Corporate Tax Software Solution

Improving Tax Efficiency Through Automation

Michael Mncube, Tax Product Manager at CaseWare Africa, a division of Adapt IT, elaborates on corporate tax challenges and how automation can improve efficiency.

The Income Tax Act requires all businesses liable to taxation to register with SARS as taxpayers. This comes with income tax return submissions which must be done 12 months after the tax year-end. In addition to annual income tax returns, every company is required to submit provisional tax returns.

The Challenges For Corporate Tax

Timelines

Timelines are unquestionably important in the whole process of tax return submissions. All tax practitioners concur that taxes and timelines go hand in hand: missing such deadlines incurs additional penalties coupled with interest. All of these add up to additional costs added to clients’ bills. Time definitely costs money in the tax world.

Given that legislation allows for companies to select their own year-end dates, there is a high probability that a single tax practitioner will have a portfolio of clients with different year-end dates. For a single tax client, the tax practitioner needs to be cognisant of four dates: the first; second; and possibly, the third provisional tax, as well as the annual income tax return due dates. Imagine having a large portfolio of tax clients and all with different tax year-ends – now that is a nightmare guaranteed to keep a tax practitioner awake at night.

Provisional Taxes

Provisional tax is not a separate tax from income tax but a method of paying the income tax liability in advance, to ensure that taxpayers do not have huge tax debts on assessment. This is done through the submission of an IRP6 Provisional Tax Return. Provisional tax allows the tax liability to be spread over the relevant year of assessment. Taxpayers are required to pay at least two amounts, based on estimated taxable income, in advance during the year of assessment. A third payment is optional after the end of the tax year but before the issuing of the assessment by SARS. On assessment, the provisional payments will be offset against the liability for normal tax for the applicable year of assessment. Issues normally arise when estimating taxable income, as when this is incorrectly done it might result in penalties being imposed by SARS.

Corporate Income Taxes

Corporate income tax is a tax imposed on companies resident in the Republic of South Africa (i.e. incorporated under the laws of, or effectively managed in, South Africa and that derive income from within or outside the Republic). Non-resident companies that operate through a branch or that have a permanent establishment in South Africa are subject to tax on all income from a source within the Republic. Payment of such taxes is through the submission of an ITR14 income tax return. This return comes with its challenges.

If gross income as disclosed on the first page of the ITR14 tax return does not agree with the aggregate total revenue and total other income as disclosed in the income statement section, the ITR14 will not print or cannot be submitted.

Getting the right number in the right box of the ITR14 tax return is a challenge and consumes a bit of time. Take gross income for instance, which comes from three different fields in the Statement of Comprehensive Income (Income Statement) namely adding Revenue to Investment and Other Income.

For the Asset section of the ITR14 tax return, splitting the non-current assets section is also a hassle. The numbers are not disclosed on the same page of the Statement of Financial Position (Balance Sheet): this must be unpacked from both the face of the balance sheet and the property, plant, and equipment note.

These processes are daunting and time-consuming. Getting this wrong poses, a risk for tax practitioners as there might be reviews or audits imposed by SARS, meaning further time investment and costs to the taxpayers.

Penalties And Interests

Earlier this year SARS announced the implementation of administrative penalties on companies that do not comply with the requirement of submitting their tax returns. The penalties range from R250 to R16 000 per month that non-compliance continues, depending on a company’s assessed loss or taxable income.

With the possibility of penalties, there is now a more stringent requirement to stick to tax return submission deadlines in order to avoid such penalties and interest.

The Corporate Tax Software Solution

CaseWare Africa offers the optimal corporate tax software solution. Automating your business practices will save you both time and money. Your administrative time will be reduced. Automation can avoid costly mistakes and disputes with SARS by ‘getting it right the first time’.

With automation, tax practitioners will position themselves as strategic advisers. They will move into advisory roles and away from the traditional administrative role. One of the ways technology can create efficiencies is when tax practitioners make use of automated systems to submit their income tax returns.

