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In a live audit scenario, Auditors have to manually record their comments on a sheet of paper or in a Microsoft Word document. The Audit Working Paper (AWP) feature in Tally.ERP 9 Auditors' Edition eliminates this manual-entry.
As per SA 230, Auditors have to record their audit-related tasks in the Audit Working Paper, and also record inputs from their clients to support audit conclusions. Keeping in mind the nature of the audit workflow, we have built enough flexibility into this feature to assist you throughout the audit. |
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Highlights :
Flexibility of the feature
This feature can be enabled at the master level configuration, and a prompt is triggered every
time a Verification/Working Note is entered for a particular Voucher/Ledger. Tally provides the
flexibility of editing the notes from within Audit Working Tool (by drilling down to the
respective voucher/ledger) or from the individual voucher/ledger.
Consolidated Audit Working Paper
The AWP will have a complete list of notes (displayed category-wise)-those entered by the
Auditor and the replies from the client. These are available in a chronological order for
various transactions. Verification notes can be edited in the AWP itself instead of navigating to
the respective transactions.
Secured access to the Audit Working Paper
The Chartered Accountant can control the audit team's access to the Audit Working Paper
according to specifiable levels (Alter, View, Print, All), or be the sole owner of the document.
Benefits :
• All audit related comments, observations, clarification and memos are in single repository
• Eliminates the manual entry process of comments/notes entered by CAs & their clients
• It helps in Audit Documentation (SA 230) required for Peer Review
• Saves the need for storing, maintaining voluminous amount of working paper files
• A Single Document for tracking/proofing purpose even after the Audit is over
• Better clarity - Display of audit flow for Individual transactions in AWP
• Well secured feature
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