About
OBJECTIVES OF THIS SOFTWARE
> Easy to use
> Anytime, anywhere (on Cloud)
> Minimise work time
> Affordable price
Audit work can be highly profitable, contrary to the defeatist trend in today’s independent accountancy practices. Why do so many audit practice owners divest the auditing side of their practice? The usual answer is it is tricky to control the audit work hours. The solution is to find an effective time budget tool.
Artificial Intelligence is predicted to remove a third of jobs by 2030. Bank accounts are starting to provide transaction grouping akin to automatic accounting. As compliance work reduces, the accountancy profession need to harness the audit work opportunity.
Schools, associations and cultural groups are increasingly applying for charity status to benefit from a lower tax impact. Charities require audit reports.
International Standards on Auditing effectively require a proactive time budget in the audit planning process. The audit regulators’ inspectors expect to see it.
Professional indemnity insurers may look for a time budget before paying out on a negligence claim.
InPractice Audit File: The Cost-Effective Method offers a dynamic time budget as an integral part of this cloud-based software. Entrepreneurial audit practice owners can make a better commercial success of each audit assignment with this tool.
This time budget is based on two planks. The first is to set the hours for each section of the audit work to determine the overall cost of the audit. The second is the relational audit fee to be quoted based on the overall cost and a profit margin to compensate for the entrepreneurial risk and the investment in the audit business.
The Senior Statutory Auditor (SSA) agrees the budgeted hours at the outset with the audit team members. Too often that is either neglected or delegated to an assistant with limited experience. That could turn into an avoidable regret when an audit fee write-off is the outcome. Worse still if the audit inspector challenges it or it turns into a negligence claim.
The time budget is easy to fill in. Edits instantaneously upgrade the totals. Click here to see an example http://inpracticesoftware.com/TimeBudget.pdf
The magic of this tool is in the audit team persons being constantly aware of staying within the budgeted hours. The actual hours are to be less if not equal to the budgeted hours’ commitment. If they discover something that will require more hours, they are compelled to immediately alert the SSA. Without such a dynamic time budget, the profitability of an audit can be affected.
The SSA has the budget details to negotiate uplift in the quoted audit fee. Can the client reduce the audit work hours by providing an aged analysis of the debtors and creditors? Double checked stock valuation schedules? Investment valuation with the proof of the values? A draft tax computation? A file of disputes correspondence? Fixed assets locations and photos? A list of related party transactions? Going concern trend backed by a cash flow forecast with what if scenarios?
At £45 per audit file, it is affordable to try one and see for yourself.
Auditing does not have to be a loss leader for consultancy work, it can be a good profit centre.
Further details on https://www.inpracticesoftware.com/software/inpractice-audit-file-the-cost-effective-method/
These are the latest upgrades built into this software:
- Tick appears in the Index (Current Audit File) when its conclusion is signed-off (easy to see the sections requiring work)
- Risk factors including Covid19 situation
- Sceptical approach adequacy
- Senior level involvement in planning
- Risk of non-disclosure of all related parties
- Sufficient expertise of audit team
- Revenue recognition accounting policy
- Thinking auditor approach
- Following the true spirit of ISAs
Financial statements are first prepared from separate accounts production software.
After that, this audit software is used to record your audit work.
A mini Disclosure Checklist is included
UPDATED CONTINUALLY FOR
the latest regulations
best practice currently
new work methods developed
user suggestions
- Profitability: Cuts 40% of audit work time
- Less time spent: Optional procedures excluded
- Less work involvement: Efficiency short-cuts
- Less staff supervision: User friendly layout
- Peace of mind: Complies with Clarity Int’l Standards of Auditing
SUCCESS FACTORS
(1) Professional work expertise:
The lead-author, Jaffer Manek, has extensive experience in accounting and auditing whilst employed in small, medium and large audit practices in London and Bermuda. This included subsidiaries audited on the reporting systems of USA, Canada, France, Bermuda and the Caribbean.
(2) InPractice CPD Seminars in London:
The lead-author orgaised monthly 3-hour Continuing Professional Development (CPD) lecture sessions and Q & A over 14 years. In these sessions, more efficient audit work methods were discovered and audit work duplication was excluded. CPD lecturers were Jaffer Manek, Paul Soper, Mark Lloydbottom, Stephen McAlpine, Tim Palmer and many more.
(3) InPractice Audit File Reviews:
Weak audit files result in Audit Monitoring Inspectors imposing Hot File Reviews, Cold File Reviews.
* Audit practices engaged the lead-author on a fee-paid basis to carry out structured audit file reviews to produce reports in the formats of their audit regulator (ICAEW, ACCA).
