Accounting & Audit
New AuditFile Release Strengthens Compliance Controls
The Spring Release further automates built-in tools to help practitioners comply with risk assessment and internal control requirements, establishing clear links between identified risk and testing performed.
Jul. 12, 2019
AuditFile, Inc., developer of the award-winning cloud-based audit automation platform, has announced that its Spring Release features new automation and practice management capabilities, and extends workflow beyond audit, review and compilation engagements with a new tax trial balance module. Additionally, with new usability enhancements, the Company continues to deliver on its mission of offering a sophisticated toolset that helps practitioners improve the efficiency of A&A processes, while ensuring that the software itself remains simple to use for all technological abilities.
AuditFile is the only complete, cloud-based all-in-one audit automation platform for public accounting professionals. Offered in three subscription options, AuditFile easily scales to meet the specific needs of firms of all sizes and specialties, and includes data storage, web trainings, and technical support in the subscription fee. Significant new features built into the latest version of AuditFile further automate the risk assessment and internal control processes to help ensure compliance with peer review requirements.
“Our goal is to offer a platform that helps practitioners comply with requirements efficiently and cost-effectively,” said Steven Bong, Founder and CEO. “We stand by our commitment to keep the platform intuitive and simple-to-use by including web trainings in the subscription fee and offering a free evaluation period for users to test it out on their own. Most firms are up and running within the week, if not the day they sign up.”
The latest version also features additional automation, management and usability enhancements, including:
- Risk Assessment & Internal Control Tools – The Spring Release further automates built-in tools to help practitioners comply with risk assessment and internal control requirements, establishing clear links between identified risk and testing performed.
- Tax Trial Balance Module – A new module extends AuditFile’s capabilities beyond A&A services to allow users to set up tax workflows and prepare the tax trial balance for importing into their tax software. Flexible options allow users to upload, import, enter, or pull the tax trial balance from the related attest engagement – preserving the audit adjustments and allowing the end user to make tax adjustments and code the trial balance for the tax software.
- Custom Ratio Tool – AuditFile features many automation tools that allow a firm to move key areas of analysis out of disparate Excel workpapers and into the platform’s user interface and standardized relational database, from which that data is actionable. The custom ratio tool gives the user unlimited flexibility in defining ratios based on leadsheets, accounts and other groupings captured in the AuditFile trial balance.
- Engagement Tracker – AuditFile features built-in dashboards to help firms more easily view the status of work by Client, by User, and within a specific Engagement. The Engagement Tracker is a detailed dashboard that combines graphical progress displays, sortable data across a number of displayed parameters, and filters that give management users the ability to view real-time work progress by any/all variables.
- Usability Enhancements – AuditFile’s customer-guided development processes help to ensure a balance between more sophisticated feature sets and ease-of-use. The latest version features a number of usability enhancements including a flexible in-engagement Search capability, greater engagement Roll-forward options, Limited Access Mode for third party reviewers, Ad Hoc Signoffs, and greater flexibility around built-in Quality Control Alerts.