Automated tax software solutions, such as CloudTax offered by Adapt IT – CaseWare Africa, can automate the income tax submission process. This process is usually done manually by tax practitioners and takes a lot of time.

CloudTax is an automated cloud software that allows tax practitioners to store historical tax returns in the cloud, synchronise SARS correspondences and letters, track the work done by multiple professionals on a company’s returns, and create provisional tax returns 60 days before a deadline imposed by the tax authority.

Keeping a manual diary of deadlines is a thing of the past: CloudTax notifies you of all tax deadlines (income tax and provisional tax) 60 days before due dates and keeps track of such until returns are submitted through a single dashboard.

The aim with CloudTax is to save tax practitioners time and ultimately money, over and above minimising errors if not actually eliminating them completely.

CloudTax comes with an ITR14 tax return solution, the Corporate Tax Product which has automated integration with SARS synching. Populating the ITR14 has never been this easy. Using the solution puts the right number in the right box. The ITR14 is pre-populated through automated integration with CaseWare Working Papers. CloudTax also incorporates flexible integration with Xero, QuickBooks, and Excel. Through automation, completing the ITR14 has been reduced to only seven simple steps.

Contact CaseWare Africa to set up a free demo.

The Remote Tax Practice: Make It Happen With CaseWare CloudTax

CaseWare CloudTax helps tax practitioners solve many of today’s challenges and lays the foundation for the tax practice of the future.

In the age of lockdowns and working from home, both practitioners and their clients find themselves having to run their businesses remotely. Many tax practices experienced revenue losses when the initial lockdowns were introduced. Others have been victims of cyber-attacks and ransomware. At the same time, SARS also increased auto-assessments to grow collection revenues, which has introduced additional challenges for practitioners to ensure assessments contain appropriate information.

One thing has become clear: there is a burning need for tax practitioners to effectively manage data and client information, to find better ways of assisting their clients from any location, whilst continuing to ensure that their clients’ tax affairs remain in order.

Covid-19 has certainly reemphasized the urgency for tax practices to future proof their firms. There’s no doubt that smart tax practices have already seen the writing on the wall and are looking to transition to cloud-based solutions. Research shows that this is where future-fit accountants still have considerable room to grow, with less than 20% of accountants using tax-preparation software, whilst the rest are still managing their practices using manual processes.

But moving to tax-preparation software is only the beginning. Whilst preparing the tax return is the final deliverable, it must be recognised that it is the result of a process that starts much earlier.

In fact, most taxpayers spend between 75% to 90% of their time gathering information and documents. As anyone who has done it knows, it’s daunting to collaborate with clients via the phone or e-mail, and response times can often be very long. Another major issue is the use of spreadsheets to calculate and check numbers – an approach that introduces errors and that is time-consuming. It also means that the information is all over the place, wherever people are working on it—instead of in one central location where everybody can access it.

In addition, when information is dispersed, version control becomes a continuing and difficult issue to manage. And, of course, there is the time-consuming and inefficient process of submitting each tax return manually.

 Tax Practitioners Can Enjoy A Better Way

Tax practitioners who transition to cloud-based solutions can quickly overcome previous challenges and take advantage of significant benefits. For one thing, moving to a cloud-based solution means that the firm is always assured of using the latest technology—without the upfront capital costs of acquiring a licence every time a product is upgraded or needs to roll out upgrades to every user.

The Benefits Of Moving Your Tax Practice To The Cloud

  • Better cost model. Costs are predictable and easy to manage, and practitioners do not need to invest in server and security infrastructure. This introduces considerable savings.
  • Better security. Data is stored safely and securely on multiple remote servers, without needing any resources or costs from the practitioner to maintain. The firm’s data, and that of its clients, is much more secure—no small thing given the Protection of Personal Information Act (PoPIA) and its stringent penalties.
  • Accessibility. Tax practices and their teams can work from anywhere at any time, and all they need is a browser and access to the internet. This means that firms can save costs on VPN connections and do not need to coordinate software update installations with their IT teams.
  • Centralised storage. Clients don’t have to struggle with managing multiple copies of the same information in different places. In addition, the cloud offers unlimited storage space and comes with useful features like automatic backup, so practitioners don’t have to worry about losing or redoing any work.
  • Enhanced productivity. Greater security is complemented by greater availability. Centrally located data is accessible to all who need it, from wherever they are. Tax professionals can service their clients from wherever they happen to be, and do not need to be in their offices to do so. Another big advantage is that any number of tax professionals can work on the same documents simultaneously.

