Audit Documentation Content (ADOC)
Overview
The Audit Documentation Content (ADOC), represents the core content created by True and Fair which serves as the base for the yet to be launched Audit Documentation and Archival Tool (ADAT). Based on feedback consistently received from various audit firms wherein they have expressed an interest to use this content pending the launch of A DAT. ADOC currently provides an exhaustive library of all the content within a detailed Index, so as too facilitate auditors to plan a comprehensive audit of the Financial Statements including reporting. The content is based currently on the Ind AS framework and in accordance with the Indian Auditing Standards, with the said reference content being in the form of MS Excel templates, which are easy to use and update ADOC can be used by the audit firms for performing, documenting and archiving their audit engagements as well as be used as a reference library when audit is performed using other documentation tools or outside of the ADOC environment. What is ADOC? ADOC is a cloud-based platform enabling performance, documentation and archival of the work carried out by the auditors, having an exhaustive library of content which will further enable auditors to plan an comprehensive audit of Financial Statements, including reporting thereon based on the applicable regulatory framework.
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Advantages of using ADOC
Easy to use and provides on the job training
Standardized and exhaustive document templates leading to consistency in the performance of audits
Minimizing Partner / Manager review time
Investment made in Year 1 of using ADOC can be significantly leveraged when performing audits for the subsequent years
ADOC includes sampling templates for sampling based on monetary units and sampling on random basis
The Trial Balance feature enables the auditor to match the grouped amounts in the Trial Balance with the Financial Statements
Comprehensive library of checklists to facilitate auditors meet the reporting requirements under the Companies Act
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Salient Features of ADOC
Guiding questions to enable the auditors to seek and obtain relevant information for performing the audit
Exhaustive library of risks, controls, IUC’s and IPE’s for each Financial Statement Note or Financial Statement Line
Exhaustive library of risks and controls for performing audit of the IT environment
Template for testing “Design and Implementation” and “Operating Effectiveness” of controls
Exhaustive library of content for performing group audit
Comprehensive workpapers for testing cash flows, going concern and subsequent events
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Security and Confidentiality
ADOC leverages on the security features inbuilt in Microsoft Azure cloud and SharePoint environment. The ADOC environment is also being subjected to an independent security audit covering confidentiality, integrity and availability principles inter-alia to assure the audit firms that True and Fair will not have direct access to the information contained in the audit files that are hosted in ADOC.
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Pricing
The pricing philosophy for ADOC considers the following:
Recovery of cost of maintaining the Azure environment, SharePoint and providing technical support to users of audit firms in case they face any challenges in accessing the SharePoint.
Charges for usage of content (which is the intellectual property of True and Fair) based on charges per user of the audit firm (less than Rs.2,000 per user per month).
Recovery of cost of hosting the audit files in excess of the free data storage limits provided by Microsoft Azure.
Cost of retrieval of archived audit files in case such retrieval is required.
To know further, write to contact@trueandfair.pro
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