9 March 2023

Audit Assistant has been making online collaboration tools for auditors for many years, so we thought why not use this incredible functionality to help accountants who prepare financial statements as well?

If you carry out the preparation of financial statements for audit, or review, or just want to have a great paperless compilation process to streamline your business advisory services practice, we have the tool for you.

The annual compilation file meets the need for a central digital repository for annual compilation work. It includes financial reporting checklists for:

  • Tier 1 and 2 Public Benefit Entities
  • Tier 1 and 2 For-Profit Entities
  • Tier 3 Public Benefit Entities
  • Special Purpose (SPFR for FPE) Companies

The output is a PDF that can then be sent directly to your auditor or reviewer, which contains most of what they will need for their work. Alternatively, you can give them direct access to the file so they can pull the data they need for their audit or review file.

Other great features include:

  • Checklists to gather data from your clients via the internet
  • Checklists for confirming compliance with SES-2 and Code of Ethics requirements
  • Standard engagement letters and completion letters including suggestions generated during the work
  • A requests feature whereby client queries are responded to directly into the file
  • Trial balance upload from Xero and other common software that populates ‘lead schedules’ for sections (income, expenditure, bank, debtors etc.)
  • PDFs or spreadsheets can then be added to the correct part of the file supporting the different items in the financial statements
  • External links may be added to say the business website, online repository or client online software
  • Journals may be created from the system that updates the trial balance and form source documents for posting to the client ledger
  • Key Documents such as minutes, constitutions, contracts etc may be uploaded and brought forward each year for reference
  • At completion, the job is rolled over, and ready for the next year, with much of the work just needing to be brought forward and updated for the new year
  • Rollover produces a PDF of the whole job plus attachments for archiving

More than 40% of NZ audit firms use our auditing software, so it makes sense to use our proven and familiar tools to prepare data for your auditor, saving time and hassle.

The Accountants Tool package is designed primarily for CA firms preparing multiple jobs but is also suitable for entities that prepare their performance reports and financial statements in-house. We provide special discount pricing packages in these cases.

Contact us to find out more or for a free demonstration.