 Why Tax Practices Need CaseWare CloudTax

Adopting CaseWare CloudTax is a great starting point for the move to the cloud because it has been specifically designed with the needs of the tax practitioner in mind. CaseWare CloudTax enables tax professionals to access all the benefits of the cloud while minimising the risks. Some of the main benefits are:

  • Easy collaboration with clients. Practitioners can make use of built-in queries and customisable questionnaires and send those to clients directly from within the app. Clients then respond easily by logging into their personal portal, answering the questions, and uploading any necessary documents—even via smartphone. The system notifies the tax professional when new information is provided.
  • Deadline management. CloudTax keeps track of important deadlines and users can easily monitor provisional and annual return progress and status for all their entities.
  • SARS integration. CloudTax integrates directly with SARS eFiling, which means practitioners can process all taxpayer details, correspondence, and tax return submissions automatically in bulk.
  • SARS compliance. Tax return forms and calculation frameworks are frequently kept up to date to ensure that they are compliant with all relevant tax legislation, greatly simplifying the tax return process.
  • Seamless data integration. Trial balance information can easily and automatically be imported from CaseWare Working Papers, Xero, QuickBooks and Excel to pre-populate tax returns.
  • Optimisation. Checklists, questionnaires, and schedules are built-in that intelligently expand or collapse according to the complexity of the return.
  • Prepare, calculate, and submit tax returns directly to SARS eFiling. CloudTax supports Provisional (IRP6), Individual (ITR12), Corporate (ITR14), and Trust (ITR12T) tax returns with built-in calculations aligned to SARS.
  • With CloudTax, tax practitioners are now more empowered than ever with a holistic cloud-based tax return solution, that can be used seamlessly for all provisional and annual returns for Corporates, Individuals, and Trusts. The tax practice of the future will be cloud-based. With CaseWare CloudTax, tax practitioners can take a very meaningful step towards setting up their firms for future success.

CaseWare CloudTax is a financial software solution that can turn your tax business into a remote tax practice overnight. Read more about this tax solution and contact us if you have any questions.

 

Five Keys Area To Test When Building An Audit Plan

Auditors today are working in an exceptionally complex and ever-evolving industry. In an environment where there is pressure to add more value with fewer people and less time, auditors are challenged to discover more risks, audit more areas, more frequently, and uncover fraud for their clients.

Yesterday – Ineffective Audit Planning Methods

Many audits today are conducted at planned intervals rather than based on thoughtful consideration of evidence that points to patterns or areas of risk. Instead, auditors select a given area and assess risk areas based on consultation with the organisation. Depending on responses, an audit will either be performed annually or every two to three years for internal controls if it’s deemed to be less risky. Unfortunately, this method can facilitate overlooking risk areas and permit fraud or other issues to go undetected.

Today – Effective Methods For Building An Audit Plan

To help improve the effectiveness of audits and clearly demonstrate their value, auditors can deliver more value for their clients by firstly optimising audit planning. Secondly, empowering teams with systems and tools that focus subject matter expertise on the audit, as opposed to spending unnecessary time in extracting information from systems and preparing data within spreadsheets.

Thirdly, it is important to pinpoint findings that will save the company money and improve business operations. A more systematic approach to audit planning offers a variety of advantages, including:
• Breaking risks down into individual factors and then being able to align them across the audit landscape
• Individually scoring risks for each financial statement area.
• Calculating an overall score but also ensuring that specific levels of risk are clearly reflected on financial statements.
• Evaluating relative risk levels in order to establish the audit scope.

