What's Happening?
Thomson Reuters has officially updated the name of one of its major business segments to Tax, Audit & Accounting Professionals. This change reflects the company's commitment to enhancing audit-specific products and workflows. Elizabeth Beastrom, President of Tax, Audit & Accounting Professionals at Thomson Reuters, emphasized that audit is not an 'extra' but an essential part of the profession. The company is investing in AI-powered cloud-based solutions to modernize audit practices, aiming to reduce manual effort and improve efficiency. Tools like CoCounsel Audit and Audit Intelligence Analyze are designed to streamline audit processes, allowing professionals to focus more on judgment-heavy work.
Why It's Important?
The inclusion of 'Audit' in Thomson Reuters'
business segment name highlights the growing importance of audit in the tax and accounting profession. As firms face increasing pressure to deliver faster and more accurate results, the integration of AI and automation in audit processes can significantly enhance productivity and quality. This move signals a long-term commitment to supporting audit professionals with advanced tools that meet the rigorous standards of the industry. By modernizing audit workflows, Thomson Reuters is positioning itself as a leader in providing solutions that address the evolving needs of the profession.
What's Next?
Thomson Reuters plans to continue investing in audit workflow tools and expanding its partner ecosystem. This includes collaborations with companies like Trullion, Audit Sight, and Crunchafi, as well as a partnership with Fieldguide. These efforts aim to further modernize audit practices and provide firms with industry-leading solutions. As the company rolls out these new tools and partnerships, audit professionals can expect more efficient and reliable systems that enhance their ability to deliver high-quality work.
