We are an audit firm. Why should we ask our clients to use IDOS?
Technological advancements & customer demandsProfessional demands of auditors are constantly increasing and it has become imperative for them to adopt technology and software tools to be able to effectively fulfil their professional obligations. The unprecedented pace of technological advancements in accounting and fintech are posing new challenges to the audit community and increasing their scope of work, with customers demanding that auditors’ services should add value to their business by providing actionable insights and not just identify and rectify errors and file tax returns. Organizations which use IDOS would enable their auditors to overcome these challenges and increase the overall audit experience even for the organization.read more
Absence of compliance focus, in legacy softwareLegacy software, unlike IDOS, are not built with focus on compliance and automation and require the auditor and his staff to spend significant time on transactional activities, leaving little or no time for the auditor to provide value added services to the customer. This impacts the auditor’s ability to provide value addition to the client’s business and also limits his ability to take more customers, since increase in customers would mean increase in audit resources and corresponding costs.
Data analytics & substantive testing using IDOSData analytics capabilities in IDOS enable the auditors to carryout substantive testing of accounting data using different parameters within a very short period of time. Substantive tests which would earlier require effort of 3 auditors, each working a week on such tests, can now be done by one auditor within couple of hours.IDOS, being compliance focused and with its in-built internal control capabilities reduces the time, effort and cost that the auditors would need to spend on the audit of their customers’ accounts and even enables them to significantly increase the sample size for audit purposes.
This reduces the time and effort that the auditor needs to spend on transactional activities of each customer and enables him to spend time in providing value added services and also add more customers without corresponding increase in cost of resources.
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