The Data Analytics Approach to Audit Planning

It’s well known amongst auditors that data analytics helps to simplify and improve audits, eliminate manual tasks, reduce costs, detect potential fraud, errors, and abuse – and most importantly these valuable insights are attained earlier in the process. However, many auditors are missing the opportunity to leverage data analysis software to help prepare a rounded and well-thought out audit plan. Using data analytics during the audit planning phase helps to focus audits, allocate resources effectively, optimise audit expertise resources, save time, and identify significant information about the business.

Audit Planning – Get It Right With Data Analysis

Running data analytics tests during the audit planning phase, helps to provide a better understanding of what is happening and highlights the areas of greatest risk. Moreover, it shows where control breakdowns are occurring, and the state of risk management in the company. Utilising insights provided by data analysis in this phase of the audit process helps shift or refine the focus of the audit early on. Also, if used in the planning process it can provide auditors with a comprehensive understanding of the scope of the business and can help to identify specific questions that need to be put to the company to adjust the focus of the audit – as and where required. Moreover, data
analytics helps to automate a significant number of manual tasks and save considerable time and costs. What can often take days to complete can be executed within minutes when the audit commences.

What Is The Best Approach To Build An Audit Plan?

Firstly, complete a risk assessment – but where to start? Trying to analyse each area can be time-consuming and overwhelming. Instead, the best option is to start with a few key areas at a time and the ones that reveal the most problems are the ones that should be audited first. Testing can then be expanded from there.

The Five Key Areas To Test

Data analytics applied to the following five key areas will reveal potential risk – an audit plan can be built based on the information revealed from scrutinising the following:

1. Accounts Payable
2. Accounts Receivable
3. General Ledger
4. Payroll
5. Stock and Inventory

Why Use CaseWare IDEA®

Advanced data analysis tools help auditors strategically plan their audits and lead to better, more effective, audits. CaseWare IDEA® has been the trusted industry leader for audit analytics for over 25 years. CaseWare IDEA® has a strong presence in over 130 countries, is used by more than 250,000 users globally, and is trusted by audit firms of all sizes.

The Value Proposition CaseWare IDEA® Brings To Audit Capabilities

  • Increases audit scope by allowing users to import all their records, including spreadsheets, and exported data from databases, accounting programs such as Pastel, for example, other ERP systems plus travel and entertainment applications in formats such as PDFs, plain text (.txt), print-report (.prn), open database connectivity (ODBC) and SAP.
  • Automates the sampling processes by eliminating the need to export data into spreadsheets and preparing manual sample sets.
  • Analyses 100 percent of the data across a multitude of datasets.
  • Streamlines testing procedures with built-in workflows.
  • Protects the integrity of the data by locking source data files so that they are read-only.
  • Creates an auditable trail so analysis can be documented, shared, and repeated.
  • Creates repeatable tests to reduce time spent on routine tests. CaseWare IDEA® also offers more than 100 audit-relevant tasks and a variety of advanced features to help auditors better plan and execute their audits.
  • The following is a sample of these features:
    • Universal file conversion capabilities make it fast and easy to import all records.
    • Advanced audit functions with just a click, including Gap Detection, Benford’s Law, advanced fuzzy duplicate, summarisation, stratification, sampling, and more.
    • Data visualization with the ability to either auto-populate or custom-build dashboards with charts and field statistics into which auditors can drill down.
    • Audit automation through languages like Python or IDEAScript.

Brief Bio:
Christiaan Steyn, Assurance Product Manager, CaseWare Africa, a division of Adapt IT. Christiaan is an Associate General Accountant (SA), with extensive technical knowledge and a passion for technology. He completed his articles at a medium-sized auditing firm where he gained experience in various industries. He was later appointed Template Developer and then moved to the role of Product Manager at CQS Holdings – which was subsequently acquired by Adapt IT and renamed to CaseWare Africa.

The Benefits Of CloudSec Secretarial Software

If you need assistance managing your CIPC statutory compliance needs, CloudSec secretarial software is the solution for your business.  CloudSec manages and builds structure around all your secretarial tasks while taking care of all your CIPC statutory compliance processes in one place.
CloudSec uses our CaseWare Cloud Platform to manage and take care of all the processes that surround secretarial work. It connects you, the client, and CIPC. You will also earn more from secretarial work by building up efficiencies at every point in every process.

Experience The Benefits Of Secretarial Software That Works For You

Work faster than ever before as CloudSec automates functions that by nature have high activity volumes and are admin intensive. Do this while building structure and automation around all the processes to ensure that you are always compliant. Never worry about behind-the-scenes admin as CloudSec uses the powerful CaseWare Cloudfile management functionality to archive, maintain, and automatically back up all your secretarial documentation. The power of the Cloud allows you to access the most up-to-date information and documentation from anywhere at any time. Over and above always having one version of the truth, the application is built for better collaboration with you and your clients when preparing, submitting, and maintaining secretarial documentation.
How has this changed the way you work today? You are better able to track daily tasks, assign activities and view this in one timeline. Work closely with your client on a secure portal by sharing documentation and project updates.
You’ll never miss a step with the predefined workflow which guides you step by step to a completed CIPC bundle. The capability to track daily tasks, work closely with your clients and manage the Cloud documentation allows you to work much faster than before.
Find out more about CloudSec secretarial software and how it can transform your CIPC secretarial statutory compliance requirements.

iXBRL Reporting – What Is XBRL?

iXBRL reporting

CaseWare’s iXBRL reporting eases the process of manual reporting and collection of data. As a business, you probably find yourself having to send out a lot of reports every year and often have to manually collect all the data. When it comes to analysing and comparing the data, you find yourself reading a lot of paper-based reports, which increases your chance of making mistakes.

The logical step to overcome this would be to use digital reporting tools. Problem is, everyone uses different software tools. This means nothing is consistent and makes it just as difficult to compare and analyse various reports.

This is why CIPC has made XBRL reporting mandatory and why CaseWare Africa has made sure that our solutions give you everything you need to be compliant.

What Is XBRL?

Essentially, XBRL is a structured way of digital reporting. It’s an open, international way of structuring information, managed by a global consortium. It enables software such as CaseWare Africa to tag all financial items in business reports with relevant taxonomy.

  1. First, you tag the data you want to report on, for example: financial statements and the various line items they’re in.
  2. The data is then automatically extracted from your CaseWare Working Papers file.
  3. All you then have to do is send it.

Because of the fact that everyone is using the same tags and format, as set up by your reporting frameworks taxonomy, it’s easy to use and compare the data.

At CaseWare Africa, we help our clients to meet their mandatory deadlines quickly and easily.

Contact us today and we will be more than happy to explain it all to you so that you can achieve more.

A Simple Way To Manage The Complexities Of Corporate Tax

Ideal for both practice and business clients, the corporate tax product integrates with the global, leading, financial reporting templates on CaseWare Working Papers. It may also be used as an independent taxation solution and it offers a simple way to manage the complexities of tax. You are able to import a trial balance from Xero, Quickbooks, or Excel to prepopulate your tax return. Importing a trial balance directly from your financial statement solution means that preparing an ITR14 tax return is both quick and easy.

Easy-To-Use Features Of Corporate Tax

Using an easy-to-follow workflow, producing tax computations and SARS forms is simple as the software walks you through the complete process step by step. Each individual area of tax legislation has its own schedule, which can easily be reviewed and amended by the tax team, with each schedule linked to the computation and form.
The software also includes comprehensive data verification and balance checks so you never miss an adjustment or a review point when compiling your  ITR14 tax return. Reviewing is easy, as a summary of all errors is presented on a single view prior to sign-off and submission to SARS.

Simple Tax Returns

CaseWare’s corporate tax product includes a comprehensive tax calculation framework that aligns with SARS. This is automatically selected based on the entity type, triggered by revenue amounts for micro, small, and medium to large entity types. With all entity types, the calculator provides a comprehensive list of allowances so you do not miss those important deductions. With an automated workflow, it is easier for the user to prepare and file the ITR14 tax return.
In addition to the latest tax codes and updated ITR14 tax forms, CaseWare’s corporate tax product includes a comprehensive help menu and electronic document management system allowing you to add supplementary evidence.
Once your return is completed, submission is simple through the CaseWare Cloud Service with a full tracking and monitoring dashboard.
Find out more about corporate tax and the immense features and benefits it holds for your business. Should you have any queries, feel free to contact CaseWare Africa, an Adapt IT company and leader in financial reporting solutions.

