Thomson Reuters Simplifies Process of Conducting Audits of Health Care Entities...
Thomson Reuters Simplifies Process of Conducting Audits of Health Care Entities and Broker Dealers
New PPC Practice Aids on Checkpoint walk practitioners through processes, step-by-step
18 Nov 2013
NEW YORK — Thomson Reuters has released two new PPC Practice Aid tools onto its industry-leading online platform Thomson Reuters Checkpoint. These practice aids address current challenges facing practitioners who perform audits of health care entities or broker dealers.
“Unprecedented regulatory changes have created unique issues and risks in audits of health care entities,” said Scott Spradling, vice president for audit and accounting products at Thomson Reuters.
“Another audit segment under intense scrutiny is broker-dealers -- brought on by recent SEC regulations and problems identified through the PCAOB’s inspection process,” Spradling said. “Our practice aids combine authoritative content and technology to increase the practitioner’s confidence and efficiency in performing these audits.”
The tools include step-by-step processes in Microsoft Office format, extensive links to related content, and authoritative analysis by renowned authors from the PPC, RIA and WG&L brands. In addition, the tools enable health care and broker-dealer audits within the market leading SMART Audit Suite. SMART users gain significant benefits, including engagement diagnostics and automated roll forward from year to year. Feature highlights include:
Addresses audit areas common to non-carrying broker-dealers such as due to/from brokers, commission and concession revenue, and commission expense; securities, derivatives, and principal transactions; net capital, aggregate indebtedness, and the required minimum net capital computation; and the internal control study under SEC Rule 17a-5(g).
Includes tailored engagement and representation letters, confirmation and correspondence letters including requests to confirm clearing broker-dealer commission and concession revenue monthly statements; proprietary accounts; cash subordinated loans and secured demand notes; and exchange memberships.
Provides planning and risk assessment checklists addressing auditor independence, the broker-dealer industry, non-carrying broker-dealers, and more.
Offers standard auditor’s reports, as well as report drafting illustrations on internal control under SEC Rule 17a-5(g)(1), claiming exemption from SEC Rule 15c3-3, and a procedures report on Form SIPC-7.
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