Revolutionizing beyond SMART to Guided Assurance

About the firm

Established in the 1970s, West & Company CPAs PC is a reputable accounting firm with two locations in New York and 30 employees. The firm has a diverse practice, with a 50-50 split between audit and tax services. Their audit practice focuses on school districts, non-profits, colleges, and universities. Amy Pedrick, a seasoned audit partner, heads the firm's IT systems and has played a crucial role in selecting and implementing software solutions. 

Amy Pedrick, CPA and Audit Partner

Amy Pedrick is a Certified Public Accountant (CPA) and Audit Partner at West & Company. She specializes in audits of governments, not-for-profits, school districts, colleges, and universities, as well as medium-sized businesses. With over 13 years of experience in accounting, including three years at an international Big Four accounting firm, Amy brings a wealth of knowledge and expertise to her role. She is a member of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants.

Overview

West & Company once used Thomson Reuters SMART Practice Aids for their audit needs. However, after a brief stint with another solution, the firm switched back to Thomson Reuters, this time adopting Guided Assurance, our guided process with an automated and risk-based methodology to perform audits, reviews, compilations, and preparations.

This case study explores the firm's journey, highlighting the pain points that led to the switch, the benefits of Guided Assurance, and the seamless implementation process.

Searching for a better experience

The firm's experience with the other solution was marked by difficulties in adapting to a new risk-assessment methodology, which resulted in significant inefficiencies. Pedrick notes that a small non-profit audit that typically took 75 hours to complete was taking 80 hours just for the risk assessment. The firm decided to stop and re-evaluate its audit software before wasting more time. West & Company ultimately switched back to Thomson Reuters and upgraded to Guided Assurance. The firm was drawn to the benefits of cloud-based technology, integration with Engagement Manager, and the familiar Thomson Reuters audit methodology.

Increased audit efficiency with Guided Assurance

The implementation process was seamless, with the firm easily transferring its existing data and documentation from SMART Practice Aids to Guided Assurance. Pedrick praised Guided Assurance for its ease of use, integration, and real-time collaboration features, which have significantly improved the firm's audit effectiveness and efficiency. The firm has also appreciated the ability to work on engagements in real time, without a check-in or check-out process, and the secure sign-off feature based on logged-in user information.

Conclusion

West & Company's switch from SMART Practice Aids to Guided Assurance has been a resounding success. The firm has experienced significant improvements in audit efficiency, ease of use, and real-time collaboration. With Guided Assurance, the firm now confidently completes audits faster, thanks to the leading methodology and editorial process, customized audit program design, and dynamic set-up features. If your firm is looking to upgrade its audit software, consider switching to Guided Assurance today.

Learn more about how Guided Assurance can help your firm work smarter, more efficiently, and with total confidence.