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.

The option to discontinue the ADOC is available with the audit firms. However, we do not encourage audit firms to discontinue the use of ADOC as the audit files already archived by using ADOC will not be functional without the ADOC tool. In a scenario wherein the audit firm decides to discontinue the ADOC, there are two options available with the audit firms with respect to the audit files archived / in progress using ADOC:

Retain the audit files in the ADOC tool by paying a yearly maintenance fees per audit file which will allow audit firms to access the stored audit file. Or True and Fair will provide the readable version of all the documents in the audit file by paying one-time fee per audit file.

Sampling including analytics tools will be developed by True and Fair. It is still not decided on offering the same along with ADOC since the type of tool to be used in an engagement will vary based on the accounting application used by the audit client. It is likely that these tools will be made available separately on a separate subscription.

The current version of ADOC will not be accessible on mobile.

True and Fair is expecting ADOC to be launched by May 2023.

The standard formats and templates of communications and reports will be part of the Technical Library provided by True and Fair Professionals Network, which would not be made available as part of ADOC. Such templates will be available on subscription basis (it’s a separate subscription than that of ADOC). The following formats (illustrative) would be part of the Technical Library.

Note -the above lists are not exhaustive and only illustrative.

All the audit observations and recommendations need to be manually collated from the respective testing working papers in ADOC. In the current version of ADOC, this feature is not available. This is planned to be included in the next version of ADOC.

No, practice management is not integrated within ADOC. We will evaluate the plan to integrate practice management with ADAT only post March 2024.

True and Fair will add users to the audit file in ADOC based on the request sent by the audit firm. Only the users assigned to the respective audit file in the ADOC will have access to the respective engagement file depending on the roles and restrictions assigned. The audit firm can also ask True and Fair to provide “view only” rights to the users added to the audit file.

The True and Fair will not have any access to the audit files. As mentioned earlier, only the users assigned to the respective audit file in the ADOC will have access to the respective engagement file.

True and Fair will seek prior consent of the Audit Firm to access the metadata in an audit file without identification of the client or the audit engagement in order to develop AI programmes and solutions based on the historical experiences in the audit in such engagements.

In the current version of ADOC, this feature is not available. We will evaluate this in the next version of ADAT in a phased manner.

True and Fair will have a dedicated support team to help the users navigate through the problems encountered by them on the technical aspect.

No. Users will not be able to transfer the audit files from ADOC to other documentation tools and vice-versa. For transferring the data out of ADOC, True & Fair will provide support to take the print of the documentation or will extract the files in the form of non-editable PDF/ word / excel and share it with the users.

In the scenario of transferring the data into ADOC from other documentation tool, User will have to create the documentation from scratch into ADOC. Any copy paste feature available in the earlier audit tool may be used to update the data into ADOC.

ADOC is developed keeping in the mind all the relevant auditing standards. If ADOC is used in the true spirit and if the procedures are followed as suggested in the tool, the audit is expected to comply with regulators expectation, unless there are any professional judgements that are involved.

True and Fair also intends to share the ADAT tool with the regulators to get their views and feedback to ensure there is no disconnect in terms of procedures to be followed in an audit engagement.

ADOC comes with a detailed written instruction manual and it is easy to use since documents are in excel.

No. ADOC is not an accounting compilation software. It is an audit automation tool. Hence preparation of Financial Statements is not in our scope for the current phase. However, the Trial balance module is available in ADOC linked to the Financial Statements line items in Schedule III.

No, ADOC needs to worked online.

Users will need to have Microsoft (Office) 365 licenses.

Microsoft Edge, Chrome, Safari, Firefox.