New AuditFile Release Strengthens Compliance Controls
Spring 2019 Release Features Automation, Management, and Usability Enhancements to Help Firms of All Sizes Ensure Compliance and Improve Productivity
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,"
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.
Founded by CPAs in 2011, AuditFile, Inc. delivered the profession's first completely cloud-based audit automation platform to help firms of all sizes perform audits more efficiently and effectively. AuditFile is designed to give auditors a simple, yet sophisticated solution that combines workpaper and trial balance management, workflow, and methodology in an open platform that easily integrates with the firm's existing programs and technology environment. For more information, visit www.auditfile.com.