Happy New Year !!!
We hope this newsletter finds you well. We wanted to take a moment to share with you the progress we have made and also some of the exciting things we have been working on over the past year to improve Smart Audit and introduce a new product called Compliance Box.
A major development we have made during the year is the creation of a new internal audit template for Smart Audit. This template includes functionalities to document various processes, perform risk and controls assessment, document issues and recommendations, and much more. We believe this will be a valuable tool for professionals who provide internal audits as a service or work in internal audit teams.
Compliance Box is an integrated client onboarding solution that provides a Client Due Diligence (CDD) workflow. Compliance Box is integrated with the Refinitiv WorldCheck system (for AML searches) and allows users to document the resolution of false matches and generate PDF copies of CDD outputs to be signed by clients and internal management. We believe ComplianceBox will greatly speed up the client onboarding process and provide a more efficient way to manage CDD requirements.
EXTERNAL AUDIT - KEY UPDATES
We have made important updates to our proprietary external audit program template to ensure compliance with revised ISA 315-Identifying and Assessing the Risks of Material Misstatements. The template now includes a risk and controls module to help audit teams identify and assess risks of material misstatements in the financial statements. It includes:
- Introduction of Inherent risk factors
- New concept of Inherent risk spectrum
- Special focus on General IT controls (GITCs)
- Increased focus on Controls
- Separate assessment of Inherent and control risk
Download updated risk module
PRACTICE MANAGEMENT - IMPROVISATIONS
In addition to the internal audit module, we have also updated the client and job dashboards, prospect management, and time sheets in Smart Audit. These enhancements were designed to improve the user experience and make it easier for you to manage your audit projects.
We value your feedback and would love to hear your thoughts on these updates. If you have any ideas or suggestions for how we can continue to improve, please don't hesitate to reach out to us.
Thank you for your continued support.