Thomson Reuters introduces software module to improve efficiency of audits
The Tax & Accounting business of Thomson Reuters recently released PPC's SMART Practice Aids - Field Work as the latest module in PPC's SMART Audit Suite, which has been upgraded with new SMART workflow features.
With the addition of the Field Work module, audit professionals can plan and execute the entire PPC audit process within the SMART Suite. The suite's new engagement dashboard, navigation, and audit program design features help professionals keep track of the audit plan status, manage risks, and avoid under- and over-auditing.
"Firms are facing more competition and pressure to reduce fees, so they are looking for more efficiency in their audit planning and execution, without sacrificing quality," said Scott Spradling, senior director of new product development for Tax & Accounting business of Thomson Reuters. "SMART Practice Aids - Field Work, in combination with our continued streamlining of the audit approach, helps our customers accomplish just that."
SMART Practice Aids - Field Work features include:
- Applicable PPC workpapers are automatically placed into the engagement, including those already completed in other SMART modules.
- Audit program steps can be completed and signed off within SMART.
- Hyperlinks can be placed in workpapers to reference any document within SMART.
SMART Suite upgrades include:
- New SMART Navigator guides staff through the engagement process from beginning to end and provides a visual status.
- New Engagement Dashboard displays status at a glance - for both the overall engagement and for each audit area, including steps not started, in progress, and completed.
- New SMART Audit Program Design isolates steps by assertion and risk, ensuring the audit plan is tailored specifically to risks, and to the appropriate extent of auditing needed.
About Thomson Reuters:
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries.
The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Ann Arbor, Dallas, Hyderabad, London, Sydney, and Toronto.