The audit landscape continues to be transformed by advancements in technology, which allows auditors to adopt a fresh approach to audit. While it has been many years since Plus Accounting carried out audit testing via the traditional paper-based file, it was only recently, that we made the switch to Caseware Audit, a cloud-based solution, compliant with Mercia’s audit methodology.
Why is a cloud-based solution better?
A cloud-based system is a broad term for anything that involves the delivery of computing services over the internet. This has a number of benefits for both us as auditors and for our clients:
- Speed – Caseware is available in real-time and on demand;
- Dual use – The whole audit team can access Caseware at any time, at the same time;
- Remote access – We can access Caseware from anywhere and so can our clients, allowing us to work effectively from our office as well as from our client’s base; and
- Flexibility – Caseware has modules available for Solicitors Accounts Rules, Charity and Company audits, allowing us to tailor our approach to the particular engagement and the specific requirements of our clients.
“Being new to Audits and using Caseware for the first time, I found the software very practical to use, allowing me to answer any audit queries and upload any required information. I could also navigate through the system with ease to recognise where I was with each query from the team at any given time”
Paula Weller, Finance Manager, Sowga Limited
How does Caseware Audit help advance the way we ask audit queries?
It is important that we collaborate with our audit clients throughout the process, gaining their invaluable insight. This helps us to complete our work timely and provide the best service and recommendations. It is therefore inevitable that we will have queries, ranging from those at planning stage through to completion. Caseware has an in-built ‘Queries’ application that our clients can gain direct access to by creating their own Caseware account. With ‘Queries’, we can collaborate with clients in real-time and they can share documents seamlessly, directly attached to the relevant query. This eliminates the need to send sensitive information via email. Both our clients and our audit team can be assured that the information and documents uploaded are secure, as Caseware are ISO27001 and SOC 2 Type 1 and Type 2 certified, both highly regarded bank-level encryptions.
“Caseware facilitated seamless communication throughout this year’s audit. The software helped prioritise our workload and provided visibility into the status of audit queries, ensuring that both parties were working from the latest version of files. This transparency mitigated unnecessary delays and resulted in a smooth and expedited audit sign-off.”
Tom Barclay of Futurlab Limited
How does Caseware help us comply with UK regulations and auditing standards?
Like many professions, auditors are bound by UK regulations and specifically, International Standards on Auditing (ISA’s) as well as International Standards on Quality Management (ISQM). Below are some examples of how Caseware helps us to comply with specific standards: ISA 230, Audit Documentation – Auditors are required to retain appropriate documentation for both current and past audits. Caseware allows us to retain this documentation in a comprehensive format that allows us to look back should we need to. ISA 520, Analytical Procedures – Auditors are required to carry out analytical procedures at planning and completion stage. Caseware automatically produces a range of graphs and charts that allow us to effortlessly review changes in key performance indicators, such as EBITDA and gross profit margin. ISQM 1 – The engagement partner must ensure that audit quality is maintained throughout the audit. Caseware allows more senior staff to interact with the engagement team at any point, allowing us to ensure that riskier areas receive the attention they require. ISA 315 – Auditors are required to identify and assess the risk of material misstatement which helps us to plan how to focus our audit testing. Caseware enables risks to be recorded clearly for the audit team and, when necessary, we can reassess identified risks and easily update our file. The information in this article is reliant on the information provided on Caseware’s website, being true at 1 March 2024.
Authors: Helen Griffiths, Accounts and Audit Manager & Kayleigh Jones, Business Services Accountant
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
Date published: 23 May 2024