• 23 Aug 2010

Thomson Reuters Simplifies the Process of Conducting Single Audits and IFRS Disclosures on Checkpoint

New PPC SMART Practice Aids walk you through processes, step-by-step

The Tax & Accounting business of Thomson Reuters has released two new PPC’s SMART Practice Aids™ tools onto Checkpoint, its industry-leading online platform trusted by more than half a million users. These software tools alleviate challenges and increase efficiency when performing single audits and adopting International Financial Reporting Standards (IFRS).

As part of the widely-used Checkpoint Tools line, these applications include practical how-to processes, extensive links to related guidance, and authoritative analysis by renowned authors of PPC, RIA and WG&L brands. These new PPC’s SMART Practice Aids include the following features:

  • PPC’s SMART Practice Aids – Single Audit is practical, automated software that walks accounting and auditing professionals through the complex single audit process. The tool aids in accumulating federal awards, determining if a single audit or a program-specific audit is required, identifying which award programs must be tested as major programs, determining if the auditee is “low risk”, signing off electronically, combining audit programs for multiple federal awards, and preparing a Schedule of Expenditure of Federal Awards.
  • PPC’s SMART Practice Aids – IFRS Disclosure is a practical, automated, module for accounting and auditing firms to help their clients comply with IFRS disclosure requirements. Disclosure requirements are included for both full IFRS and IFRS for small- and medium-sized entities. Users can easily tailor lengthy disclosure checklists with only the applicable requirements and quickly identify new or changed requirements. The tool is integrated with PPC’s SMART Practice Aids – Disclosure.

“Many businesses are finding audits and standards to be overly complex and time-consuming to incorporate into their processes,” said Jim Reeves, senior vice president of Checkpoint Product Development. “Our practice aids take the guess-work out of the steps and information needed for practitioners to effectively and confidently serve their clients.”

As the industry’s leading research platform, Checkpoint is relied upon by 100 of the top 100 U.S. CPA firms, 95 of the top 100 U.S. law firms, and 93 of the Fortune 100 Corporations, for its up-to-date information and easy-to-use functionality.

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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. For more information, go to www.thomsonreuters.com.

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 Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to http://thomsonreuters.com/products_services/taxacct/.

Contacts

Ruth Ann Baker (U.S.)
Public Relations Manager
Tel: +1 972.250.7438
Email

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