Audit Image credit pixabay/TumisuThomson Reuters has extended its audit solutions portfolio with the UK launch of its Cloud Audit Suite. Thomson Reuters claims this is the UK’s first fully cloud-based end-to-end audit software. Cloud Audit Suite has been available in the US for years and is now localised for the UK market. That means it is already a mature product, and organisations will benefit from a tried and tested solution.

John Hiller, Vice President of Product Management
John Hiller, Vice President of Product Management at Thomson Reuters

John Hiller, Vice President of Product Management at Thomson Reuters, said, “As the UK’s audit profession prepares itself for long-awaited reform, technology such as the Cloud Audit Suite will make it considerably easier for auditors to deliver high-quality audits. A key benefit of the product is that it will significantly speed up the time to complete audits, improving efficiency within firms.”

Cloud Audit Suite

The Suite comprises three core solutions:

Engagement management: AdvanceFlow

AdvanceFlow enables auditors to manage their processes with workflows that help to track and automate processes connecting work papers and trial balances. It provides powerful workpaper management and sophisticated trial balance capabilities with streamlined document management. The solution enables real-time collaboration enabling auditors to coordinate activities whether working from home, in the office or the field.

Reviews are tracked, which means there is a single master field available for everyone removing both duplication of efforts and the risk of versioning issues.

Audit methodology

Checkpoint Engage provides a guided engagement process for audits. A risk management element helps the team track and manage existing risks. The Risks feature supports a benchmarking feature that enables auditors to see how other firms manage risks in similar engagements. The solution enables auditors to rapidly set up engagements with a dynamic setup process that creates the questions and workflows required for each engagement.

The audit methodology for the UK was developed with advice from Kathryn Cearns, OBE. She is the former Chair of the Office for Tax Simplification and the ICAEW Financial Reporting Committee. She has served as a board member on several high-profile public bodies and has extensive expertise in financial reporting, auditing standards and corporate governance.

Confirmation

Confirmation is a secure messaging platform that enables users to send and receive documents from a global network of validated responders, such as banks and law firms. The solution is used by over 1.5 million users, 16,000 audit firms, and over 4,000 banks and departments. It also supports more than 100 confirmation types.

US customers are delighted with the solution, with Ross H. Roye, CPA, Gray, Blodgett & Company, PLLC, commenting, “Without the integration between AdvanceFlow and Checkpoint Engage, I would have double the work. By having Checkpoint Engage live in my file, it’s one change.”

Providing a complete audit service

Cloud Audit Suite will improve the efficiency of audits, reducing the time they take and enabling the completion of more audits within working hours. It reduces the number of manual errors that can creep in and ensures that checking is faster, with access to completed documents immediately available.

Overall, it removes many manual and sometimes repetitive processes, giving auditors more time to consider audits holistically and strategically or to focus on areas with a higher risk or value and require critical thinking rather than number crunching.

Other Audit services provided by Thomson Reuters include:

  • AuditWatch: a specialised audit consulting service with access to leading experts that can help firms from audit standards to methodology
  • GoFileRoom: A secure document storage solution that provides document management, scanning and workflow technology
  • Checkpoint Edge: A research and guidance tool powered by AI

Enterprise Times: What does this mean

In launching this solution in the UK market, Thomson Reuters hopes to quickly gain market share and persuade auditors to adopt its solution and realise the efficiency gains. While the involvement of Cearns in the localisation process is welcome, there is little information on the Thomson Reuters site about how the products are localised for the UK market.

With the release of Cloud Audit Suite in the UK, Thomson Reuters aims to make auditing more efficient, accurate, and accessible.

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