The highlights of this release are listed below.

AUDIT WORKING PAPERS

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 that are entered by the client on holidays (weekly offs- viz., Sunday & National/State/Bank Holidays).

INTERBANK TRANSFERS

This feature provides visibility to fund transfers from one bank to another, allowing the Auditor to investigate frequent instances.

UNADJUSTED ADVANCES

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 the 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 that 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

Stale Cheques/Instruments are cheques that 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.

You are invited to read about them in this overview; you are urged to request a demo. Just remember, it’s your business experience we had in mind when designing the feature so there’s most likely a host of benefits you can derive from it.

The auditor can also generate the required Financial Statements like the Balance Sheet and Profit & Loss Account as per Schedule VI which needs to be submitted to the stakeholders as per the format prescribed in Company’s act.

HIGHLIGHTS OF STATUTORY AUDIT TOOL

• Flexibility to compare data available in two different Companies
• Present the data in the required format for analysis and Audit
• Highlight specific exceptions
• Step approach to conducting various analysis to find deviations
• Facility to apply sampling methods to filter transactions for vouching
• Provides the facility to perform an audit and provide necessary audit comments
• Functionalities like Cut, Paste, Undo, etc. have been provided to classify/re-classify any default Tally Group/Ledger Balances to prepare the required reports.
• The Statutory Audit tool is divided into three main sections based on the usage

• Ease verification and collation of data
• Simplify the audit process with a 3-dimensional micro-analysis
• Reflect accurate results with Professional Standards

Our aim is to continuously develop the audit tool and make it more comprehensive in terms of power, speed and accuracy; making it a MUST HAVE CAAT Tool for a practicing Chartered Accountant. Unlock the potential of Tally.ERP 9 – Auditors’ Edition and take auditing to a higher level.

KEY FEATURES IN TALLY.ERP 9 – AUDITORS’ EDITION

• Audit Programme
• Audit Working Papers
• Analytical Procedures
• Multiple Sampling Methods including Benford Analysis
• Schedule VI Financial Statements
• Verification of Opening Balances, General Ledger Analysis/Scrutiny
• Repeated Transactions
• Periodic Payments & Receipts
• Relative Size Factor (RSF)
• Audit Journals
• Checklist of Accounting Standard (AS) and Audit & Assurance Standard (AAS) compliance
• Tax Audit – Form 3CD with Annexure, Form 3CA & Form 3CB

1. Increase audit efficiency

• Access to the client’s data and reports remotely, without needing to visit clients, via Tally.NET
• Special capabilities to assist in regular Statutory Compliance
• Audit Dashboard and generation of annexure and reports for Tax Audit, such as: Form 3CD Annexure Clause16, Clause 17(h), Clause 21, Clause 24(a), Clause 24 (b), Annexure II, and Clause 27
• 100% manual verification and validation of vouchers can be avoided
• Filter reports on the Audit Dashboard based on the audit requirement
• Clarifications required can be posted by the CA and responded to within Tally.ERP 9

2. Increase scope of additional revenue through special services

• With the considerable time saved, Chartered Accountants can provide new Business Advisory services to clients
• Tally Integrator partners are available to jointly work with CAs to deliver technology solutions around Tally.ERP 9 for areas identified by the CA
• Tally Service Partners are available to jointly work with CAs to ensure that their clients can get affordable system management and services around Tally.ERP 9
• By participating in this program, we are confident that Chartered Accountants will see improved revenues, reduced costs, and have quality time to offer enhanced services to their clients.
• Tally is committed to delivering the necessary technology support – with products, tools, processes and a robust sales & support ecosystem to enable CA’s to deliver expert professional services.