During a traditional audit, auditors run into the same pain point: they struggle to identify and extract accurate data because the information and schedules requested are not readily available directly from the database. The data usually originates from multiple sources, the level of detail needed is not found in the data extracts, and significant time is spent by high-dollar resources performing manual tasks to prepare for the audit. Our new software, Automated Audit, will allows users to run industry standard audit procedures, proactively identify areas of non-compliance, and more.
The software automates most common procedures that an auditor would use to substantiate the financials. These automated procedures, called Data Facets™, work from a complete accounting representation, not just isolated transactions, while maintaining all links (drill-down and roll-up) to related balances and the original underlying data (i.e. accounts receivable invoices stay linked to underlying shipping information for cut-off testing). Users do not have to load multiple large extraction files. Automated Audit drills down from the trial balance, manages the workflow among different team members and reviewers, allows splitting of the audit scope by categories, ledgers, legal entities, or even regions to different members of the audit team, and generates the audit working papers for each Data Facet.
Automated Audit® is an out-of-the-box software product that allows the finance team or internal audit team to drill into transaction-level detail to find exceptions or audit concerns to help you prepare for your formal audit process.
Audit Workflow Management
Support for “Completeness Testing”
Support for “Existence Testing”
Perform cut-off at year end: This data facet tests investments to help the auditor make sure that no unrealized gains or losses are recognized for any securities except for trading securities.
Tests on accrued income: The software will carry out various procedures where the income earned but not received is checked by obtaining schedules showing balance, obtaining opening balance, making a selection of accruals and examining supporting documents or examining subsequent receipts of income accrued.
Testing amortization: This data facet investigates unusual variations in current period and prior period ending balances, determining if amortization time is reasonable, comparing actual amounts to budgeted amounts, and reconciling amortization expenses to the general ledger.
Prepare for External Audits: From automating the preparation of schedules that external auditors ask for each year (e.g. subsequent cash disbursements, accounts receivable balance and transactions, general journal entries, inventory roll-forwards/roll-backs, and many more) to automating a final review on key audit areas prior to the external auditors check – Automated Audit makes the annual audit easier and less time consuming and most importantly, resulting in less findings.
Intelligent rules-based auditing and assurance tool
Dashboards and workflows to quickly view overall audit progress
Used by internal auditors and finance teams at the database level
Up to 100% transaction and balance coverage and reduced risk
Employ sampling or materiality-based selections of items, balances, or transactions to fit the organization
Audit the complete accounting representation
Ability to group individual balancing segments for any procedure
Instant availability of findings reports and dashboards
Automatic pattern matching ability
Built-in approval hierarchy and review controls
Auto-disposition and Mass Disposition features for most procedures
Easy-to-use interface for financial users (not the IT team)
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*Robotic Audit Readiness Assessment and trial offer is free to select qualifying customers for a limited time only