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Thomson Reuters Launches Enhanced Edition of SMART Practice Aids – Single Audit Suite

Thomson Reuters has released a new edition of PPC’s SMART Practice Aids – Single Audit Suite, which provides an automated solution to streamline the single audit process from start to finish. It helps auditors navigate the complexities of new audit rules, thresholds, and associated calculations, while suggesting the appropriate set of compliance audit procedures and guidelines to follow based on engagement and award dates.

The new product works in conjunction with Thomson Reuters Checkpoint Tools, including PPC’s Practice Aids for Single Audits, Audits of Nonprofit Organizations, Audits of Local Governments, Audits of School Districts, and Housing and Urban Development (HUD) Audits.

“Customers realize great efficiency and quality improvements when they use PPC’s SMART Practice Aids – Single Audit to plan their engagements. Naturally, they wanted us to extend that functionality to the rest of the single audit process. This expansion to the Single Audit Suite does just that,” said Stephen Lindsey, senior director, product development with the Tax & Accounting business of Thomson Reuters. “Auditors can now plan the engagement, complete compliance audit programs and add, complete, and manage any other work necessary to document their audit procedures—all without leaving the SMART Practice Aids application.”

PPC’s SMART Practice Aids – Single Audit Suite enables users to:

  • Plan and execute their single audit engagements from beginning to end — including preparation and electronic signoff for practice aids, federal award audit programs, and compliance audit programs.
  • Complete Checkpoint Tools documents related to their single audit, such as the Federal Programs, Risk of Material Noncompliance Assessment Worksheet, Inherent Risk of Noncompliance Assessment Form and Compliance Testing Worksheet.
  • Get expert guidance and practical considerations while using the new suite with supporting links to subscribed guides and standards on Checkpoint.
  • Roll forward relevant information on planning forms, federal award audit programs, and award tracking for use in subsequent single audits.