Smart Audit

Smart Audit is a workflow solution designed to improve the efficiency and effectiveness of audit assignments. According to the vendor, this versatile tool caters to auditors of all sizes, from small firms to large organizations, and is used by audit and accounting firms, financial institutions, government agencies, and nonprofit organizations.

Key Features

Paperless Audit Files: According to the vendor, Smart Audit allows users to create paperless electronic audit files on the secure cloud. Users can utilize existing ISA Compliance Risk-based Audit Program Templates or customize their own templates. The software enables collaboration and real-time access to audit files from anywhere with an internet connection.

Working Trial Balance: Users can easily upload client trial balance using the provided Excel template or the Quickbooks plugin. The system uses the Auto Mapping feature to save time on classification and generate financial statements and lead schedules with a single click.

Access Controls & Data Security: Smart Audit provides access controls to ensure data security and confidentiality. Users can grant workfile access only to team members who require it and create peer reviewers with "Read Only" access.

Adjustment Journal Entries: The Journal Entries module allows users to post adjustment journal entries. According to the vendor, this feature updates the entire workfile, trial balance, lead schedules, and financial statements. Users can also pass memorandum entries by unchecking the Adjusted button.

Real-Time Work Visibility and Status Updates: Smart Audit provides live real-time updates on the progress of each audit assignment. Users can stay informed and enable ongoing reviews and collaboration from anywhere in the world.

Review Points Management: With the Review Points module, users can keep track of outstanding issues raised during the audit. Partners, managers, and staff can create, assign, and manage review points throughout the audit process.

Substantive Tests: Smart Audit offers over 60 prebuilt substantive test formats. According to the vendor, this feature ensures that team members do not get lost in Excel templates and helps maintain consistency across the audit team.

Field Work Guidance: The software provides field work checklists for each substantive test, guiding audit team members step-by-step through the field work process. This feature aims to streamline procedures and ensure compliance with audit standards.

File Cloning & Roll Forward: According to the vendor, Smart Audit saves time by allowing users to roll forward notes from the previous year or clone from another client in a similar industry. This feature can expedite the audit process.

Report Writing: Smart Audit uses financial statement report drafting templates to quickly prepare compilations or financial statements. Users can also prepare disclosure notes during the audit process.