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.
TRACK TRANSACTIONS ON HOLIDAYS & WEEKLY OFFS
Auditors can now check for transactions which are entered by the client on holidays (weekly offs- viz., Sunday & National/State/Bank Holidays).
This feature provides visibility to fund transfers from one Bank to another, allowing the Auditor to investigate frequent instances.
The Unadjusted Advances feature gives an overall report of the status of ledgers having pending advance receivables.
HIGHEST & LOWEST VALUE TRANSACTIONS
Transactions can either be consistent or near – consistent over a period of time for various transaction natures, but should not fluctuate wildly. Auditors would normally want to examine such transactions and this feature facilitates an analysis of top High and/or Low ‘X’ (eg: 5 or 10) number of transactions.
ACCOUNTS SQUARED OFF DURING THE YEAR
This feature in Tally.ERP 9 Auditors’ Edition will help the Auditor track transactions which do not have an opening balance or a closing balance i.e. balances which are squared off in the financial year.
CHECKLIST OF ACCOUNTING STANDARD (AS) COMPLIANCE
The Checklist of Accounting Standard (AS) Compliance feature in Tally.ERP 9 Auditors’ Edition lists all the accounting standards as per the Accounting Standards Board (ASB), and Auditors can evaluate their client’s adherence to various accounting parameters.
CHECKLIST OF AUDIT & ASSURANCE STANDARD (AAS) COMPLIANCE
This feature in Tally.ERP 9 Auditors’ Edition provides a complete list of Audit & Assurance Standards (AAS) which are benchmarks and used to measure the quality of audits performed and the audit objectives achieved.
PERCENTAGE REPORT OF SAMPLE SIZE FOR SUBSTANTIVE TEST
The Percentage Report dashboard in the Auditors’ Edition provides a list of vouchers sampled along with the percentage of the sampling methods adopted for each of them.
CASH WITHDRAWALS/DEPOSITS TO BANK
Cash Withdrawals and Deposits are scrutinized based on their respective dates recorded in the books. Tally.ERP 9 Auditors’ Edition provides a feature to track anomalies in such transactions and help the Auditor to review them.
Stale Cheques/Instruments are cheques which have not been deposited into the bank or not cleared within a specified period of time for some unidentified reasons. Tally.ERP 9 Auditors’ Edition introduces this feature which lists all such instruments for the purpose of scrutiny by the Auditor.
RK Solutions is an authorized solution provider of Tally Solutions Pvt. Ltd. for its various products & services Located at Chennai, India, the company has been providing scalable, reliable, and highly efficient solutions to clientele across the World.
RK Solutions is an authorized associate partner of Tally Solutions Pvt. Ltd. Located in Chennai, India, the company has been providing scalable, reliable and highly efficient tally customisation to clientele across the World.