Increase the efficiency and effectiveness of operating controls. Provide reasonable assurance regarding the achievement of objectives which includes reliability of financial reporting and compliance with appropriate regulations and laws.
Channelise your audit to achieve the best insights on effectiveness on operations, reporting and compliance controls.
Identification Of Critical Processes
As per the COSO framework, it is very important for any organisation to identify the critical process in the financial reporting and operating framework. Our audit management software helps audit teams determine the key procedures and activities involved in a financial reporting framework and help perform documentation and testing around these key procedures and controls.
Test Of Control
Testing the effectiveness of a control can be a time consuming and lengthy process, with the use of digital audit tools you can pick samples based on any test of control methodology example: Observation, Inspection, Reperformance, Recalculation, and Confirmation and you can track all the insights and performance on a digital dashboard.
Sample Selection For Test Of Control
With Audit management tools, audit sampling has become easier to execute and is further used for various tests of controls. Auditors use samples to test internal controls, accounting system adequacy and completeness of transactions and immediate review of validity of account balances. When designing samples for tests of controls the auditor ordinarily should plan to evaluate operating effectiveness in terms of deviations from prescribed controls.