CCH iFirm Validate allows auditors to securely share results with peer reviewers. Credit: JOURNEY STUDIO7/Shutterstock.

Wolters Kluwer Tax and Accounting (TAA) has expanded its cloud-based practice management and compliance software platform, CCH iFirm, with the introduction of a new module, CCH iFirm Validate.  

The platform is designed to accelerate the audit process by simplifying bank confirmations and account verifications through the use of blockchain technology. 

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CCH iFirm Validate provides a solution that enhances data security and integrity.  

It allows auditors to securely share results with peer reviewers, inspectors and others involved in the audited business, the company said. 

Replacing traditional manual processes, this automated solution offers a secure and efficient alternative.  

Open banking authorisation enables auditors to securely request and receive data, supporting timely audits.  

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Furthermore, the patented secure data exchange through blockchain technology by Wolters Kluwer provides an audit trail for accounting data confirmation with external parties as part of a statutory audit. 

The launch of CCH iFirm Validate follows the introduction of CCH iFirm AML in March 2024. 

Wolters Kluwer TAA Europe executive vice-president and managing director Bas Kniphorst said: “We are excited to announce the launch of a new module within our CCH iFirm cloud suite. These innovative solutions are a testament to our dedication to pushing the boundaries of technology and delivering exceptional value to our clients.  

“We are providing powerful tools that enhance scalability, security and efficiency, enabling businesses to thrive in an increasingly digital world. This launch represents a significant step forward in our mission to drive innovation and excellence in the cloud industry.” 

Earlier this month, Wolters Kluwer announced the launch of generative AI functionality for VitalLaw, the company’s intuitive legal research platform.