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#633778 - 11/02/06 11:15 PM Electronic Workpaper Program
dollars & sense Offline
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Joined: Oct 2006
Posts: 338
Can anyone point me in the direction of a good electronic workpaper program?

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#633779 - 11/03/06 01:56 PM Re: Electronic Workpaper Program
davidm Offline
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davidm
Joined: Mar 2003
Posts: 119
Texas
We use PricewaterhouseCooper's TeamMate EWP. Overall, I've been very pleased with it. They have done a good job of updating it periodically and providing service packs to fix bugs as they are identified. It is designed to where a small audit shop or a large one can use it effectively.

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#633780 - 11/07/06 06:01 PM Re: Electronic Workpaper Program
rexinaudit Offline
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rexinaudit
Joined: Dec 2001
Posts: 292
New England
Is anyone using any other EWP programs?
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#633781 - 11/07/06 06:16 PM Re: Electronic Workpaper Program
SavannahOne Offline
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Joined: Sep 2005
Posts: 1,163
Georgia
Crowe Chizek.

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#633782 - 11/07/06 06:26 PM Re: Electronic Workpaper Program
rexinaudit Offline
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rexinaudit
Joined: Dec 2001
Posts: 292
New England
SavannahOne, thank you for your reply:
Quote:

Crowe Chizek.



What do you like about this system? Any weaknesses?
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#633783 - 11/07/06 06:48 PM Re: Electronic Workpaper Program
Hoosierland Offline
Platinum Poster
Joined: Oct 2006
Posts: 679
Rex, I also use Crowe Chizek's Automated Workpapers program. It is a Lotus Notes program. It has been a huge benefit to us. Crowe populates the database with their requests well in advance of any visits to our bank, and as items are completed, I post them to the database for Crowe to review.

AWP has eliminated a lot of emailing that used to take place. There are fewer surprises when Crowe arrives at the bank because the requests are normally all posted to the database ahead of time. They are able to do their work more efficiently when they are here because I've already provided most (not always quite all) of the info requested on the database before they ever arrive, so they can review it ahead of time.

Another benefit is that the info from previous years remains available on the database (although it is eventually locked after it is reviewed, so that no changes can be made). This is often a quicker reference tool than going back through all the info saved on my PC if I need to refresh my memory year to year on how I did something.

As for weaknesses, the only problem we have had is that you must "replicate" your data to a shared server (if I understand how this all works--not a "techie") and during Crowe's busier times, there can be some delay between the time I post on my end and the time they can see it on their end, and vice versa.
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#633784 - 11/07/06 07:10 PM Re: Electronic Workpaper Program
A_G Online
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Joined: Jul 2004
Posts: 18,958
Quote:

Rex, I also use Crowe Chizek's Automated Workpapers program. It is a Lotus Notes program. It has been a huge benefit to us. Crowe populates the database with their requests well in advance of any visits to our bank, and as items are completed, I post them to the database for Crowe to review.

AWP has eliminated a lot of emailing that used to take place. There are fewer surprises when Crowe arrives at the bank because the requests are normally all posted to the database ahead of time. They are able to do their work more efficiently when they are here because I've already provided most (not always quite all) of the info requested on the database before they ever arrive, so they can review it ahead of time.

Another benefit is that the info from previous years remains available on the database (although it is eventually locked after it is reviewed, so that no changes can be made). This is often a quicker reference tool than going back through all the info saved on my PC if I need to refresh my memory year to year on how I did something.

As for weaknesses, the only problem we have had is that you must "replicate" your data to a shared server (if I understand how this all works--not a "techie") and during Crowe's busier times, there can be some delay between the time I post on my end and the time they can see it on their end, and vice versa.




I use Crowe's AWP here too and ditto to everything you said. However, I have never experienced any slow servers times. The one setback to to this "replication" is that, say for example, you and someone from Crowe are both working on the same WP (and you don't know it or you work one day and someone there works the next day and one of you dont replicate) it causes replication conflicts because the database doesn't know which information is the latest --those can be a pain to try and clear.
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#633785 - 11/08/06 02:26 PM Re: Electronic Workpaper Program
Auditman Offline
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Joined: Nov 2004
Posts: 132
For those of us who have no familiarity with it, could someone briefly describe how electronic workpapers work?

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#633786 - 11/08/06 03:55 PM Re: Electronic Workpaper Program
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Auditman, I use the PWC teammate product, but it sounds like the same animal as the CC.....here's how it works: I have my annual audit plan in teammate. Each audit has all of the audit steps, the risk assessments and any ICQs loaded onto the software.

As I perform the audit steps I can access Word or Excel to make a workpaper. I can also scan any outside documents. The software numbers these as workpapers and attachs them to the audit step that I am working on. I can use tickmarks or whatever and all of my work is logged. When I am done I sign off on the workpaper electronically by clicking an icon.

When the audit program is reviewed, exceptions are linked to the step in the program as well as to the workpaper in the software. It's all hyperlinked so you just point and click. The reviewer can leave "coaching notes" for the auditor and can view the history of who worked on what for what time. The reviewer signs off electronically, too.

It's a sweet system for when external auditors are in. They can walk thru the audit steps (read only!) and click into the workpapers w/o actually shuffling any paper. It's auto-organized!

Does that help?

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#633787 - 11/08/06 06:17 PM Re: Electronic Workpaper Program
Passing storm Offline
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Joined: Aug 2005
Posts: 111
Here and Now

Cornfed,

When you say:

Each audit has all of the audit steps, the risk assessments and any ICQs loaded onto the software

Do you mean you loaded this information from your audit programs when you initially set up the software? or Did audit programs come with the software?
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#633788 - 11/08/06 06:54 PM Re: Electronic Workpaper Program
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
We loaded ours on although I think there is some kind of "library access." There is also a good network of other teammate users - - - although very few shops my size.

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#633789 - 11/08/06 09:08 PM Re: Electronic Workpaper Program
Auditman Offline
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Joined: Nov 2004
Posts: 132
This is very helpful information. Thank you!

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#633790 - 11/10/06 01:54 PM Re: Electronic Workpaper Program
Neytiri Offline
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Neytiri
Joined: Jul 2002
Posts: 645
Pandora
Can someone give me a ballpark figure on cost?

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