The American Institute of CPAs and its subsidiary, CPA.com, have expanded their OnPoint family of products built on the CaseWare Cloud platform. Three standalone solutions will be added to the OnPoint A&A Suite – OnPoint Collaborate, OnPoint AnaltyicsAI, and OnPoint EBP.
The AICPA and CPA.com have been forward thinking on artificial intelligence, and how it will shape the accounting industry in the near future, specifically the audit function. The OnPoint A&A suite is driven by AI, offering intelligent client collaboration, automated data acquisition, transaction testing of general and sub-ledger activity, and standardized, out-of-the-box engagement templates. AICPA guidance and methodology are embedded throughout the suite’s solutions.
OnPoint PCR, a smart, cloud-based solution that helps accounting firms conduct preparation, compilation and review engagements, was launched last year; and was named an Accounting Today 2019 Top New Product.
OnPoint Collaborate, which is new, is a firm and client collaboration solution for document gathering, which is hoped to free firms from email which is often less secure. OnPoint Collaborate provides ready-made provided-by-client (PBC) templates and a secure, centralized location to store client files and manage document requests. This capability already generates queries for client documents within OnPoint PCR. OnPoint Collaborate also integrates with CaseWare Working Papers.
OnPoint AnalyticsAI, also new, is a customizable tool that uses data analytics to determine risk in transactions reviewed within an engagement. OnPoint AnalyticsAI automates data acquisition and uses artificial intelligence to better identify anomalies and risk across entire data sets, driving powerful insights for auditors. Multiple tests can be run on transactions automatically, and the type of tests can be configured based on the type of review.
Coming soon is OnPoint EBP, a module for employee benefit plan audits performed under ERISA Section 103(a)(3)(C). As with OnPoint PCR, key features will include tailored inquiries and document requests, intelligent templates, status tracking in real-time and embedded AICPA guidance and methodology. OnPoint EBP will also include diagnostics and standardized testing templates.
The OnPoint A&A Suite is part of the Association’s broader effort to evolve auditing for the profession. The AICPA has been working on an initiative around what it calls the Dynamic Audit Solution, also built on the CaseWare cloud platform, in development to transform audit methodology.
The OnPoint suite expansion was announced at the Digital CPA Conference, CPA.com’s annual event for firms interested in accounting innovation.
