Preparing for summer 2023 audits

Many audit professionals are beginning to plan now for summer audits. How can you ensure that you have the latest guidance and practice aids to address new auditing or accounting standards that will impact your clients and their audits as well as provide specific insights into how those standards will impact the specific type of entity you’re auditing? Your clients are depending on your expertise.

For over 30 years, PPC guides and practice aids have provided trusted audit and accounting guidance for accounting firms and their auditors. As 2023 versions of these guides are released, they can provide you with everything you need to do an audit in today’s complex environment. A few of the many available guides are highlighted below.

PPC’S Guide to Audits of Nonprofit Organizations

Nonprofit organizations may require compilations, reviews, audits, or Single Audits. PPC's Guide to Audits of Nonprofit Organizations includes tailored practice aids to help you perform audits and engagements for your nonprofit clients in accordance with professional standards. The guide contains report examples and multiple sets of audit programs including a set of initial audit programs, a core set appropriate for any audit engagement, and a set appropriate for audits of many small organizations.

Dozens of timesaving tools will ensure you'll stay in compliance with professional standards and peer review requirements, reducing your risk of non-compliance. You’ll be able to serve your nonprofit clients with ease and have critical information and tools at hand, including:

  • An overview of the nonprofit environment and how it differs from business entities
  • In-depth guidance on how accounting and tax issues may impact your nonprofit audit engagements
  • Streamlined forms and checklists
  • Confirmation, engagement, and management representation letters
  • Compilation, review, audit, and Single Audit report examples

PPC’S Guide to Audits of Local Governments

Local government audits require specialized guidance and tools to address their unique audit and accounting requirements. PPC’s Guide to Audits of Local Governments provides the audit programs, checklists, confirmations, and auditor’s reports you need to correctly perform these audits in an effective and efficient manner, from regular GAAS audits to Government Auditing Standards (Yellow Book) Audits to Single Audits.

This guide represents the gold standard for audits of local governments by providing the most comprehensive set of audit materials available on the market today, including:

  • References to the underlying professional literature
  • Significant amounts of additional information beyond the matters presented in the professional literature
  • “How-to-do-it" advice that answers the hard questions left unanswered by others
  • Streamlined audit programs, checklists, and letters tailored for audits of local governments that follow the PPC audit approach
  • Tailored practice aids for GAAS audits, Yellow Book audits, and Single Audits
  • Disclosure checklists and many auditors’ report examples

PPC’s Guide to Audits of Employee Benefit Plans

Audits of employee benefit plans differ significantly from audits of other types of entities. These audits are not only subject to peer review but are also subject to inspection by the Department of Labor (DOL), so it is important that you conduct them in accordance with generally accepted audit standards and DOL rules and regulations.

PPC’s Guide to Audits of Employee Benefit Plans provides comprehensive guidance on the nuances of auditing employee benefit plans and summarizes the DOL and IRS regulations that are relevant to you as an auditor. It also provides the following valuable tools:

  • Separate audit programs and disclosure checklists for defined benefit plans, defined contribution plans, and health and welfare benefit plans to improve your efficiency
  • Specific procedures for ERISA Section 103(a)(3)(C) audits and non-Section 103(a)(3)(C) audits to make sure you perform only the procedures that are necessary
  • Other audit checklists and letters, such as engagement and management representation letters
  • Multiple illustrative financial statements for each type of plan
  • Numerous illustrative auditors’ reports for all your potential reporting issues
  • Guidance on preparing and reporting on DOL required supplemental schedules
  • Procedures for initial audits

Streamline your audit engagements with Thomson Reuters tools like PPC’S Guide to Audits of Nonprofit Organizations, PPC’S Guide to Audits of Local Governments, and PPC’S Guide to Audits of Employee Benefit Plans.

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