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CHECKPOINT TOOLSPPC’s SMART PRACTICE AIDS AUDIT ESSENTIAL

WE’VE GOT ESSENTIALS COVEREDFOR YOUR AUDIT ENGAGEMENTSPPC’s SMART PRACTICE AIDS —AUDIT ESSENTIALThere’s no need to start from the ground up each time you embark on an audit engagement.With basic, time-tested tools at your fingertips, you’ll be able to provide quality service to yourclients, while working with the utmost efficiency. PPC’s SMART Practice Aids – Audit Essential isan innovative and easy-to-use workflow tool that provides the essentials you need for anyaudit engagement.With PPC’s SMART Practice Aids – Audit Essential, you’ll be able to document audit planning,assess risk, tailor your engagements and complete your audit programs with ease. Takeadvantage of pre-defined engagements for small, non-complex entities, or create your owncustom engagements as required. You can also accumulate identified audit risks and relatethem to relevant assertions, use custom audit programs based on your risk assessment needs,and even roll your client engagements forward with any changes flagged to the next period.Whatever the needs of your client, we’ve got you covered.Tens of thousands of auditors nationwide rely on PPC’s SMART Practice Aids for contentexpertise and dynamic automation that delivers unparalleled workflow efficiency. Find out why.FOR MORE INFORMATIONCall 800.431.9025Or visit PC’s SMART PRACTICE AIDS — AUDIT ESSENTIAL

FEATURES & BENEFITSIn an environment where firms are facing more competition and pressure to reduce fees, and audits andstandards are overly complex and time-consuming to incorporate into firm processes, practitioners need tobe more efficient in audit planning and execution without sacrificing quality. PPC’s SMART Practice Aids,part of the Checkpoint Tools suite of products, brings advanced functionality to PPC’s Practice Aids Auditand Accounting products for all specialized industries. PPC’s SMART Practice Aids takes the guess-work outof the steps and information needed for you to effectively and confidently serve your clients.The newest tool in this powerful suite of solutions is PPC’s SMART Practice Aids – Audit Essential.Consider some of its outstanding features and benefits: E xpert-authored content gives you the advantageof collective decades of professional experience Experience dynamic automation across anunparalleled breadth of industries The ability to use PPC’s SMART PracticeAids – Audit Essential alone or with all paperlessengagement products Pre-defined engagements for small, non-complexentities save time and make your engagementprocess seamless and efficient Custom audit programs ensure you are able tomeet the unique needs of your client—every time Roll your client engagements forward with anychanges flagged to the next period Experience exclusive integration withEngagement CS and AdvanceFlow , part of theCS Professional Suite from Thomson ReutersPPC’s SMART Practice Aids –Audit essential is aninnovative and easy-to-useworkflow tool that providesthe essentials you need forany audit engagement.Or, use the full PPC’s SMART Practice AidsAudit Suite for complete SMART functionalityincluding full multi-user capability, engagementdashboard, SMART design and navigation features,and more.PPC’s SMART PRACTICE AIDS — AUDIT ESSENTIAL3

Use pre-definedengagements for small,non-complex entities(SMART Start) orcreate your owncustom engagementSMART Start will helpyou become much moreefficient when auditingsmall, noncomplex entities.You have the option ofbeginning these audits witha complete set of practiceaids and audit programsthat are developed by ourexpert authors and pretailored for the uniquecharacteristics of thesetypes of clients.Link to content specific paragraphguidance and professional standardslicensed on Thomson Reuters Checkpoint Perform risk assessment,tailor audit programs, andsign-off procedure stepsall in one placeDocument audit planning,accumulate identified auditrisks and relate them torelevant assertions4PPC’s SMART PRACTICE AIDS — AUDIT ESSENTIAL

Assess effects of risks byselecting Low, Moderate,High, or Not Relevant foreach assertionUse a suggested auditprogram that is automaticallycreated based on your riskassessment using a patentedrisk assessment processFurther tailor the auditprograms, if needed,using easy drag and dropfunctionalityCommonly used PPC formsare added for you to save timeEasily complete your auditwork and sign off auditprogram steps within SMARTand insert linked workpaperreferencesPPC’s SMART Practice Aids - Audit Essential saves you time on every audit engagement, helps you auditmore effectively, and gives you more confidence in your decisions.PPC’s SMART PRACTICE AIDS — AUDIT ESSENTIAL5

