Wolters Kluwer Tax & Accounting has added new features to its TeamMate Analytics software, which is used by external and internal auditors and accounting firms.
New features include enhancements to the Expert Analyzer designed to enable auditors to append data to combine multiple data files together; new tools that facilitate mining and analyzing the make-up of transactions; new capabilities to evaluate formulas with more than 1 million rows of data; and advanced summary features for making more flexible summaries of data and analysis inside workflows.
TeamMate Analytics fits into Wolters Kluwer’s integrated audit approach, which focuses external audits on auditor judgement, aided by automation via the CCH Axcess platform. Along with TeamMate Analytics, the suite includes CCH Axcess Knowledge Coach, CCH Accounting Research Manager, and CCH Axcess Financial Prep, a cloud-based trial balance software.
TeamMate Analytics solution offers a set of tools designed to meet auditors’ data analysis needs. It supports analytic testing with configurable modules that automate audit tests. Within it, Expert Analyzer automates multi-step analysis and includes a graphical workflow designer that supports multiple datasets and an import directly from a PDF. Analytical tools such as gap and duplicate detection, Benford’s testing, Monetary Unit Sampling and stratification in TeamMate Analytics can be accessed from directly within Microsoft Excel through integration.
“TeamMate Analytics is the first audit automation tool that simplifies audit test automation to the point that a data specialist isn’t needed to configure common tests,” said Cathy Rowe, director of accounting and audit product management at Wolters Kluwer Tax & Accounting North America, in a statement. “It guides auditors through a structured process in Microsoft Excel, where the test is explained, checked for the right kind of data, executed, and then the results are also explained.”
