November 12, 2015

Thomson Reuters Releases Tools to Help Practitioners Conduct Effective, Efficient International Audits

NEW YORK – In an increasingly global economy, auditors must be able to address the needs of clients with international reach. Thomson Reuters has released PPC’s Practice Aids for Audits Performed under International Standards, which provides streamlined audit programs, checklists, confirmations, and auditor’s reports practitioners need to successfully perform complex audits in accordance with International Standards on Auditing.

This new product provides practitioners with all of the practice aids they need to perform their international audits effectively and confidently. Since these tools work with PPC’s SMART Practice Aids Audit Suite, the new solution is easily integrated into existing firm practices and quality control procedures.

“While U.S. and international auditing standards have largely converged, the same can’t be said for U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS),” said Alison Parker CPA, senior technical editor with the Tax & Accounting business of Thomson Reuters. “Auditors need to be aware of the differences in both the accounting and auditing standards to ensure their audits comply with international standards.”

PPC’s Practice Aids for Audits Performed under International Standards provide tailored disclosure checklists for entities reporting under either IFRS or IFRS for Small and Medium-sized Entities (IFRS for SMEs). Authored by respected internal and external practice experts with decades of practice experience, these Practice Aids provide accounting professionals with the most practical, effective guidance available.

Thomson Reuters Checkpoint has also released a special report, International Audits—Expanding Horizons, which examines the adoption status of international standards in the United States and around the world and addresses some of the unique considerations that auditors should be aware of when performing audits under international standards.

“More and more, our customers are involved in audits with global considerations,” said Scott Spradling CPA, vice president, Audit and Accounting Segment with the Tax & Accounting business of Thomson Reuters. “We are very pleased to offer these high quality resources to assist them in performing those audits efficiently and in full compliance with applicable international standards.”

Thomson Reuters Checkpoint provides integrated research, editorial insight, productivity tools, online learning and news updates along with intelligent links to related content and software. It is relied on by thousands of tax and accounting professionals including practitioners in 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.

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