Today’s audit professionals face a variety of headwinds. Rapid regulatory change and tight competition for talent is demanding more and more accounting and audit firms adopt advanced technology to gain a competitive edge.
From a workflow perspective, many auditors feel as though they are over- or under-auditing. And without the ability to roll data forward or efficiently build an audit program and tailor checklists, many firms are missing out on valuable time savings. Not to mention the time it takes to stay on top of industry-specific guidance, changing standards, and collecting, managing, and keeping track of PBC documents.
On top of all that, managing collaboration, file exchange, synchronization and data access — including the time it takes to import trial balances, get financial confirmations, and build or update financials and lead sheets — can be an enormous challenge, especially when multiple staff members are working on the same audit from different locations.
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Amidst the chaos, today’s auditors need practical considerations, real-life examples, and expert guidance to confidently complete audits and remain competitive in an evolving landscape. But is there an effective audit methodology backed by AI-powered audit software that you can trust from start to finish? The answer is yes.
Enter Thomson Reuters Cloud Audit Suite Methodology
Thomson Reuters Cloud Audit Suite is a comprehensive solution designed to address the unique challenges faced by today’s audit professionals. The Cloud Audit Suite methodology is built on years of experience from seasoned auditors who understand the intricacies of the audit process, ensuring that your audits are not only efficient but also adhere to the highest standards of quality and accuracy.
The Thomson Reuters PPC audit editorial team has:
- 30+ years of passing peer review or receiving unmodified examination opinions on our QCM
- 500 combined years of industry and public accounting experience
- 20 in-house CPA editors and 70 external expert authors
Our editors make updates to more than:
- 2,800 examples of internal control and management letter comments
- 2,700 illustrative financial statement note disclosures
- 4,500 Checkpoint tools, practice aids and audit programs
With experienced auditors who bring real-world insights, the Cloud Audit Suite supports auditors at every level, from junior staff to seasoned partners, with practical tools and guided resources that enhance audit capabilities and streamline workflow.
Explore the transformative benefits of Cloud Audit Suite
Confidently manage and complete audits faster with the latest technology and intuitive workflows that guide you through every step of the process.
- End-to-end audit functionality. From planning and risk assessment to execution and documentation, the Cloud Audit Suite integrates all phases of an audit into a single, seamless platform. This comprehensive approach ensures that audit firms can manage engagements more effectively, reducing the time and effort required to complete each audit.
- Increased speed without compromising quality. Gain access to a single cloud-based audit application that guides you through an automated process. Prevent over or under auditing with a customized audit program based on documented risks and assertions.
- Boost accuracy and efficiency. The roll forward feature provides engagement information, reporting periods, dates and indexing, trial balance, and workpaper settings for the subsequent year’s audit file. Boost your expertise with PPC audit guides loaded with practical considerations, real life examples, time saving checklists and more.
- A new era in completeness. Manage all types of engagements, including audits and single audits, compilations, preparations, and reviews. Leverage the power of AI to see how your firm’s identified risks stack up to similar industry engagements. Securely send audit confirmations to anyone, anywhere and cut confirmation time from weeks to days.
- Keep up with regulatory changes and complexities. Regulatory changes and complexities are constant challenges in the audit profession. The Cloud Audit Suite is regularly updated to reflect the latest regulatory requirements, helping you stay compliant and avoid potential pitfalls.
- Find and retain qualified staff. The Cloud Audit Suite simplifies the audit process, making it more attractive to potential employees who seek an efficient and innovative work environment, while increasing job satisfaction among existing staff. Collaborate on the same engagement at the same time from anywhere without syncing issues.
- Address competitive fee pressure. Audit firms often face pressure to offer competitive fees while maintaining high-quality services. The Cloud Audit Suite enhances efficiency and reduces costs, enabling firms to offer competitive pricing without compromising on quality.
With Cloud Audit Suite, you can easily access a wide range of resources, including customizable templates, checklists, and practice aids. These tools are designed to simplify the audit process, allowing you to focus on the critical aspects of your work rather than getting bogged down with administrative tasks.
From streamlining peer review to rolling forward audit programs and checklists, hear how our customers are benefiting Thomson Reuters Cloud Audit Suite. Hear our customer stories >>
Put your firm at the forefront of audit innovation
With the power of AI and a proven audit methodology, the Thomson Reuters Cloud Audit Suite puts your firm at the forefront of audit innovation with:
- Data-driven audits. A guided, practical approach to streamlining data ingestion and using AI to identify potential anomalies and test audit populations based on identified risk segments.
- Assisted decision making. Leverage AI to help with key judgments, such as risk identification and designing responses, by seeing how other firms have identified and responded to risks in similar engagements.
- Generative AI. Harness generative AI to extend the capabilities of our cloud-based audit solutions, including creating financial statements, harvesting insights from the audit engagement to add greater client value, and embedding just-in-time guidance throughout the audit workflow.
- Guidance on SAS 146. Look for updated guidance and methodology that is updated to meet the new SAS 146 quality management standard in 2025.
If you’re ready to take the first step on your journey towards completing audits faster and with absolute confidence, request a demo or contact a salesperson about Thomson Reuters Cloud Audit Suite today.