ADAT®️(Audit Documentation and Archival Tool)
Product Overview
The Audit Documentation and Archival Tool (ADAT) facilitates auditors to document their audit work securely ensuring compliance with auditing standards as set by Regulators and to meet their expectations for monitoring and inspection. ADAT comprises work paper templates, an exhaustive library of risks linked to possible audit responses, reference audit programs, checklists, and more - all of which can be customised to the specific auditing needs. ADAT also gives an online review of audit documentation, recordings of review notes, tracks resolution and sign-offs on all audit work papers. All audit files can be archived for the statutory retention period, and with a feature to roll forward audit files contents of the previous year to the current year audit cycle. ADAT has been developed with advanced technology to ensure 100% security of confidential data / information. An audit file saved on ADAT can only be accessed by the authorised users of the audit firm.
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Technology
ADAT is a Microsoft Azure cloud-based platform leveraging share-point security and features offered by Microsoft and it enhances the capability and efficiency in performing audit engagements. The rich guidance content, audit automation tools to track reviews, maintain documentation and process make it a unique solution to ensure end to end quality in audits. Deep integration of the capabilities of the Audit Documentation Tool with traditional office automation tools you are familiar with means that there is no new software to learn.
The platform is agnostic of your legacy systems, works directly from the web and offers robust enterprise grade security, high scalability and unlimited storage for large volumes of documents. The platform offers a worry-free environment to perform a quality audit work and deliver remarkable results. A well thought user management allows audit firms to manage client data, users including client users in a transparent, efficient and secure manner.
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Developed using word and excel which are familiar applications to auditors
A trial balance feature to highlight line items in financial statements to be considered for audit in the work paper
Exhaustive library of risks linked to possible audit responses, reference audit programs, checklists, etc.
Audit work paper templates with reference links to practices and guidance
Changes to work papers between audit report date and date of archival can be identified enhancing the integrity of the audit file at the time of report issuance and at the time of archival
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A file check feature to check the quality and completeness of work papers before archiving them as per professional standards
ADAT also provides a secure environment to the clients of the audit firm to share their information with the auditor
Dashboards to partners and managers on the status of their respective audits
A secure platform that does not enable information to be copied, cut, pasted, printed outside of the ADAT
Roll-forward feature reduces the documentation effort in the subsequent year's audit
| Name of Document |
|---|
| Client Acceptance / Continuance |
| Understanding the entity, its business and the environment |
| Understanding internal controls |
| Assessing risk of fraud |
| Key entity information relevant to the audit |
| Planning Materiality |
| Determine material classes of transactions and disclosures |
| Audit Plan by Account |
| Audit administration |
| Testing design of control (including conclusion on adequacy of design) |
| Testing Information Technology Controls |
| Testing controls over information produced by entity |
| Testing information used in control |
| Name of Document |
|---|
| Testing operating effectiveness (OE) of controls |
| Trial Balance |
| Substantive testing |
| Compliance with Ind AS – Checklists |
| Compliance with Standards on Auditing – Checklists |
| EQCR |
| Audit summary memorandum |
| Audit Reporting & Conclusion |
| Oversight over other auditors work (including Group audit branch audit etc) |
| Companies Act Compliance |
| Subsequent events |
| Going concern |