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Thomson Reuters Report Helps Auditors Avoid Common Practice Pitfalls

To help audit professionals navigate the unexpected consequences of audit and attest issues, Thomson Reuters has released a special report, Four Ways to Avoid Audit and Attest Deficiencies.

This report comes on the heels of the release of the latest AICPA peer review findings, which were identified during peer reviews of firms that perform audit and attest engagements. The focus of peer reviews is to assess and improve audit quality and ensure compliance with professional standards.

“With busy season approaching, it is critical that auditors are aware of these risk areas and are well-prepared to address them effectively,” said Scott Spradling, CPA, vice president, Audit and Accounting segment with the Thomson Reuters Tax & Accounting business. “This report provides insights and tips to help audit professionals anticipate and recognize areas of highest risk, develop high-quality audit plans, and avoid deficiencies.”

The report provides a discussion of common deficiencies identified in peer reviews, such as those related to the auditing standards for performing group audits. Other issues addressed in the report include accounting errors, disclosure concerns, non-attest services, and reporting mistakes.

The report identifies four things for audit professionals to consider in successfully planning and performing audits during the upcoming audit season. The free report is available for download.

Thomson Reuters Checkpoint provides numerous audit solutions, including planning tools to help professionals identify and respond to risks. Professionals can benefit from the following products:

  • Checkpoint Engage
  • SMART Practice Aids Audit Suite
  • PPC’s Guide to Audits of Nonpublic Companies
  • PPC’s Guide to Quality Control
  • PPC’s Guide to Auditor’s Reports
  • PPC’s Guide to Nontraditional Engagements
  • PPC’s Guide to Compilation and Review Engagements
  • Checkpoint Learning

Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI).