AuditFile, which makes cloud-based audit automation software, has updated its software with improved compliance controls for its Spring release. The update also features new automation and practice management capabilities, and extends workflow beyond audit, review and compilation engagements with a new tax trial balance module.

Accountants are seeking more complete workflow capabilities to maximize efficiency, and in response software companies like AuditFile are taking note and expanding their platforms to include more value-added functions.

AuditFile is offered in three subscription options, and scales to meet the needs of firms of different sizes and specialties. Data storage, web training and technical support are included in the subscription fee. New features built into the latest version of AuditFile further automate the risk assessment and internal control processes to help comply with peer review requirements.

“Our goal is to offer a platform that helps practitioners comply with requirements efficiently and cost-effectively,” said Steven Bong, founder and CEO of AuditFile, in a statement. “We stand by our commitment to keep the platform intuitive and simple-to-use by including web trainings in the subscription fee and offering a free evaluation period for users to test it out on their own. Most firms are up and running within the week, if not the day they sign up.”

Updates for this release include:

• Risk assessment and internal control tools – The Spring release further automates built-in tools to help practitioners comply with risk assessment and internal control requirements, establishing links between identified risks and testing.

• Tax trial balance module – A new module extends AuditFile’s capabilities beyond accounting and audit services to allow users to set up tax workflows and prepare the tax trial balance for import into their tax software. Options allow users to upload, import, enter or pull the tax trial balance from the related attest engagement, preserving the audit adjustments and allowing the end user to make tax adjustments and code the trial balance for the tax software.

• Custom ratio tool – AuditFile features multiple automation tools that allow a firm to move key areas of analysis out of different Excel workpapers and into the platform’s user interface and standardized relational database. The custom ratio tool gives the user more flexibility in defining ratios based on leadsheets, accounts and other groupings captured in the AuditFile trial balance.

• Engagement tracker – AuditFile features built-in dashboards to help firms view the status of work by client, by user and within a specific engagement. The Engagement tracker is a dashboard that combines graphical progress displays, sortable data across a number of displayed parameters, and filters that give management users the ability to view work progress according to different variables.

• Usability enhancements – The latest version features an in-engagement Search capability, greater engagement roll-forward options, limited access mode for third party reviewers, ad hoc signoffs, and greater flexibility around built-in quality control alerts.

For reprint and licensing requests for this article, click here.