PPC’s SMART Practice Aids® – Single Audit

Performing Single Audits has always been an involved and complex process that requires judgment as well as risk-based considerations by auditors. However due to the increased spending by the Federal government through the American Recovery and Reinvestment Act (ARRA), Single Audits are receiving unprecedented scrutiny, increased complexity, and more frequent changes.  Many award recipients will now have even more award programs subject to Single Audit requirements, and many others will become subject to the Single Audit requirements for the first time.

PPC’s SMART Practice Aids® – Single Audit is a comprehensive technology application that walks you and your staff through the entire Single Audit process providing a practical, automated, how-to process covering:

• Accumulating all Federal Awards, including ARRA awards
• Determining whether a program specific audit may be elected or whether a Single Audit is required
• Determining which award programs must be tested as Major programs
• Determining whether the auditee qualifies as a “Low-risk auditee”
• Customizing audit programs and signing off electronically
• Combining audit programs for multiple Federal Awards
• Preparing the Schedule of Expenditure of Federal Awards

This exciting new tool will first walk you  through the process of entering all Federal awards, determining whether a Single Audit is required, and if so, performing a risk assessment process in determining which award programs qualify as "major programs" that require specific testing during the Single Audit. 

It will then lead you through a process of accumulating and creating compliance audit programs for each major program/cluster.  The programs will then be tailored and customized as needed based on your judgment and the client's circumstances, and then generated in PPC’s Practice Aids format to be completed to document the work as it is performed. 

In addition, you will have full SMART Practice Aids® functionality on your Single Audits, including automated roll forward of your Single Audit information from year-to-year, extensive diagnostics, and transfer/receive capabilities, all of which will save you significant time and make your Single Audit work more profitable.  Smart Single Audit’s “check for updates” feature also helps you be sure you are working with the most current Compliance Supplement data and are aware of the latest rules and requirements.

SPS:  Call for pricing.
 

PPC’s SMART Practice Aids® - Disclosure

Eliminates the mechanical effort of navigating and completing disclosure checklists and helps you and your staff focus on what counts - ensuring compliance with all disclosure requirements.

Significantly reduce the time necessary to complete a lengthy disclosure checklist on each engagement. Spend less time mechanically filling out checklists and more time ensuring compliance with financial statement disclosure requirements.

• Always have easy access to the most current checklist available, so now you can always be sure that your staff are using the most current checklist available on every engagement.
• Quickly create a streamlined disclosure checklist that includes only the disclosure requirements applicable to the entity.
• Save mechanical time by rolling forward answers from the prior period if desired.
• All new or changed disclosure requirements are automatically highlighted for you.
• Link to content-specific guidance on Checkpoint for research.
• If desired, easily maintain Firm Libraries of approved note disclosures. Create and maintain as many libraries as desired.
• Easily create and manage note disclosures for your active engagements. Copy note disclosure from extensive sets of examples for commercial, not-for-profit, and governmental engagements.
• Fully integrated with the first two SMART Practice Aid® modules, this new Disclosure module can also be used separately, without the first two modules.

SPD:  call for pricing.

PPC’s SMART Practice Aids® – IFRS Disclosure

Financial statement disclosure requirements under IFRS are complex and change frequently. In addition, disclosures vary depending on whether full IFRS or the more simplified IFRS for SMEs is followed.

PPC’s SMART Practice Aids® – IFRS Disclosure will save you time and help you ensure compliance. It will significantly reduce the time necessary to complete lengthy disclosure checklists each time financial statements are prepared, eliminating mechanical effort and allowing both auditors and financial statement preparers to spend more time ensuring compliance.

For use with PPC’s SMART Practice Aids®—Disclosure, full dynamic disclosure requirement functionality will guide you through complex requirements:

• Quickly create a streamlined IFRS disclosure checklist that includes only applicable disclosure requirements
• Select to use a checklist containing requirements for full IFRS or IFRS for SMEs
•  Ensure compliance by always having access to the most current checklist available
• Conveniently link to your licensed disclosure guidance and authoritative IFRS standards on Checkpoint
• Easily identify what is new or changed - all new or changed disclosure requirements are highlighted for you
• Optionally roll forward answers from the prior period
• Rely on diagnostics that alert you to unanswered questions and inconsistent responses
• Share your disclosure checklists with other licensed Smart Disclosure users within or outside of your organization. (Auditors can share disclosure checklists with their clients, and vice versa.)

PPC’s SMART Practice Aids® – IFRS Disclosure is for use with PPC’s SMART Practice Aids® – Disclosure (separate license required).

SDIFQ: call for pricing.

PPC’s SMART Practice Aids® - Internal Control

Increase your confidence in evaluating internal control and identifying control risks.

This new tool guides you through a top-down, risk-based approach for efficiently and effectively evaluating internal control over financial reporting. A comprehensive, integrated internal control evaluation and analysis tool that helps auditors:

• Obtain and document your understanding of internal control
• Evaluate system design
• Prepare internal control test plans if desired
• Asses control risk

Fully integrated with SMART Practice Aids® - Risk Assessment, this tool allows auditors to optimize the overall audit process.

SPI: call for pricing.

PPC’s SMART Practice Aids® - Risk Assessment

New features will increase your efficiency without sacrificing quality.

SMART Engagement Setup will automatically streamline and tailor your practice aids and audit programs based on your answers to new setup questions at the beginning of your engagement. Planning questions not applicable to your client

SMART Start will help you to become much more efficient when auditing small, noncomplex entities. You will now have the option of beginning these audits with a complete set of practice aids and audit programs that are developed by our expert authors and pre-tailored for the unique characteristics of these types of clients. This will save you time by allowing you to review the pre-defined planning content and revise it where needed for your client, rather than starting with blank forms.

Plan your audit in four easy steps:

• Complete planning forms and identify risks.
• Easily assess risks and determine audit strategy.
• A suggested audit program is automatically created for you. Customize further as needed using drag and drop functionality.
• Run diagnostics to identify inconsistencies. Generate planning forms and audit programs in the market-leading Practice Aid format.

SPR: call for pricing.

Using a patented risk assessment technology, this innovative audit tool brings advanced functionality to your existing Practice Aid audit products, allowing you to:

• Automate the audit planning and risk assessment process
• Optimize your own professional audit judgment
• Improve linkage between audit risk and procedures performed
• Increase audit effectiveness and reduce risk
• Increase consistency across your audit engagements

Contact us by email for a FREE, personalized eTools demonstration appointment.

For more information or to order call
800.431.9025, option 1

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