Every auditor follows a plan. Why? Because they want to show value to their clients.
We want that process to be frictionless and with everyone committed. So we produced this checklist to help you get the most from Validis and your audit.
Successful firms using Validis have used this tried and tested process
Our audit checklist lets you see how success and efficiency can be achieved at every milestone in the client data journey.
We understand that every audit is unique and sometimes complex, but following the 5 steps will set up you and your client for continued success using Validis.
1. Engagement Letter
The first point of contact for an auditor with their client is through the ‘Engagement Letter.’
The best engagement letters provide the client with a clear path and process for how the audit will be conducted, demonstrating how you plan to use Validis and extract the client’s data.
As part of that plan, we find that the most successful firms now communicate how they will utilize technology on the client journey.
Here’s a great example that your firm can use to get a step ahead this busy season and include as part of your initial client communication.
2. ERP Survey
Once you have established the first communication with the client then you will need to consider if they are suitable to have their GL, AR and AP data extracted with Validis.
If suitable (and over 80% of clients are) then we can continue with the Validis data journey.
We have drafted an email for you already, which includes a link to a six-question survey asking the client for their ERP software version.
3. Client benefit
Automated data gathering significantly saves time for the auditor and the client, making the process simpler and easier to follow.
Using Validis to gather the GL, AR and AP data unlocks a vast amount of benefits for the auditor and client.
Now the auditor can add extra value to their clients through quicker access to data guiding preliminary analytical reviews.
Validis is a secure digital and fully encrypted service that follows ISO27001 and SOC2 guidelines.
We’ve created a guide that you can send to your clients to help them get started with Validis.
4. Create the engagement
The journey of the auditor creating the engagement is detailed in a quick video so you can see how easy it is to set up and get started. This video above also shows auditors how easy it is to connect to a desktop or online accounting package.
Our client consent video outlines exactly how the client engages for the first time with Validis giving you the insight into how this is performed.
5. Planning upload
Asking the client to complete a planning upload at P.9 or P10 is vital – not only so you can expedite some work before the year end, but it also gives your client the opportunity (if they are new to Validis) to go through the process of uploading data ahead of busy season.
Thus, they save time, they are less pressured, and they can remove any barriers before the start of the audit.
Once the data has been extracted take a look at the ‘auditor’s journey’ to see where you can add value and gain further insights into your client’s business.