November 18, 2013

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

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:

  • PPC Practice Aids for Audits of Health Care Entities
    • Covers audits of investor-owned, nonprofit, or special-purpose governmental entities including hospitals, nursing homes, continuing care retirement communities, and home health and hospice care.
    • Can be used with PPC audit resources for Single Audit and Yellow Book to meet those audit requirements.
    • Includes confirmation and correspondence letters such as the engagement letter, representation letter, and malpractice liability insurance confirmation letter.
    • Includes checklists addressing specific factors to consider and risks unique to health care entities.
    • Provides audit programs for patient revenues and receivables, third-party payor settlements, and medical malpractice liabilities.
  • PPC Practice Aids for Audits of Broker-Dealers
    • 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.

In addition, Checkpoint Learning offers a related online continuing professional education course, Introduction to the Health Care Industry, which provides seven CPE credits.

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 and risk, legal, tax and accounting, intellectual property 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 approximately 60,000 people and operates in over 100 countries. For more information, go to