of Your Employee Benefit Audits” during the 2020 CalCPA Employee Benefit Plans Annual Audit Conference taking place online on June 12, 2020.

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“Recent peer review results show that many firms still struggle to implement the core requirements of the risk-based audit standards. When new standards, like SAS 136 for benefit plan audits, are issued it magnifies the problem”

During the session, he will discuss why a risk-based audit methodology is the best approach to help ensure compliance with risk assessment standards. He will also address why tailoring capability in the audit technology you use is critical to driving compliance under the Employee Retirement Income Security Act section 103(a)(3)(C) exemption (limited scope audits), and he will outline the consequences audit professionals risk when maintaining a status quo.

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“Recent peer review results show that many firms still struggle to implement the core requirements of the risk-based audit standards. When new standards, like SAS 136 for benefit plan audits, are issued it magnifies the problem,” said Patrick Tokarski. “Using an integrated audit approach and the CCH® ProSystem fx® Knowledge Coach or CCH Axcess™ Knowledge Coach solutions helps guide a firm through the requirements. These award-winning solutions can help ensure compliance and minimize risk, which is especially important in the current environment where most people are working remotely and communication can be more difficult.”

The Wolters Kluwer Integrated Audit Approach focuses the audit process on auditor judgment, covering the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over- or under-auditing. This unique approach facilitates auditor’s 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.

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