Thomson Tax & Accounting's Practitioners Publishing Co. unit has beefed up its audit guidance line with two products aimed at auditing construction contractors and financial institutions.
"Audits of Construction Contractors" and "Audits of Financial Institutions" incorporate the American Institute of CPAs' latest risk assessment standards. The software and documents contain numerous checklists, forms and audit programs to help firms make the transition to the new auditing standards. The guides are available in various formats, including one compatible with Thomson's Checkpoint research service.
The products contain practice aids that help identify and assess risks, and allow practitioners to choose an appropriate audit approach. Another set of practice aids is aimed at small nonpublic companies and creates a set of underlying risk assumptions for particular audit areas. Users who have audit engagements before the new risk assessment standards go into effect can also set up audit programs and planning checklists based on the older standards.
PPC has updated several other audit guides in the past year to reflect the new AICPA risk assessment standards, including Smart e-Practice Aids-Risk Assessment, "Audits of Nonpublic Companies," "Audits of Nonprofit Organizations," "Audits of Local Governments" and "Audits of Employee Benefit Plans."
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