Thomson Reuters has released PPC’s SMART Practice Aids – Audit Essential on its Thomson Reuters Checkpoint online research service.
The tool provides functions that audit professionals can use for audit engagements. Functions include predefined engagements for small, non-complex entities; roll-forward of engagements with changes flagged to the next period; the ability to use the tool alone or with other Thomson Reuters engagement product; automated workflow of the steps and information needed to conduct an engagement; the ability to create custom audit programs to meet unique needs of clients; and access to licensed content from authoritative authors under the Thomson Reuters brands PPC, RIA and WG&L.
“In the current industry environment, audit firms face increased competition and pressure to reduce fees while navigating complex audit standards that are time-consuming to incorporate into processes,” said Scott Spradling, vice president of audit and accounting at Thomson Reuters, in a statement. “Audit Essential is a simplified entry
PPC’s SMART Practice Aids – Audit Essential integrates with other Thomson Reuters tools and software, including PPC’s SMART Practice Aids – Disclosure, which includes the disclosure requirements applicable to the entity and significantly reduces time necessary to complete a lengthy disclosure checklist on each engagement; Engagement CS, which is a blend of engagement tools, document management, trial balance and financial statement capabilities, integrated with licensed guidance; and AdvanceFlow, a Web-based engagement system that complements Thomson Reuters GoFileRoom.
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