Case study

Learn how Gray, Blodgett & Company, PLLC saves time and boosts trust with Cloud Audit Suite The only end-to-end online audit solution built on secure, cloud-based technology

Since 1989, Gray, Blodgett & Company, PLLC has provided quality, personalized financial guidance to local individuals and businesses in and around Norman, Oklahoma. Their expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements, and financial planning.

We sat down with Ross H. Roye, CPA and audit partner, to discuss the firm’s experience with Thomson Reuters® Cloud Audit Suite, a comprehensive solution that provides the firm with accuracy and efficiency throughout the audit process.

At the forefront of tax technology

As a full-service accounting firm, Gray, Blodgett & Company, PLLC is in the business of time and trust. Even as a small firm, they’ve long prided themselves on being early adopters when it comes to tax technology.

“We feel like that always helped us to stay efficient and effective as opposed to lagging behind the rest of the industry,” says Roye. “We were doing paperless audits, heck, before I came here in 2006. I think they started in 2002 or 2003, which was way ahead of the curve for most places.”

When the firm began evaluating technology options to enhance their audit process, they prioritized the need for an all-inclusive, end-to-end solution.

“An all-inclusive audit solution that integrates and brings information together where everybody can see it is something we prioritized because if you have to go to three different places, it’s going to add time,” says Roye. “An end-to-end solution helps to add value by reducing time spent. And it enables us to see everything all at one time, in one place, which builds trust.”

Saving time with seamless integration

The Thomson Reuters Cloud Audit Suite utilizes cloud-based technology that enables users to work from anywhere, collaborate with colleagues in real time, and securely access audit data. Gray, Blodgett & Company, PLLC confidently gets more work done in less time using the only end-to-end online audit solution with seamless data flow across tools.

By having AdvanceFlow on the GoFileRoom platform, documents are put into a logical format, which eliminates the need for staff to search by year. “So, you go to the client, pick out the engagement you want to look at, and boom, there’s your workpapers and all your documents,” says Roye.

The integration between AdvanceFlow and Checkpoint Engage saves time and enhances the firm’s efficiency as well.

“An audit is a continual process. With me being the audit partner here, I’m more familiar with that,” says Roye. “So, say halfway through the audit, the client has something they didn’t tell you about. They didn’t do it on purpose, they just didn’t know it mattered. And so halfway through the audit, you’ve got to change your risk assessment.”

“Without the integration between AdvanceFlow and Checkpoint Engage, I would have double the work. By having those two things integrated, and having Checkpoint Engage live in my file, it’s one change. It updates and makes things much more efficient,” says Roye.

Given the major boost in time savings, the firm doesn’t only use AdvanceFlow and GoFileRoom for audits, they use it throughout the entire firm to drive accuracy and efficiency. In addition, recent upgrades to the Cloud Audit Suite include a dashboard with statistics that helps the firm get a handle on the status of each audit.

“The ability to see live statistics on our screen that include what the team has completed, what’s reviewed, what’s still open, what our main risks are, high-risk areas, and notes all in one place enables us to gather information quickly, see what needs to be done, and move forward,” says Roye.

The importance of trust and security

With trust at its core, Gray, Blodgett & Company, PLLC emphasizes the importance of using an established partner for its audit guidance. Thomson Reuters has a long history of providing audit solutions and leading audit methodology backed by experienced editors and authors who can ensure compliance with professional standards and peer review.

“By going through the audit guidance and comparing it to what I see in the codification and other audit areas, I know that it’s a quality product,” says Roye. “That summary page on recent changes is always helpful. That’s something that I really enjoy having. That gives us confidence in your reviewers and how things go across the editors.”

From a data security standpoint, the Cloud Audit Suite also delivers peace of mind.

“With the Cloud Audit Suite running on Thomson Reuters servers, which are infinitely more powerful than what we can afford, we are restrained only by the internet. And, so as long as we have that access and speed, it works much more efficiently,” says Roye. “Your solutions provide peace of mind over data security.”

Sharing the love

When asked whether the firm would recommend AdvanceFlow to their peers, it turned out they already had.

“I recommended it to several,” says Roye. “Once we hopped on this train, we talked to several other similar-sized organizations about how to integrate and get it working.”

“I’ve actually helped two firms make the transition here — local friends of mine,” Roye continues. “This is a very effective product, especially when you layer a checkpoint for your audit stuff. And I do tell people about it who are looking, for sure.”

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