On the heels of the new risk assessment standards rolled out by the American Institute of CPAs, Thomson Tax & Accounting and the PPC brand are offering two new audit tools.   PPC’s Smart e-Practice Aids focused on risk assessment, allows users to automatically generate customized audit programs based on risk assessments. Specifically, the aid will: 

  •  Complete all audit planning documentation;
  • Identify and capture audit risks affecting engagements;
  • Select an audit strategy in response to risk assessment; and,
  • Diagnose inconsistencies in the audit plan.

 The aid is aimed at improving a firm’s linkage between audit risk and the procedures performed, while increasing consistency across audit engagements.   PPC will also offer a new “Guide to Audit Risk Assessment,” which will be available in a variety of formats, including RIA’s Checkpoint online platform. The guide is meant to help professionals understand the new requirements by providing a complete package of implementation tools, including detailed analysis, revised practice aids and practical guidance. Additionally, PPC’s two-day Audit Risk Assessment Conference will begin on Nov. 30 in Washington.   The new standards go into effect with Dec. 31, 2007 audits. More information on PPC’s offerings is available at http://ppc.thomson.com.

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