If you are reviewing your clients’ books for regulatory compliance or financial accuracy, a strong auditing module is a must. Auditing clients’ financial statements, balance sheets, ledgers, and accounting practices is a time-intensive task. Beyond requiring expert knowledge, you need the right tools to be as efficient as possible. Investing in current technology that provides for automation and frequent updates will give you a leg up on the competition, allowing you to produce better audits more quickly. Find out more about the auditing software options available to you in this article.
With auditing software you are better equipped to help your clients locate transaction errors, detect fraud, and maintain compliance with accounting standards. You will be able to quickly create audit trails that let you trace any transaction level, from the summary down to the details. Managers will be able to monitor the entire audit process and a copy of every document audited will automatically be saved. Knowing which employee accesses the system and when they enter data makes it easier for you to identify control issues and test for problems, such as unauthorized employee-supplier relationships.
Different company industries need to ensure compliance with different accounting standards. Whether your clients are government contractors looking to ensure DCAA compliance or multinational firms looking to document adherence to IFRS standards, there are auditing solutions designed to identify individual instances of departure from accounting standards.
In order to ensure efficiency, accounting firms need to spend more time resolving errors, than finding them. Auditing software provides automated processes to run checks on financial data to locate and identify potential errors or instances of fraud.
By their very nature, auditing software systems deal with sensitive financial information. The importance of security is heightened by the fact that accounting providers are working with 3rd party data and need to ensure data security and integrity. Auditing packages include sophisticated multi-level security with password protection and role-based access to ensure that data remains secure.