Two audit firm solutions of Wolters Kluwer have been pre-approved by the Infocomm Media Development Authority (IMDA), a statutory board of the Singapore government, said Wolters Kluwer Tax & Accounting (TAA) Asia Pacific (APAC) recently.
The pre-approval received is part of IMDA’s SMEs Go Digital program, which aims to help small-to-medium accounting firms adopt digital technologies, according to Wolters Kluwer.
Under the SMEs Go Digital program, eligible accounting practices can receive up to a 50% grant to support the cost of adopting the two audit firm solutions—the CCH ProSystem fx Engagement or CCH iFirm solutions—by Wolters Kluwer, the firm added.
According to the company, CCH ProSystem fx Engagement—currently one of only two pre-approved solutions under the External Audit Management category—offers audit firms a comprehensive audit management solution that automates the entire audit process, from planning to final reporting.
It also provides collaboration tools, workflow management, real-time status updates and integration with other software, enabling auditors to work more efficiently and effectively, the firm noted.
CCH iFirm is currently the only pre-approved solution under the Practice Management System category, Wolters Kluwer said.
As a complete practice management solution designed specifically for accounting firms, it helps companies streamline workflows, automate administrative tasks, manage client relationships, support quality management standards, and provide valuable business insights, the firm noted.
With CCH iFirm, accounting firms can improve operational efficiency, enhance client service, and drive profitability, the firm added.
"Small and medium enterprises are true growth engines for economies, and it is an honour to have CCH ProSystem fx Engagement and CCH iFirm pre-approved under the IMDA’s SMEs Go Digital program," said Izzy Silva, Managing Director, Wolters Kluwer, TAA APAC. "With their comprehensive features and user-friendly interface, CCH ProSystem fx Engagement and CCH iFirm empower small-to-medium audit firms to take advantage of digital transformation and thrive in an increasingly competitive landscape."
