Thomson Reuters Checkpoint Releases Updated Single Audit Solution

Updates to Thomson Reuters Checkpoint provide customers with a single audit tool for the first time that complies fully with the Office of Management and Budget’s (OMB) recently released 2015 Compliance Supplement. Specifically, this edition of PPC’s SMART Practice Aids—Single Audit simplifies the new administrative requirements and cost principles for both OMB Circular A-133 audits and Uniform Guidance audits.

In December 2013, the OMB issued its Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The 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,” said 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.”