Thomson Reuters has released a new edition of PPC’s SMART Practice Aids – Single Audit Suite to automate the single audit process.
The software helps auditors navigate complex audit rules, thresholds and associated calculations, while suggesting the appropriate set of compliance audit procedures and guidelines to follow based on engagement and award dates.
The new product works in conjunction with Thomson Reuters Checkpoint Tools, including PPC’s Practice Aids for Single Audits, Audits of Nonprofit Organizations, Audits of Local Governments, Audits of School Districts, and Housing and Urban Development (HUD) Audits.
“Auditors can now plan the engagement, complete compliance audit programs and add, complete, and manage any other work necessary to document their audit procedures—all without leaving the SMART Practice Aids application,” said Stephen Lindsey, senior director, product development with the Tax & Accounting business of Thomson Reuters, in a statement.
PPC’s SMART Practice Aids – Single Audit Suite enables users to plan and execute their single audit engagements from beginning to end, including preparation and electronic signoff for practice aids, federal award audit programs, and compliance audit programs. Users can complete Checkpoint Tools documents related to their single audit, such as the Federal Programs, Risk of Material Noncompliance Assessment Worksheet, Inherent Risk of Noncompliance Assessment Form and Compliance Testing Worksheet. The software provides guidance with supporting links to subscribed guides and standards on Checkpoint. Users can roll forward relevant information on planning forms, federal award audit programs, and award tracking for use in subsequent single audits.
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