Mr. Steve Holland reports

THOMSON REUTERS CHECKPOINT RELEASES UPDATED SINGLE AUDIT SOLUTION

Updates to Thomson Reuters Corp.'s Checkpoint provides customers with a single audit tool for the first time that complies fully with the Office of Management and Budget's (OMB) recently released 2015 compliance supplement. Specifically, this edition of PPC's SMART Practice Aids-Single Audit simplifies the new administrative requirements and cost principles for both OMB Circular A-133 audits and Uniform Guidance audits. In December, 2013, the OMB issued its uniform administrative requirements, cost principles and audit requirements for federal awards (uniform guidance). The uniform guidance supersedes, streamlines and consolidates eight existing OMB circulars, including OMB Circular A-133.

"Our single audit tool reduces the complexity of implementing the 2015 compliance supplement, helping audit professionals feel more confident that they are accurately implementing the new rules during this period of transition while also reducing the amount of time it takes to comply with the guidance," said Steve Holland, an executive editor with the tax and accounting business of Thomson Reuters. "It incorporates the administrative requirements and cost principles for both the previous guidelines and the new uniform guidance."

This edition of PPC's SMART Practice Aids-Single Audit provides updated content based on the 2015 compliance supplement, which is effective for audits of fiscal years beginning after June 30, 2014 (years ending June 30, 2015, or later). It also incorporates the audit requirements in OMB Circular A-133, for audits of fiscal years ending before Dec. 26, 2015.

A future release of PPC's SMART Practice Aids-Single Audit will include updated content, logic and forms for audits subject to the audit requirements in the uniform guidance, which is effective for audits beginning on or after Dec. 26, 2014 (years ending Dec. 31, 2015, or later).