Auditing Software:

Whether you are inspecting your client’s books to warrant financial accuracy or you’re ensuring your clients are regularly complying with industry standards, a tenacious auditing module is a pillar of any successful business. Manually reviewing clients; ledgers, balance sheet, financial statements, and accounting methodology is both a tedious and time intensive task. An investment in prevailing software that automates this process and provides frequent updates will increase efficiency and business productivity, giving you the upper hand on competitors. This will allow you to yield better quality audits at a faster rate.

Key Features of Auditing Software

When purchasing auditing software for the first time or upgrading to a more robust one, you should keep an eye out for the following characteristics.

• Separation. A data audit log system must be completely separate from the system under audit. This ensures that the audit log cannot be affected, tampered with, manipulated, or subjected to intentional data loss by those who may wish to hide their actions – namely, the system’s users.
• Centralisation. If you have more than one system you wish to audit, all should be monitored by a single data audit log system. This means that you won’t need to collate information recorded by separate logs to get a complete and true story. Centralisation saves time when attempting to trace a particular set of activities, and prevents problems to do with contradictory data. Many organisations have processes that span multiple systems. Collecting the audit data for all of them in one place ensures complete visibility of their entire processes, which is critical when it comes to compliance and support issues abstraction.
• Abstraction. Is the process of converting different types of source system data into a universal format. Since the format of data can vary between source systems, it is important that your data audit log system is able to abstract all source data. Abstraction allows you to search through the entire data set in a uniform fashion. This means you don’t have to ask the same question in numerous ways – depending on the format it was created in, its structure, or the data values themselves – to get the information you need. Abstraction allow a uniform way to access all data regardless of where it originated from.
• Scalability. It is necessary for a data audit log system to maintain historical information for a long period time. This requirement combined with the fact that audit data is, by definition, more extensive than source data, means that the amount of data stored by the audit log system will grow exponentially.

Auditing Software: What can it do for you?

Auditing software will supply you with the tools to efficiently assist your clients in; maintaining compliance with industry standards, locating transaction errors and detecting fraud or any suspicious activities. Create audit trails from any transaction level at the click of a button; managers will be able to supervise employee access as well as the entire review process.

Ensuring Compliance
Whether your clients are trading on a national or multinational scale different Industries must ensure compliance with different accounting standards, there are auditing solutions designed to identify individual instances of conflict from the affiliated industry standard.

Improved Efficiency
Accounting firms should be spending more time with clients in regards to resolving errors, than time trying to find them, automated auditing software runs checks on financial data to detect and identify potential errors or fraud ensuring an efficient accounting practice.

Setting Up Security for Sensitive Data
Auditing software systems by nature deal with highly sensitive financial information, this stresses an importance for data security and integrity. To ensure data remains secure, auditing packages incorporate the use of sophisticated multi-level security with both password protection and role-based access.