(July 18, 2008)– Sageworks Inc., the developer of ProfitCents Analytical Procedures, is assisting Certified Public Accountants (CPAs) to comply with a series of new Statements on Auditing Standards (SAS). CPA firms are reconsidering their approach to auditing financial statements as they assess the impact of what is commonly being referred to as the “new risk assessment standards”.
Under the new standards, the procedures and documentation requirements for compliance have become more stringent. Louis Stratton, CPA of Meador Stratton, LLP in Highland, IN is using ProfitCents Analytical Procedures to save time in his audit engagements. Stratton says, “It would take days to prepare what we are getting with ProfitCents in a matter of minutes.”
The new standards are intended to enhance the overall quality and effectiveness of audits.
ProfitCents Analytical Procedures provides a solution for CPA firms by automating and standardizing analytical review performed during the audit to comply with the new requirements. “As new risk assessment standards become effective, we look forward to continue to develop new technologies that enable accountants to work seamlessly and efficiently” says Brian Hamilton, Chief Executive Officer of Sageworks, Inc.
ProfitCents Analytical Procedures is a software application that enhances traditional trial balance software used by auditors. Unique features include the capability to identify fraud risks, calculate statistical trends, develop expectations and perform private company industry comparisons. CPAs also use the ProfitCents Analytical Procedures to enhance their client communication and service by generating narrative financial management reports.
“With the new audit standards coming out, we find ProfitCents more and more useful in our planning stages,” says Jim Lovelace, CPA of Beach Fleischman & Company in Tucson, AZ.
To learn more, view an online video at http://www.profitcents.com/freevideo