Thomson Reuters Unveils Checkpoint Engage PCR

Thomson Reuters has launched a new cloud audit solution called Checkpoint Engage PCR (Preparation, Compilation and Review). The system is designed to provide consistency in both documentation and process – the biggest pain points accounting and audit professionals experience related to PCR engagements.

Checkpoint Engage PCR delivers a step-by-step process that includes embedded practical considerations, and it eliminates staff guesswork by automatically including the appropriate engagement and representation letters. Firms can comply with confidence knowing that their engagement forms and procedures are automatically tailored based on responses corresponding to each client’s unique circumstances and that disclosure checklists automatically include only relevant requirements. Checkpoint Engage PCR was built in the cloud, which enables staff to collaborate in real-time, alleviating version control issues.

Backed by the award-winning Checkpoint editorial team, the solution allows firms to create engagement templates specific to their firm’s protocol using a wide breadth of industry-specific content and guidance written by industry experts, enabling firms to meet necessary requirements for SSARS, SAS, and PCAOB PCR engagements.

“Accounting and audit firms face growing pressure to accurately document and produce high quality and consistent deliverables for all of their clients’ assurance work under increasingly compressed timelines, and PCR engagements are no exception,” said Charlotte Rushton, president, Tax & Accounting Professionals, Thomson Reuters. “With Checkpoint Engage PCR, firms can easily integrate an automated process for PCR engagements into their workflow – with all of the benefits of a cloud-based platform – to save time and add consistency to their current process. Most importantly, Checkpoint Engage PCR is part of a proven, global application system from a leading and trusted innovation partner in the industry.”

The solution gives accounting professionals peace of mind with alerts and diagnostics, as well as progress indicators which can point to specific areas of concern. Checkpoint Engage PCR also eliminates the need to start from scratch or duplicate work, since each period’s workpapers roll forward onto forms that have been updated to reflect the next period’s engagement with new or changed questions and requirements flagged.

Checkpoint Engage PCR is part of the fully integrated Thomson Reuters Cloud Audit Suite, designed to enable real-time digital collaboration between audit teams and clients to optimize their audit workflow. Firms can further increase the time savings of their PCR engagements by subscribing to TR Audit Intelligence, powered by Inflo, which enables file sharing, data ingestion and analytics.

For more information about Thomson Reuters Checkpoint Engage PCR, visit https://tax.thomsonreuters.com/en/checkpoint/engage-pcr