Interim Financial Statements – Automated Financial Reporting

Interim Financial Statements

Automate your interim’s with CaseWare Africa‘s interim financial statement template. Automation is one of the key strategies driving financial reporting, because it reduces manual intervention and makes the process both more streamlined and accurate.

Until now, the market has lacked an automated solution to easily prepare interim financial statements. Our new interim financial reporting template will help you to ensure that you are compliant.

Benefits Of Interim Financial Statements

  • Simplify the importing of data from multiple periods.
  • Unify the reporting process across an entity with seamless integration into our IFRS template.
  • Consolidate multiple entities quickly and easily.
  • Increase consistency and efficiency across the financial reporting process.
  • Prepare IAS 34 compliant interim, condensed, financial statements.
  • Create explanatory notes as required by the IAS 34 standard as well as easily including specific requirements for exchanges like the JSE, NSE, and other listing requirements and market trends.

When you use both CaseWare’s interim and IFRS financial reporting templates together, the same data sets prepare both the interim and annual financial statements, which significantly reduces the risk of errors and the time needed to create the engagements. The template can be adjusted to produce semi-annual, quarterly, 5 monthly, and monthly financial statements.

Chat to us today about interim financial statements and how you can use them for your business.

Does XBRL Affect Me?

If you had read our recent post about XBRL, you will know that it stands for eXtensible Business Reporting Language and is a global standard that was developed to improve how financial data is communicated and that it also enables digital financial reporting. 

Wondering If Your Company Is Affected By XBRL?

XBRL Reporting has many different uses and is used by a variety of people across different roles. All companies required to submit Annual Financial Statements (AFSs) as part of the Companies Act should be taking note of XBRL.

Similarly, any company that needs to provide information to financial regulators, securities regulators, stock exchanges, business registrars, tax authorities, and statistical and monetary policy authorities is affected by XBRL. Enterprises that regularly move information around in a complex grouping or supply chains that exchange information to manage risk and measure activity will be impacted by XBRL.

XBRL

 

Where Is XBRL Applicable?

According to the Companies and Intellectual Property Commission (CIPC), XBRL can be applied to a wide range of business and financial data. Below are a few examples of the data XBRL can handle:

    • Internal and external financial and business reporting;
    • Reporting and exchange of information in all types of regulators such as tax and financial authorities, central banks, and even government;
    • Filing of loan reports and applications;
    • Credit risk assessments; and
    • Authoritative accounting literature, providing a standard way of describing accounting documents provided by authoritative bodies.

Who Will Benefit Most From XBRL?

    • Regulators, analysts, and investors: XBRL allows for enhanced distribution and usability of existing financial statement information. It enables automated analysis and less rekeying of information from one form to another.
    • Data aggregators and financial publishers: More efficient data collection lowers operating costs, boosts traction capacity, and adds value to data to minimise errors.
    • Independent financial software developers: Any software that handles financial information can use XBRL for importing and exporting data. This increases the potential for full interoperability for other applications.
    • Companies that prepare financial statements: The value of XBRL is that companies can create financial statements more efficiently because they only need to do so once.

At CaseWare Africa, we provide a full range of professional services and “best of breed” software solutions to thousands of customers. Our solutions automate financial statements and assurance engagements, streamline tax management processes, enable simplified times and billing, and also takes care of secretarial duties. To find out more about how we can help you on your XBRL reporting journey, get in touch.

ISAE Attestation For Auditors

ISAE Attestation Auditing Software

ISAE Attestation is auditing software that allows auditors to gather appropriate evidence for the compliance reporting requirements of the Legal Practice Council and the Estate Agency Affairs Board. Powered by CaseWare Cloud, ISAE Attestation is always available from any location, on any device, at any time, and is licensed on a per-engagement basis, which means you can buy what you need when you need it and top up at any time.

