Audit automation: Exploring the benefits of Guided Assurance Single Audit

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When it comes to Single Audits of local governments, nonprofits, school districts, and HUD engagements, auditors must navigate through a complex set of rules that are constantly changing. In addition, trying to identify which federal awards need auditing and sifting through extensive federal guidance to locate, compile, and execute the necessary audit procedures, can be significantly time-consuming.

These challenges compound quickly as the volume of audits increases. Each year, accounting firms perform approximately 40,000 Single Audits, making the time, effort, and expenses involved in them overwhelming, to say the least.

However, there is an answer: audit automation. A well-designed cloud-based solution like Thomson Reuters Guided Assurance Single Audit (formerly Checkpoint Engage Single Audit) can automate the entire single audit process by embedding professional standards and regulatory requirements right into your workflow, ensuring you adhere to all necessary standards throughout the engagement, all while gaining workflow efficiencies.

Let’s take a look at the transformative benefits of single audit automation.

Ensure accuracy with audit automation

Applying the rules and calculations to determine which federal awards must be audited and the procedures that must be performed can be intricate and prone to errors. But, Guided Assurance Single Audit walks you through the process.

Just enter your client’s federal award information, and expenditures, and answer a few questions, and voila! The application determines which awards must be audited and prepares a compliance audit program containing the procedures that must be performed.

Backed by an in-house team of expert CPAs and nationally recognized authors, you can be sure the results are accurate and comply with current standards. In addition, PPC audit guides are loaded with practical considerations, real-life examples, time-saving checklists, and practice aids — everything you need to pass peer review.

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Tailor the audit workflow process

With the ability to customize your workflow to suit each client, Guided Assurance Single Audit offers a flexible design and risk-based audit approach for any size engagement. Answer a few quick questions and Guided Assurance will automatically tailor the engagement by removing unnecessary forms and programs.

The progress bar makes it easy for your team to track documents and sign off on any steps, while practical considerations ensure everyone knows exactly what’s being asked for each area.

Auditors and managers can simultaneously sign off on multiple procedures, quickly check all engagement overviews, and identify missing answers. Plus, you can track and store awards and expenditures, and flag the last time a program was audited as major. And you can compile the data needed for the Schedule of Expenditures of Federal Awards (SEFA) report with dedicated support.

At the end of the day, a cloud-based solution streamlines single audits by providing real-time updates, automating complex calculations, centralizing information, and embedding compliance measures. This not only simplifies the engagement process but also enhances efficiency and accuracy in navigating the challenges associated with single audits.

Are you ready to transform your Single Audit workflow?

Guided Assurance Single Audit is the only online application that automates the entire single audit process. In fact, it was named Accounting Today’s 2023 New Products of the Year.

Because Guided Assurance Single Audit is embedded with the Office of Management and Budget’s Compliance Supplement, you no longer need to work across applications from multiple places – everything you need is included and automated.

As a web-based solution, Guided Assurance Single Audit offers the flexibility to work from anywhere and allows multiple team members to collaborate on the same engagement simultaneously, with real-time updates. And, as part of the Guided Assurance family of products, you’ll enjoy a seamless, integrated experience with your financial statement audits.

So, if you’re ready to transform your Single Audit workflow, then dive deeper into the innovative solution designed to streamline your processes and enhance collaboration.

Learn more about Guided Assurance Single Audit and elevate your audit automation experience today.