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Audit
Deliver a higher audit quality and more effective remote audit
Covid-19 has changed everything. Digital interactions are now the norm. Accountants are quickly understanding how to leverage accounting technology and data to improve audit quality as many tasks must now be carried out remotely. Validis DataShare is a secure platform that pulls transactional level detail from your clients accounting package to provide real-time, standardized data for deep analysis.
Why use DataShare for Audit?
Deliver more engagements
Improve engagement profitability
Reduce risk outlook
How we support the audit engagement
With one click your clients will receive an email from you that allows them to give you permission to upload their accounting data directly into DataShare. In a matter of minutes all transaction level data will be standardized, including full A/R and A/P subledgers (unique to the industry) and visualised in our hosted dashboard.
Instantly, your audit team can analyze and interpret your client’s financial data through pre-prepared workpapers and will benefit from a 60% reduction in PBC tasks.
With DataShare, you can upload data multiple times during the year and get a real-time view of your client’s latest financial situation, making a tangible and lasting difference to the quality of your engagements.
Simplified data extraction process
Tools for data ingestion have historically been fraught with technological challenges. Validis’ unique, ClickOnce audit technology allows your clients to quickly and easily import data directly from their accounting package into Validis DataShare. And with each upload, you are getting up to the minute details of your client’s current financial position.
Increase your audit staff realization rates
Accessing your client’s GL data dramatically reduces the amount of manual documentation required at year-end to save hours of audit staff time within each engagement. Workpapers are automatically created with access to dynamic views of the income statement, balance sheet and trial balance.
Testing for Subsequent AR/AP made easy
Confirming AR/AP can be challenging. DataShare provides your audit teams with an ASB approved method for testing your client’s receipt and payment activity. By eliminating many of the manual steps in verifying payments, audit quality is increased while reducing audit time. Additional reports are also available that trace all payments to the client’s bank statements, further reducing the steps for alternative procedures when confirmations are not available.
Audit staff collaboration
DataShare provides a common view of all output for each client, regardless of which accounting system they may use. By standardizing workpapers and dynamic views of your client’s financials, audit teams now have the advantage of processing each audit the same way for all clients. If your firm is using sampling or other analytical software, DataShare will create common templates for reporting to simply journal entry testing.
Solution Features
AI driven data verification
Verification Workpapers from Validis fully automates verification of P&L transactions against 3rd party bank data – vastly reducing the need to sample and identifying key areas to focus analysis.
Seamless data standardization
Only Validis’ proprietary technology generates a fully standardised chart of accounts from your client’s accounting data – enabling you to automate audit tasks, removing 60% of the manual effort required to complete a PBC list.
Advanced digital data extraction
Unparalleled offline and online accounting package connectivity ensures you can rapidly access and interpret your client’s financials at all stages of an audit.
Access to most commonly used accounting platforms
By tying directly into your client’s accounting package, DataShare is able to extract ledger, sub-ledger and transactional level details from the largest assortment accounting packages on the market today.
