Thomson Reuters — PPC’s SMART Practice Aids

PPC’s SMART Practice Aids are workflow tools that integrate PPC’s practice aids in the planning phase of an audit engagement. This integrated audit planning approach allows auditors to construct audit planning documentation that is consistent throughout the engagement. PPC’s SMART Practice Aids focus on risk assessment and documenting and assessing internal controls. The risk assessment phase comes standard with the product. Assessing internal controls is done with an add-on module.

The product utilizes an intuitive interface along with the PPC practice aids with which most auditors are familiar. Smart Practice Aids has seamless integration with Engagement CS but can also be used independently with any paperless engagement product.

The auditor will be able to implement AICPA risk assessments easier and more effectively in four easy-to-perform steps that will increase efficiency across all engagements. First, the auditor will complete planning forms and identify risks. Based on the results of these activities, the steps needed to be performed will be selected. After the steps are selected, audit programs are automatically selected from PPC practice aids. Each audit program is tailored based on the documented planning responses.

Once the steps are automatically selected, the user can edit, customize, and review the programs and procedures. Now the auditor is ready to create the planning workpapers and audit programs that will be included in the engagement product. With a click of a button, the work programs are created with a diagnostic report. The diagnostic report notes any errors or inconsistencies in the proposed audit plan and execution approach.

If the auditor wishes to document and assess internal controls with PPC’s SMART Practice Aids, an additional module must be purchased. This module is fully integrated with the risk assessments. The documentation and assessment of internal controls process is very similar to the risk assessment process. This module is based on COSO requirements, as well.

The product provides a multi-user environment that allows multiple users to edit different forms in the same client at the same time. The update utility allows the workpapers and work programs to be easily updated after they have been exported to the engagement program. Additionally, the roll-forward to the next year is almost effortless. The following year becomes a changed-based approach instead of having to reenter all of the data again.