Thomson Reuters has released Checkpoint Engage PCR (preparation, compilation and review), a new product in its Checkpoint suite of research and guidance products.

Checkpoint products engage an editorial team made up of accounting, legal and other experts to write guidance and create engagement templates. Checkpoint Engage PCR, which is a web-based solution, is designed to provide consistency in documentation processes for accounting and audit professionals performing PCR engagements. The solution presents a step-by-step process that includes embedded practical considerations, and it automatically includes the appropriate engagement and representation letters. Firm engagement forms and procedures are automatically tailored based on responses corresponding to each client’s unique circumstances; and disclosure checklists automatically include only relevant requirements.

In the system accountants may set up alerts and run diagnostics as well as progress indicators which can point to specific areas of concern. Inside Checkpoint Engage PCR, each period’s workpapers roll forward onto forms that have been updated to reflect the next period’s engagement with new or changed questions and requirements flagged.

The Checkpoint editorial team helps firms create engagement templates specific to their protocol using a range of industry-specific content and guidance written by industry experts. This should help firms meet necessary requirements for Statements on Standards for Accounting and Review Services, Statements on Auditing Standards, and Public Company Accounting Oversight Board PCR engagements.

“Accounting and audit firms face growing pressure to accurately document and produce high quality and consistent deliverables for all of their clients’ assurance work under increasingly compressed timelines, and PCR engagements are no exception,” stated Charlotte Rushton, president, Tax Accounting Professionals, Thomson Reuters. “With Checkpoint Engage PCR, firms can easily integrate an automated process for PCR engagements into their workflow — with all of the benefits of a cloud-based platform — to save time and add consistency to their current process. Most importantly, Checkpoint Engage PCR is part of a proven, global application system from a leading and trusted innovation partner in the industry.”

Checkpoint Engage PCR is part of the fully integrated Thomson Reuters Cloud Audit Suite, designed to enable real-time digital collaboration between audit teams and clients to optimize their audit workflow. Firms can further increase the time savings of their PCR engagements by subscribing to TR Audit Intelligence, powered by Inflo, an AI-enabled data analysis tool, which enables file sharing, data ingestion and analytics.

For more information about Thomson Reuters Checkpoint Engage PCR, click here.