2012 Innovation Awards Nomination:
PPC’s SMART Practice Aids – Streamlined Audits
http://support.rg.thomsonreuters.com/smartpracticeaids.asp
The Tax & Accounting business of Thomson Reuters has made substantial enhancements to the widely-used PPC’s SMART Practice Aids®. The new decision-making tools will significantly enrich the user experience and will help audit firm professionals address a critical challenge — increasing efficiency and confidence when planning, creating, and performing financial statement audits, without sacrificing quality. These recent enhancements streamline the initial engagement set up, particularly for small, non-complex audit engagements. These decision-making tools within PPC’s SMART Practice Aids are integrated with PPC’s Audit Guides, available on the industry-leading Thomson Reuters Checkpoint platform.
As audit firms face increased competition and pressure to reduce fees, they need the latest tools to effectively manage risk and better leverage resources. We’re continually refining our audit tools to further streamline the user’s workflow, while maintaining in-depth coverage to ensure compliance with generally accepted auditing standards. Auditors need to be more efficient in audit planning and execution, without sacrificing quality.
Enhancements to PPC’s SMART Practice Aids include:
- SMART Engagement Setup will automatically streamline and tailor auditors’ practice aids and audit programs based on their answers to new setup questions at the beginning of each engagement. This will remove irrelevant information from the practice aids and audit programs, allowing auditors to focus on areas of higher risk.
- SMART Start will make auditors much more efficient when auditing small, noncomplex entities. They will now have the option of beginning their audits with a template set of practice aids and audit programs, specifically tailored for a small, noncomplex audit, rather than starting with a blank engagement. The SMART Start materials are developed by our expert authors and are easily tailored based on the auditor’s judgment and the client’s unique operating environment and risks.
In addition, Thomson Reuters 2011 and 2012 audit guides include a number of enhancements to make the practice aids more streamlined and efficient, without sacrificing the quality that thousands of firms have relied on for decades. Overall, the number of questions in key planning forms have been reduced by 33%.
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