Press Releases
Thomson Tax & Accounting First to Market with Comprehensive Risk Assessment Guidance for Nonpublic Companies
New York, NY
With the release today of PPC’s Guide to Audits of Nonpublic Companies, Thomson Tax & Accounting expands on its comprehensive and innovative audit guidance to thoroughly integrate the requirements of the Risk Assessment Standards and other new standards that go into effect for audits of financial statements for periods beginning on or after December 15, 2006.
Professionals have long relied on Thomson Tax & Accounting and its PPC brand to stay up to date on significant changes impacting audits and this title gives practitioners the tools and the confidence to be in compliance with the new AICPA Risk Assessment Standards.
This new Guide combines the trusted practical guidance of two
previously available products – PPC’s Guide to Audits of Small
Businesses and PPC’s Guide to Risk-Based Audits – into one
updated guide for all nonpublic, non-industry specific audit engagements.
This essential PPC Guide contains comprehensive, practical
guidance and numerous checklists, forms, and audit programs to help firms
transition their audit approach to reflect the new standards. Available in
a variety of formats including on the industry leading Checkpoint platform,
the new Guide can be easily implemented into a firm’s audit work
flow. For firms that have not chosen to adopt the requirements of the risk
assessment standards yet, the Guide also provides a set of
practice aids to give them the flexibility of adopting the new standards
closer to their effective date.
Features include:
• Core Practice Aids. A complete set of “core” practice aids that have been updated for all new auditing standards, including the risk assessment standards, are specifically designed to help identify and assess risks and select an audit approach that is responsive to those risks. The entire set of “core” practice aids can be used for 2007 audit engagements that have adopted the new risk assessment standards.
• Specified Risk Practice Aids. The “specified risk” practice aids include a set of substantive audit programs for audit areas common to many small nonpublic entities based on a specified set of underlying risk assumptions at the assertion level for each audit area. Those audit programs may be useful when assessing and responding to risks for small nonpublic company engagements.
• Pre-Risk Assessment Practice Aids. For 2007 audit engagements prior to the effective date of the risk assessment standards, the Guide provides a set of practice aids that includes audit programs and selected planning checklists updated for all new standards except the risk assessment standards and other standards with the same effective date. The “pre-risk assessment” practice aids should not be used after the effective date of the risk assessment standards, but can be used prior to that date.
The Guide also contains in-depth coverage of new requirements for communicating internal control deficiencies under SAS No. 112 and communicating with those charged with governance under SAS No. 114.
Several guides in the PPC Audit Library have also been updated to reflect the new Risk Assessment Standards, including Audits of Nonprofit Organizations; Audits of Local Governments; and Audits of Employee Benefit Plans. Thomson Tax & Accounting offers a comprehensive risk assessment implementation solution including:
• PPC’s Guide to Audit Risk Assessment—Implementing the Risk
Assessment Standards
• PPC’s SMART e-Practice Aids – Risk Assessment
• PPC’s Audit Risk Assessment Conference and other CPE
and Training Solutions
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• Specialized industry audit guidance updated to provide both
compliance with the new standards and a practical approach for audits of
all sizes.
For more information about PPC’s Guide to Audits of Nonpublic Companies, PPC’s Guide to Audit Risk Assessment, PPC’s SMART e-Practice Aids, or the PPC Audit Risk Assessment Conference, please call 800-323-8724, option #1, or visit http://ppc.thomson.com.
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About The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in
providing essential electronic workflow solutions to business and
professional customers. With operational headquarters in Stamford,
Conn., Thomson provides value-added information, software tools and
applications to more than 20 million users in the fields of law, tax,
accounting, financial services, scientific research and
healthcare. The Corporation’s common shares are listed on
the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Thomson Tax & Accounting, a business segment of Thomson, is a leading provider of technology and integrated information solutions to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Thomson Tax & Accounting includes the Professional Software & Services, Corporate Software & Services, and Research & Guidance businesses. RIA and PPC are brands of the Research & Guidance business.
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