Thomson Reuters introduced updates to the Thomson Reuters Checkpoint audit tool to comply with the Office of Management and Budget’s (OMB) recently released 2015 Compliance Supplement.

The new edition of PPC’s SMART Practice Aids Single Audit simplifies the new administrative requirements and cost principles for OMB Circular A-133 audits and Uniform Guidance audits.

The OMB’s Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance) supersedes , streamlines and consolidates eight existing OMB Circulars, including OMB Circular A-133.

“Our Single Audit tool reduces the complexity of implementing the 2015 Compliance Supplement, helping audit professionals feel more confident that they are accurately implementing the new rules during this period of transition while also reducing the amount of time it takes to comply with the guidance,” stated Steve Holland, an executive editor with the Tax & Accounting business of Thomson Reuters. “It incorporates the administrative requirements and cost principles for both the previous guidelines and the new Uniform Guidance.”

This edition of PPC’s SMART Practice Aids Single Audit provides content based on the 2015 Compliance Supplement, effective for audits of fiscal years beginning after June 30, 2014 for years ending June 30, 2015 or later. The edition also incorporates the audit requirements of OMB Circular A-133 for adutis of fiscal years ending before December 26, 2015.

The full release will include updated content, logic and forms subject to the audit requirements in the Uniform Guidance (effective for audits beginning on or after December 26, 2014 for years ending December 31, 2015 or later).

More information on Thomson Reuters Checkpoint SMART Practice Aids is available here.

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