June 23, 2015 - Thomson Reuters today announced the release of the 2015 editions of its widely-used series of audit guides and related practice aids for multiple industries, including commercial entities, nonprofit organizations, local governments, and employee benefit plans.
The guides are relied on by audit practitioners throughout the profession to ensure compliance with complex audit and accounting standards. Included are comprehensive and fully updated checklists incorporating all new and revised disclosure requirements issued by the Financial Accounting Standards Board.
Peer reviewers cite missing or incomplete financial statement disclosures as one of the most common deficiencies identified in financial statement audits. PPC's SMART Practice Aids—Disclosure is a comprehensive financial statement disclosure and preparation tool that eliminates the mechanical effort of navigating and completing disclosure checklists, enabling users to create a streamlined disclosure checklist, view highlighted new or changed disclosure requirements, link to content-specific guidance on Thomson Reuters Checkpoint for research, create firm libraries of approved note disclosures as needed, and more.
"While competition is fierce, both for audit work and for talent, we continue to see a strong emphasis on audit quality across the profession," said Scott Spradling, vice president of audit and accounting with the Tax & Accounting business of Thomson Reuters. "Our SMART Practice Aids—Disclosure solution, for example, is designed to help users save time on every engagement and ensure compliance with all disclosure requirements."
PPC's SMART Practice Aids—Disclosure is part of the patented and widely-used SMART Audit Suite, which recently earned a CPA Practice Advisor 2015 Readers' Choice Award in the Audit Engagement Tools category. It can be used separately or with other modules in the SMART Audit Suite.