Unveiling the methodology behind Thomson Reuters Cloud Audit Suite: A game changer for UK auditors

Auditors are facing increased pressure every day to deliver high-quality audits in a timely and cost-effective manner.

But challenges are everywhere. The regulatory environment is in a state of constant flux, making it imperative for auditors to meet evolving standards. The sheer volume of data that requires meticulous examination grows exponentially, adding to the complexity of the auditing process. Traditional audit methods, once considered adequate, are now overshadowed by the rapid advancements in technology and the intricate nature of financial reporting. Consequently, the demand for more efficient and effective audit methodologies has become paramount.

To tackle these challenges head-on, Thomson Reuters has developed Cloud Audit Suite, an auditing solution tailored specifically for the UK audit profession, with an initial focus on the audit of companies following FRS 102 and charitable companies following FRS 102 and the Charities SORP. This innovative tool is designed to streamline the audit process and ensure compliance with evolving regulations and standards.

What factors influenced the creation of the UK Cloud Audit Suite methodology? 

Rapid acceleration of cloud computing 

• The UK has witnessed a rapid acceleration in the adoption of cloud computing across various industries. This shift has significantly altered the technological landscape, posing novel challenges for auditors.

• Thomson Reuters Cloud Audit Suite methodology is designed to address these challenges by providing a comprehensive framework for cloud-based systems, ensuring compliance with relevant regulations and standards.

A need for more efficient processes

• The increasing complexity of financial systems in the UK has augmented the demand for efficient and effective audit processes. Traditional audit methods are often insufficient in handling the vast amounts of data and intricate financial transactions prevalent in today’s business environment.

• The methodology leverages advanced technology and automation to streamline the audit process, enabling auditors to focus on higher-value tasks and deliver timely insights.

Evolving regulatory landscape 

• The UK regulatory landscape is constantly evolving, calling for auditors to remain abreast of the latest developments and best practices.

• Cloud Audit Suite is meticulously updated to incorporate these changes, ensuring that auditors have access to the most current guidance and tools to conduct high-quality audits. By adhering to the methodology, auditors can mitigate the risks associated with non-compliance and enhance the overall credibility of their audit engagements.

Tailoring the methodology for the UK

Thomson Reuters developed the methodology for Cloud Audit Suite specifically for the UK by considering the unique needs and challenges of UK auditors. This approach was backed by an extensive track record in the United States, where Thomson Reuters developed technology and methodologies serving over 35,000 firms across a diverse landscape.

To ensure Cloud Audit Suite was tailored to the UK context, Thomson Reuters worked closely with experts from the UK audit profession, including Kathryn Cearns, the former chair of the Financial Reporting Committee for the Institute of Chartered Accountants in England and Wales (ICAEW). This provided valuable insights into the challenges faced by UK auditors and helped to shape the methodology accordingly.

The development process involved ensuring alignment with UK regulatory frameworks (including company law) and reporting and auditing standards — it was of the utmost importance to ensure Cloud Audit Suite would respond to the unique requirements of UK auditors.

Features of Cloud Audit Suite

The resulting methodology is a comprehensive and flexible framework that can be used by UK auditors to conduct efficient, effective, and high-quality audits. Let’s delve into these cornerstones and understand how they contribute to the success of the Cloud Audit Suite.

Real-time collaboration 

• Real-time collaboration is a transformative tool, enabling audit teams to seamlessly share findings, insights, and documents. This fosters a collaborative environment, saving time and ensuring alignment among team members for more accurate audits.

Regulatory updates

• Cloud Audit Suite stays abreast of the latest developments in financial reporting and auditing standards. This ensures auditors have access to up-to-date information, enabling them to conduct audits that meet the highest standards of quality and compliance.

Customer and technical support 

• Cloud Audit Suite offers prompt assistance and guidance whenever needed. This support ensures that auditors can focus on their tasks without being hindered by technical challenges or uncertainties.

Adherence to UK GAAP, UK ISAs, and UK auditing standards

• Cloud Audit Suite methodology places great emphasis on adhering to UK GAAP, UK ISAs, and UK auditing standards, ensuring audits conducted using the suite meet all regulatory requirements and provide reliable and accurate financial information.

Integration with Confirmation 

• Integration with Thomson Reuters Confirmation further enables auditors to seamlessly request and receive audit confirmations directly within the suite, streamlining the confirmation process and reducing manual workloads.

New form types

• In addition to these key features, Cloud Audit Suite introduces new form types that cater to the diverse requirements of UK audits. These new forms enhance flexibility and customisation, allowing auditors to tailor the audit process to specific engagements and client needs.

Client Communications 

• With its integrated communication capabilities, Cloud Audit Suite helps auditors streamline and simplify the information request process. This enables auditors to quickly and effectively communicate with clients, allowing for a more organised and efficient process. 

Transform your audit experience with Cloud Audit Suite 

At its core, Cloud Audit Suite fosters seamless real-time collaboration among audit teams, ensuring everyone is on the same page and that findings are accurate and comprehensive. This not only streamlines the audit process, saving valuable time, but also cultivates a culture of continuous improvement that elevates audit quality.

Cloud Audit Suite’s comprehensive approach and innovative features empower auditors to perform risk assessments, design efficient audit plans, and streamline the entire audit process. Moreover, the emphasis on collaboration and communication fosters a cohesive audit team, enhancing overall quality and providing a consistent approach across the organisation.

Ready to step into a new era of auditing tools and solutions?

Learn more about Cloud Audit Suite and see Cloud Audit Suite methodology for the UK up close with our 25-minute webinar. Then, learn more about the features of Cloud Audit Suite and discover how to transform your auditing process.