EXPERIENCE ENHANCED EFFECTIVENESSTHROUGH INTEGRATION WITH OTHERTHOMSON REUTERS PRODUCTSPPC’S SMART PRACTICE AIDS – DISCLOSURESpend less time mechanicallyfilling out checklists and moretime ensuring compliance withfinancial statement disclosurerequirements.PPC’s SMART Practice Aids - Audit Essentialintegrates with PPC’s SMART PracticeAids – Disclosure, significantly reducing the timenecessary to complete a lengthy disclosure checkliston each engagement. Spend less time mechanicallyfilling out checklists and more time ensuringcompliance with financial statement disclosurerequirements. You’ll be able to: Link to content specific guidance licensed onCheckpoint for one click access to applicableFASB references Create a streamlined disclosure checklist thatincludes only the disclosure requirements applicableto the entity Search extensive sets of PPC example notedisclosures for commercial, not-for-profit, andgovernmental engagement Easily update your disclosure checklist to ensure youand your staff are using the most current checklistavailable on each engagement Create firm libraries of approved note disclosures asneeded See highlighted new or changed disclosurerequirements Save mechanical time by rolling forward answersfrom the prior period, if desired Rely on diagnostics that alert you to unansweredquestions and inconsistent responses Use separately, or with the SMART PracticeAids SuitePPC’s SMART PRACTICE AIDS — AUDIT ESSENTIAL6

ENGAGEMENT CS AND ADVANCEFLOW A true paperless engagement is possible only by combining powerful, comprehensive software withexpert guidance.PPC’s SMART Practice Aids provides exclusive integration with Engagement CS and AdvanceFlow,part of the CS Professional Suite from the Tax & Accounting business of Thomson Reuters.Engagement CS—the profession’s leadingsoftware for paperless engagement processing—offers the perfect blend of engagement tools,document management functionality, and trialbalance and financial statement capabilities, withindustry-leading guidance.Create and manage allworkpapers electronically andeliminate paper filesAdvanceFlow is the first web-based auditengagement solution, built to complementthe GoFileRoom platform that’s alreadyused by most of the top accounting firmsaround the U.S.Take advantage of cloud-basedpower—all of your workpapersare just a click awayVisit cs.thomsonreuters.com for more information on the CS Professional Suite

FOR MORE INFORMATIONCall 800.431.9025Or visit out Thomson ReutersThomson Reuters is the world’s leading source of intelligent informationfor businesses and professionals. We combine industry expertise withinnovative technology to deliver critical information to leading decisionmakers in the financial, legal, tax and accounting, healthcare andscience and media markets, powered by the world’s most trusted newsorganization. With headquarters in New York and major operations inLondon and Eagan, Minnesota, Thomson Reuters employs more than55,000 people and operates in more than 100 countries. For moreinformation, go to thomsonreuters.com.About Thomson Reuters CheckpointThomson Reuters Checkpoint is the industry-leader for online informationfor tax and accounting professionals. Checkpoint blends cutting-edgetechnology, editorial insight, timesaving productivity tools, onlinelearning, and news updates with intelligent linking to related contentand software.Thousands of tax and accounting professionals rely on Checkpoint everyday to understand complex information, make informed decisions and useknowledge more efficiently.94 of the top 100 U.S. Law Firms, 95 of the Fortune 100 and all of the Top100 U.S. CPA Firms rely on Checkpoint.Thomson Reuters3 Times SquareNew York, NY10036Contact ditessential 2013 Thomson Reuters. Checkpoint and WG&Lare registered trademarks of Thomson Reuters(Tax & Accounting) Inc. All rights reserved.All other trademarks listed herein are theproperty of their respective owners.T-600471 4/13

PPC’s SMART Practice Aids – Audit Essential is an innovative and easy-to-use workflow tool that provides the essentials you need for any audit engagement. With PPC’s SMART Practice Aids – Audit Essential, you’ll be able to document audit planning, assess risk, tailor your engagements and complete your audit programs with ease. TakeFile Size: 1MB