Managing Work Papers
Accounting firms are under increasing pressure to cut audit costs or provide more value to clients. Finding ways to do more with less is no longer simply a business objective, but rather an imperative for their long-term success.
Caseware brings new levels of efficiency to the audit process. Using our Working Papers solution, members of your audit team can work on a work paper at the same time without needing to be concerned about different versions.
You will significantly decrease manual effort associated with an audit while improving the transparency, consistency and quality of your team’s work. A single data source will allow you to conduct significant data analysis so you can provide more value to your clients.
Allow team members to collaborate effectively on an engagement file in real time even when in different locations.
Leverage automation to ensure data is always consistent; when you make an adjustment, all affected information is updated.
Automatically roll-forward identified client data from year to year to ensure continuity and reduce workload.
Enhance engagement transparency and easily address questions by retaining all engagement information and supporting materials in one location.
Be collaborative. Be efficient.
The inability to collaborate on working papers can create time management issues during an audit.
Caseware leverages SmartSyncTM technology so that team members can collaborate on the same working papers file in real time. No more waiting as information is always consistent and up to date. Information is also available to team members at any time, eliminating the need to wait for files to be delivered or transferred,making finding files and support documents simple.
Reduce the Risk of Errors
When manual intervention is required as part of an audit process, the risk of error becomes greater. One adjusting journal entry might require numerous changes in other documents which need to be double-checked.
With Caseware, once you post the adjusting journal entry, it automatically updates everywhere the information is linked in your system – from your trial balance to your financial statements. This automatic linkage of information can cut down on both your error risk and your audit workload.
Put Information at Your Fingertips
When you are working with a large number of files, finding information that you need is a substantial chore.
Caseware puts all of your audit file information at your fingertips. With one source of data, you have immediate access to your trial balance and all supporting working papers quickly and simply. This makes the audit process completely transparent, with documents readily available if questioned. Searching for documents is also reduced to a click of a few keys, rather than hours of paper sifting.
Gain Efficiencies Through Greater Continuity
Accounting firms can spend a significant amount of time at the beginning of a new audit year to gather all the previous information they need to begin their work.
With Caseware, you have prior client information readily available. Once you conduct a year end close, everything you need from the previous year’s file is automatically flowed into the current year. You also have quick access to permanent documents and other materials so that you don’t have to sift through old audit boxes.
Make Consolidations Less Complicated
Consolidations can be complicated for accounting firms, with the need to make and verify adjustments across entities and files.
Caseware’s Working Papers solution simplifies consolidations by automating much of the consolidation process. When you make an adjustment within a subsidiary’s file, the consolidation entry automatically flows right up to the top-level.
The solution is also flexible - giving you a variety of options for conducting consolidations based on your environment and client circumstances.
Improve Client Value With the Flexible Trial Balance
Using Caseware Review, you can use an automated document process to generate reports, analytics, and leadsheets from your client’s financial trial balance. This gives you access to better insights which you can you to provide your clients with more valuable information they can use as part of their strategic decision making.
The data used as part of this process can be manually constructed or imported from a large number of different accounting systems.
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