Audit Assistant has been making online collaboration tools for auditors for many years, so we thought why not use this incredible functionality to help accountants who prepare financial statements as well?
If you carry out the preparation of financial statements for audit, or review, or just want to have a great paperless compilation process to streamline your business advisory services practice, we have the tool for you. The annual compilation file meets the need for a central digital repository for annual compilation work.
Financial reporting checklists include those for:
- Tier 1 and 2 Public Benefit Entities
- Tier 1 and 2 For-Profit Entities
- Tier 3 Public Benefit Entities
- Special Purpose Companies
Some of the features are as follows:
- Full online collaboration with team and client including:
- Data-gathering checklists to share with the client
- Links may be made to external repositories or other software
- Ability to add review notes and follow-ups, including creating notifications for other staff for remote collaboration
- Document exchange and queries may be requested from the client from within the software and loaded directly into the file - no need for emails
- All sorts of documents such as Excel reconciliations, scans of invoices, PDFs, etc may be added to the file as attachments (up to 100Mb per attachment)
- Easy trial balance import from Xero and other common software (optional)
- Lead schedules are created for each key area (Sales, Expenses, Bank, Creditors etc) where reconciliations are attached and journals may be raised)
- A clear audit trail is produced of adjustments made and why, to be entered into the client ledger
- A standard file includes:
- Checklists and workflow that meets SES-2 requirements and Code of Ethics (2019) requirements
- Letters and reports, such as engagement letters, final letters to the client, compilation reports and more produced right off the system
- At completion, the job is rolled over, ready for the new year.
- Notes, trial balance details, and documents that are relevant (constitutions, rules, trust deed etc) are simply brought forward in the subsequent year
- Points forward are pushed through for the subsequent year
- The whole job and attachments to PDF on completion for archiving
Contact us for a demonstration or more details.