Auditing is an essential procedure for public and private limited organisations. Every small and large scale enterprises conduct a manual audit once in a year to have a fair analysis of the financial condition of their businesses. An audit provides a clear and transparent report of every single transaction that is carried out throughout a year. It involves the comprehensive investigation of petty cash vouchers, miscellaneous expenses receipts, and goes ahead to financial statements.
The financial statements comprise a complete report of account receivables, payables, income statement and balance sheet. An income statement describes the total sum of income earned and expenditures paid by a company. The difference amount yields the profit or loss amount. A balanced sheet defines the remaining financial balances of company assets, liabilities, and owners equities (capital). It shows the total sum of capital of an organisation after calculating what a company owns and owes as a liability to shareholders.
The paper based auditing is a time consuming and daunting task for auditors. A company appoints internal auditor who fulfills the responsibilities of finance and accounting. He is a permanent auditor of an organisation and works for full-time. For a statutory audit, a company hires an external auditor to work together with internal auditor and scrutinise a proof of evidence. They monitor all aspects of transactions and prepare a detailed report of all financial records of a business. It reduces the chances of discrepancies and provides a visible audit report.
Auditors have to perform a detailed inspection of each and every bit of transaction to monitor a fair cashflow management in an organisation. It takes a lot of time and effort of auditors and they feel like mentally and physically exhausted after executing an audit. The idea of using auditing app quickens the audit process and increases the efficiency of audit monitoring performance.
Following are the remarkable benefits of using auditing app for your business:
Ease of Audit
One of the core benefits of auditing app is to provide ease of auditing for auditors. It provides a fast and efficient process of audit inspection and come with an intuitive navigation and seamless user interface to customers. The app makes it easy to collect authentic data and generate automatic report.
Anyone can conduct audit and it does not need a person to have a thorough technical knowledge. The app is simple and straightforward to use and eliminates all complexities for users.
Enhances the Audit Performance
Using an audit app gives you an error-free auditing experience. It improves the efficiency, productivity, and overall performance of auditing. Auditors take less time and effort to inspect and execute the audit without any chances for errors. They get their job done efficiently without any kind of tiredness or exhaustion. It provides excellent data quality and prevents the manual handling.
Increased Data Security
An audit app increases the data security and protects the loss of physical paper-based data. Many a time, auditors ask for cash vouchers and receipts for proof of evidence and company has no clue of this valuable data. They find it here and there and waste precious time of professional auditors.
Using an audit app eliminates the in-efficient behaviour of company accounting department. They do not maintain the proper files of documents and show indifferent atitude that makes auditors extremely frustrated.
Quick Reporting
Generating a manual audit report usually takes more than one week time to collect proof of evidences and verify the facts. Auditors have to strictly follow the compliance procedure that restricts them to provide the detailed information to shareholders. Using an automated report enables a faster reporting that allows a business to take long-term futuristic data driven decisions.
Represents Visual Statistics
Using an audit report is beneficial to your business. It provides a proper presentation of audit report with a statistical representation. An audit report shows an organised display of the data with graphics, charts, and tables. You can view the dashboard and check the latest trending statistics of your company.
Mobile Audit
A smartphone audit is a modern technique of auditing. It involves installing and downloading the audit app on any mobile device such as iOS and android. Businesses can have a display view of their report on multiple devices. They can share reports to other team members and store on cloud.
Tracks Advanced Audit Analytics
Audit analytics is a proven technique that describes the complete analysis of your audit data report via automated tools and software applications. It shows the number of businesses who downloaded and installed your app and tracked their financial reporting. The entire process involves the planning and identifying audit evidences and resolving all discrepancy issues to make the smooth flow of process.
Conclusion
Hence, in a nutshell, these above-mentioned are the advantages of using auditing app for your business. It delivers fast and measurable results and provides a deep insight view of audit for your organisation. The auditing app allows efficient workflow monitor of your business operations.
Also Read: 8 Notable Logistics Audit Checklists To Implement For Businesses
