Audit firms have been adapting to the new reality of the pandemic world and actively seeking ways to work more collaboratively, manage key audit risks, meet assurance needs and reduce on costs. One of the biggest cost-saving opportunities has come from going remote. Working remotely is not a new concept by any means, but the advancement in connectivity and technology allows this idea to be explored even more seriously than before. As a result, we are beginning to see an increase in the number of audit firms that work partially or even fully remote.

What used to be seen as a benefit only available to larger companies such as Apple or Google is now becoming much more commonplace among other types of businesses as well. The main reason for this increased popularity is because it can save organizations money (and ultimately provide their clients with better value for money).

Benefits of Working Remotely:

The benefits of working remotely are well known, but the main points to mention are that it can save companies money due to lower office space requirements, savings on transport, often no need for expensive IT equipment, and a more effective training regime. This all results in a much lower cost structure. As organizations cut their overheads, they will be able to see an increase in profit margins, which is where this idea becomes really interesting. Audit firms may not all work remotely full time (or even part-time); however, the idea has taken hold within many of them as they seek every opportunity to reduce their operational expenses.

Why do you need auditing software for this purpose?

If you are responsible for auditing, detailed testing can be a time consuming and stressful process. There is always too much to audit. That is why Auditing Software saves your time and money by providing templates for substantive tests and guiding you through the audit process via intuitive dashboards. Audit software is a necessary tool required when undertaking an audit to assure compliance to ISA auditing standards.

The audit team uses the software for key audit risks planning and audit execution guidance to ensure that the audit is conducted properly, follows procedure, and encompasses both corporate governance and controls over financial reporting. SMPs have traditionally operated from manually built procedures; these are increasingly being challenged on their ability to deliver consistent quality.

Audit technology tools that are cloud-based allow for a consistent testing methodology that guide auditors through substantive work program tests. They allow your audit teams to streamline their analytical procedures through the use of proven, documented templates, thereby improving the efficiency and consistency of the audit process. Also, those in-depth functional tests result in a more robust audits hence meeting the quality assurance needs.

As auditors and assurance professionals, we are familiar with the analysis that has to go into the audit There is background research, data collection, collation, analysis, and then testing of internal controls to ensure that the auditor can meet each and every objective of the assurance process.

The process can be overwhelming and stressful for SMP firms who often worry about how successful their practises are and if they are reaching their potential. That is why an audit should be seen as a help and welcome service. Unfortunately, it is not always seen that way, so there is a need for Audit Software.

Professional auditing software can make your audit planning more effective and more efficient. It will save you time, help you make more informed decisions, and give you the documentation needed to support your audit findings.

Which is the best software?

Auditproo is designed to meet the needs of small and medium practices (SMP). Auditproo provides the audit team with substantive work program testing templates that intuitively guide auditors through the assurance process. The substantive tests and supporting tools are cloud-based, facilitating access to the entire audit engagement team.

Auditproo is a user-friendly tool that cuts down on time wastage and makes reporting more efficient. Thus making audits more cost-effective as well as providing multiple other benefits. Auditproo provides you with the tools you need to complete your audit collaboratively in a time and cost-effective manner. Intuitively guided substantive tests will ensure procedural errors are reduced, and the assurance process is simplified. Data comparisons and analysis help you quickly identify financial risks and control deficiencies. Auditee communications, monitoring, and reporting are all leveraged through proven business processes and technology.

Auditproo is a cloud-based automated audit software that helps you create and manage tasks, tests, test groups, and test cases for data-driven audits. Its intuitive drag and drop user interface allowing setting up audit data sources (tables, documents, spreadsheets) that can be modelled from existing databases or designed from scratch. Auditproo ensures your team is always on the same page by providing automated testing of tests as well as test results via desktop notifications or email alerts.

What will you get in Auditproo?

Auditproo is designed to assist the audit team within the broader audit process. By combining a range of strategic and tactical analytical tools, a structured framework for planning work programs, and testing templates for substantive insights, Auditproo offers auditors a functional overlay that can be applied to any size engagement whilst providing a compelling and comprehensive solution that is simple to use.

Auditproo is a powerful auditing software that enables you to manage risk related to your service. With Auditproo, you can gather, record, and analyze your key audit risks and identify areas that require more focus. It provides a consistent structure for auditable activities and converts raw audit data into meaningful insights on a single cloud-driven platform eliminating the time-consuming requirement to enter the same data time after time.

Published On: November 3rd, 2021 / Categories: Remote auditing / 2 Comments /

2 Comments

  1. Kangéthe Murage CPA(k) November 4, 2021 at 11:57 am

    With remote working, I believe the cost of audits is going to go down because you can do so much more with reduced overheads and pass some of that benefit to the customer. What am not sure about is whether SMPs view the remote audit cloud solution as a competitive advantage or a macro risk. At the moment SMPs charge really low fees, the pressure to reduce the fees even further will grow. Only firms with this kind of technology will survive.

  2. Grace Keter November 6, 2021 at 7:58 am

    One of the reasons that SMPs shy from technology is mainly because of the costs. However, I posit that the benefits for embracing technology far exceed the costs involved and its getting even better when you have affordable audit tools that allow you to work remotely and still monitor what the audit team is on; this is truly a game changer!

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