AUDIT TRACKER: A POWERFUL AUDIT MANAGEMENT SOLUTION

In the auditing profession, there is a constant need for managing the entire process in an efficient and effective way.

Right from the time an audit assignment has been accepted until the final issue of the audit report, there are so many processes going on and tracking them perfectly can be a very challenging task for the auditors and their managers. Most of the auditors log these activities ( for example, client visit details, timesheets, and employee management) using spreadsheets, and a lot of those can take up unnecessary space in one’s computer.

We have developed a solution for audit in order to streamline their business processes and smoothen its operations in the long run.

AUDIT TRACKER

”THE AUDIT TRACKER” is a project management tool powered by Odoo, that is exclusively designed for auditors. Audit Tracker is a simple yet comprehensive solution for controlling and tracking the entire audit process. In Audit Tracker, the user can create a new work, assign tasks (subworks) to fellow auditors, controlled user access, and complete flow of information from the beginning to the end of a particular audit assignment. Using Audit Tracker, organizations can be assured that findings are being resolved on time with clear accountability and commitment.

Some of the key features in Audit Tracker that can be helpful for audit firms, as compared to a generic project management tools are mentioned below:

1. Audit task management and tracking

An auditor or manager can assign their fellow/subordinate auditors to different subworks. In this way an audit team can divide their given audit work into smaller manageable tasks.

2. Maintaining audit sections and its checklists

As we know, auditors will have different checklists that are being prepared and used while performing a particular assignment. Usually, the auditor carries a paper print out of the checklist while going for the audit fieldwork. These checklists are fed into the system, as per each section head.

The sections are basically the different accounting sections that can be seen in a trial balance (example: Assets, Liabilities, Income, Expenses).

The checklist as shown below, is based on the selected section.

3. Internal communication and document sharing

This is a discussion board, where an auditor will get notifications from his colleagues or seniors in order to assign tasks or notify the completion of a particular task assigned to them.

Users can also log an internal note and attach any documents so that the senior auditors can review their work.

4. Timesheet management enabled with a mobile app

A mobile application has been developed to log in timesheets to the system. The entries will be updated real time in the systems.

5. Attaching documents relevant to the audit work

During the final review, we can attach the file that has to be sent for review. In this case, the auditor can attach all his workings and findings from the audit assignment so that the managers can do their final review.

6. Client visit scheduling

Audit Tracker has an in built calendar for scheduling important meetings or client visits.

7. Invoicing

Audit Tracker’s Invoicing module can be used for preparing invoices to their customers for final billing after the audit work has been completed and closed.