Thomson Reuters today announced that Marks Paneth, a leading regional accounting firm based in New York, has selected the Thomson Reuters Checkpoint SMART Audit Suite to streamline and enhance its audit functions.
The decision to implement the full Thomson Reuters Checkpoint SMART Audit Suite, along with the Checkpoint Learning Premier Plus CPE Package and Checkpoint Learning AuditWatch training solution, is based on the firm’s desire to transition to a strong risk-based audit approach, helping the firm maximize the efficiency of its audit engagements while also achieving high quality compliance in response to the profession’s changing regulations.
“We did extensive research, put together a committee, looked at all of the products on the market, and spoke to over a dozen firms,” said Keith Peterka, a partner in the professional practice group at Marks Paneth and member of the AICPA’s Technical Issues Committee. “We came to the conclusion that the full SMART Audit Suite is the superior solution to help us meet the goals and objectives of both our firm and our clients.”
Marks Paneth will also implement Thomson Reuters Checkpoint Learning AuditWatch training solution to improve the management and workflow of its audit processes as well as the Checkpoint Learning Premier Plus CPE Package, which offers online, webinar, and discounted live learning options throughout the year along with compliance solutions in order to make meeting mandatory CPE requirements easy.
“We were using parts of the suite, but were not familiar with the full product offering,” Peterka added. “SMART Field Work and SMART Internal Control were the key pieces that we were missing to get us to a risk-based, controls-based approach.”
“Marks Paneth is a prestigious firm and we are elated to be able to work with them to achieve their goals for their audit practice,” said Scott Spradling, vice president, Audit and Accounting segment with the Tax & Accounting business of Thomson Reuters. “Our risk-based audit solutions provide unmatched quality, efficiency, and breadth of industry coverage, and we are confident that our comprehensive product and training solutions will be a great fit for Marks Paneth.”