Cloud based solution for practicing auditors covering Audit activities by defining and maintaining their client/customer details. TRACe helps in maintaining common audit universe and program across the team members sitting at various client locations. The audit work carried out and the observations captured are available for review by the senior auditors and their comments are available back to the team to carryout further audit activities.
TRACe Standard version has been integrated with Intacct to capture transactions for audit from the cloud based accounting solution.
TRACe Governance
Governance module of Practicing auditors version has the facility to maintain the client details, their assignments, engagement milestones, professional services, fees and additional details.
TRACe TRACe Audit
Audit Universe
Audit Universe maintains 4 level for audit program definition by creating an Entity(auditable unit), and Process hierarchy and adding Audit steps to be followed.
Audit starts with Annual planning of all the engagements signed with the clients for timelines agreed using the available resources.
Audit engagement starts with creation of assignment by highlighting the important details to the auditee to get the confirmation.
Audit Planning Memo
APM is prepared with all the agreed processes for audit depending on the scope. Selecting team members to conduct the audit, review and approval activity.
Allocation of these resources to selected processes.
APM approval to mark the end of planning activity.
Fieldwork
Fieldwork begins after the APM approval. Here each auditor creates work papers against the checks/audit steps giving details of the work done.
Evidences collected are attached
Observations made during the testing and the auditee responses during this stage are captured.
Conclusion of the auditor by giving the result for the work paper.
Findings and the Issues
Data capture
Capture the transactions required for audit purpose from the database directly by providing the details in the data extraction module and using queries or by capturing the data thru spreadsheets.
Data received can be selected using the sampling methods available in the module.