ISAE Attestation Assisting Auditing Practitioners

ISAE Attestation assists practitioners in performing engagements based on ISAE 3000 assurance engagements, other than audits or reviews of historical, financial information. It contains a built-in methodology based on ISAE 3000 and specific compliance requirements of the Estate Agency Affairs Board and Legal Practice Council.
ISAE Attestation is designed to incorporate the four major elements of an attestation engagement into one seamless process:
  • Accepting
  • Planning
  • Performing
  • Reporting.

The ISAE Attestation Accepting Phase

This assists with understanding the company’s policies for attestation engagements as well as performing acceptance or continuance procedures. With advanced optimisations, ISAE Attestation, utilises checklists, questionnaires, queries, and work programmes that intelligently expand or collapse according to the engagement.

The Planning Phase

This enables practitioners to gain an understanding of the entity’s business, assess materiality, perform a risk assessment and plan the overall strategy for the engagement. By utilising queries, ISAE Attestation, allows practitioners to communicate and collaborate directly with clients within the app whilst providing transparent visibility to partners at all times.

The Performing Phase

This phase allows practitioners to perform procedures on the service activities relevant to the engagement. Prebuilt work programmes set forth the procedures necessary to complete an efficient and effective engagement. The procedures consist of a detailed plan of the work that must be performed, encourages a thorough understanding of the service activity, and includes the steps required to achieve the reasonable, assurance, engagement objectives. With engagement management built-in, the progress of every engagement and statuses of all engagements across the firm can easily be tracked and monitored.

The Reporting Phase

And finally, the Reporting phase assists in discussing significant judgments with management, preparing the reasonable assurance report, ensuring the report is appropriately worded, completing and locking down the engagement. With built-in roll forward technology, efficiency can be significantly increased, by leveraging extensive, built-in logic to roll forward selected information related to the client into next year’s engagement.
This product is empowering auditors with streamlined attorney trust and estate agent trust account assurance engagements. Find out more about ISAE Attestation here.

Audit International – Leading Paperless Auditing Solution

Completely integrated with accounting and a CaseWare engagement file, Audit International is the leading, paperless audit solution, designed to produce shorter, faster, risk-focused audits. Built using the CaseWare International audit platform and designed around the international standards on auditing.

Templates are available in the following profiles:

  • Minimal
  • Basic
  • One Form
  • One Form+
  • Core
  • And can be tailored for engagement

The dashboard screen, which is divided into planning and risk assessment, risk response and completion and reporting stages, makes navigation easy for inexperienced users and gives a simplified view of the status of the audit at any time. Using CaseWare’s audit optimiser, the file is tailored very rapidly to focus only on the areas required and eliminating any unnecessary work.

What Else Can Our Paperless Audit Solution Do For You?

Checklists are answered using simple, dropdown menus with automated sign-off and the lightning buttons allow users to answer entire sections in one go. Risks, controls, and management letter points can be raised at any time on a simple to follow dialogue and associated to work programmes or other documents.

The financial statement areas, FSA worksheet records, allows you to plan your audit based on risks and provides a central point for recording your risk response. Any risks raised are automatically fed through to the associated work programme as is materiality and the planning information from the FSA documents.

Work programmes can be easily tailored to address and identify risks and the results fed back to the risk dialogue and risk report. Results are easily recorded in the comment boxes, which expand to accommodate text and you can refer to any piece of supporting evidence in the document manager. Any audit issues can be identified, assigned, and cleared and reported easily.

On-screen review, times are reduced and audit quality is improved by channelling critical information to the completion documents, automated management letters, and associated reports.

Empower Your Auditing Firm With Audit International

Our leading paperless auditing solution will help you empower your auditing firm, while exceeding expectations, reducing risk, complying with the latest regulations and improving profitability. CaseWare Africa, an adapt IT company, a leader in assurance software solutions.