CaseWare Africa, a division of Adapt IT, has released details of its latest addition to the assurance product suite: ISRS Agreed-Upon.
This additional app on the CaseWare Cloud platform facilitates accepting, performing and reporting on findings of ISRS 4400 (Revised) Agreed-Upon procedure engagements.
"In our experience, audit teams spend a significant portion of their time reconciling reporting of the performed procedures and the gathered findings,” says Christiaan Steyn, Assurance Product Manager, CaseWare Africa. “This, together with facilitating and documenting inquiries from management, as well as obtaining accurate, high-quality feedback on questions to management, often leaves very little room to optimally focus the team’s time on performing the agreed procedures and improving the efficiency of the engagement."
Steyn says that reconciling procedures from accepting, agreeing terms of engagement, performing and finally reporting, as well as client collaboration via countless e-mails and phone calls, is both tedious and daunting - leaving too much room for potential errors in the repetitive manual transfer of information between documents.
"This entire process results in a long and delayed engagement turnaround time and repetition in the workflow. By using Excel spreadsheets and e-mails to document procedures and communication with management, many engagement teams end up with a multitude of disconnected datasets. Additionally, potential errors are further introduced and compounded when teams are working under pressure to complete and submit the ISRS Agreed-Upon findings report," he says.
"ISRS Agreed-Upon provides audit teams with a streamlined workflow that guides users through the entire engagement process - including all applicable documentation requirements like agreeing the terms of the engagement, documenting the procedures and completing the agreed-upon procedures report,” notes Steyn. “The app offers numerous built-in efficiencies, as the documentation of agreed-upon procedures are completed only once and are automated further throughout the engagement by incorporating the collection of client responses via digital queries, that then automatically store the information linked to the relevant procedures – saving significant time and effort."
ISRS Agreed-Upon offers a centralised data storage in a single format on CaseWare Cloud with integrated reporting on engagement progress. “This new addition to our Assurance Cloud suite offers a multitude of benefits, including the presentation of a clear view of engagement status, client inquiry status and outstanding deliverables,” Steyn adds. Built-in dashboards ensure that deadlines are never missed and that efforts can be directed to the most urgent action items. “By managing all client contact information in one place, teams can collaborate directly with clients from within ISRS Agreed-Upon.
"Powered by CaseWare Cloud, ISRS Agreed-Upon is always available from any location, on any device, at any time," Steyn concludes.
CaseWare Africa, is the African reseller for CaseWare International - the global leader in auditing and financial reporting software which is used in over 130 countries worldwide. CaseWare Africa, a division of Adapt IT, has a 20 000 strong user base across Africa that consists of audit and accounting firms, government entities, municipalities as well as large blue-chip companies.
CaseWare is the undisputed leader when it comes to compliance. Our leading content providers ensure you are always compliant with the latest disclosure requirements on ISAs, IFRS, IFRS-SME, GRAP and IPSAS. CaseWare’s world-class products are not only designed to deliver on our compliance promise, but to ensure quality results, increased efficiencies, and improved profitability. For more information, visit: www.casewareafrica.co.za
Adapt IT Holdings Limited (Adapt IT) is a Johannesburg Stock Exchange (JSE) listed entity that provides leading specialised software and digitally-led business solutions that assist clients across targeted industries to Achieve more by improving their customer experience, core business operations, business administration, enterprise resource planning and public service delivery.
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