* The lead-author discussed the report to devise improvements for enhancing their audit files under the International Standards of Auditing.
* The lead-author carried out one-to-one consulting and customised re-training to devise remedial solutions for an early release from the Audit Monitoring Inspectors' onerous restrictions and the expensive external audit file reviews.
* These remedial solutions are built into this software for users to avoid such pitfalls.
Users' Audit Monitoring visits therefore can go more smoothly.
(4) Ongoing CPD:
Latest developments, update technicalities, efficiency techniques learnt from seminars conducted by
- ICAEW Audit Faculty
- FRC (Financial Reporting Council), Accountancy Age journal, and others.
WORLDWIDE USE
This software can be used in all countries worldwide since it complies with ISAs.
Read more https://en.wikipedia.org/wiki/International_Standards_on_Auditing
SATISFIED USERS IN
EUROPE
U.K., Cyprus, Gibraltar, Ireland, Malta, Bulgaria, Lithuania, Slovakia
ASIA
Hong Kong, India, Indonesia, Malaysia, Papua New Guinea, Singapore, Thailand, Bangladesh
AFRICA
Botswana, Ethiopia, Gambia, Ghana, Kenya, Mauritius, Nigeria, South Africa, Swaziland, Tanzania, Uganda, Zambia
THE CARIBBEAN
Antigua & Barbuda, Bahamas, Jamaica, British Virgin Islands, Grenada, St Vincent & The Grenadines, Trinidad & Tobago, St Kitts & Nevis
THE MIDDLE EAST
UAE, Saudi Arabia
TIME LINE
In 1970s and 1980s, auditors in practice wanted audit programs to record our audit work. Audit programs as we know them today did not exist in independent audit practices. Large audit practices used their own audit programs to audit large corporates but they were long lists of audit tests which were confusing and time-consuming for the smaller audit practices.
1985: The first version of InPractice Audit File: The Cost-Effective Method was supplied on A4 card paper. Users photocopied the required pages to insert into their spring-binder audit work file. Delivery was in a large box by registered mail.
1990: An electronic version was produced on the popular platform MS Excel driven by MS Visual Basic programming underneath. Almost everyone knows MS Excel features: Open, Edit, Save, Print. The software was supplied on 3 inch compact floppy disks.
1993: Supplied on CD, delivered in a smaller box by registered mail. Upgrade of content was ongoing for changes in Auditing Standards and work efficiency methods discovered.
1995: Supplied on DVD, delivered in a smaller box by registered mail. Upgrade of content was ongoing for changes in Auditing Standards and work efficiency methods discovered.
2001: With the internet becoming sufficiently robust, the software was delivered as an online download from a link embedded in an email. Users downloaded online, entered in, setup, print to create a working papers audit file. Upgrade of content was ongoing.
2010: Upgrade for Clarified International Standards on Auditing (ISAs) and ongoing upgrades for revised versions of ISAs.
2020: A cloud-based version. No paper, no pen, no shelves to store paper files. Go online whenever, from wherever, for however long. Signed-off audit files in PDF format arrive electronically for user's electronic storage.
With ongoing upgrades over the past 30 years, this software has become mature and sleek. It is a proven product, much loved by its users in 30+ countries.
WHO IS WHO
InPractice Software is a division of Affilica InPractice Software Ltd, a company registered on 10 December 1985, Registered Number 01969932 at Companies House, U.K.
Lead Author and Technical Director: Jaffer RH Manek https://www.linkedin.com/in/jmanek/
Strategy consultant: Sue Evans https://www.linkedin.com/in/sue-evans-55803611/
AFFILICA International
Affilica International is a related service. Accountants and lawyers are in a good position to refer their own clients’ out-of-country professional work to you. However, ultimately it is the client who decides whether to engage your practice or engage your rival instead. Instinctively clients worry about putting their business future in the hands of a stand-alone practice located far away. Since clients feel it is safer to engage a practice in an international group, you need to display your membership in Affilica International.Existing clients stay longer when they see you are with Affilica International. www.AFFILICA.com
COPYRIGHT
All rights reserved. Without the prior written permission of Affilica InPractice Software Ltd, this material may not be reproduced, in full or part, in any format including photocopying, printing, electronic memory storage, scanning, recording, retrieval system and such like. Purchasers of this product may save/print any part of this product for use only within their professional practice. This concession under the copyright does not extend to sale or passing on of copies to third parties and/or firms associated to or grouped or assocuiated with the purchaser. Anyone discovered breaching the copyright will be prosecuted and complaints will be lodged with his/her professional body. Whilst every care has been taken to ensure the accuracy of the contents, no responsibility can be accepted for any loss occasioned to any person or corporate acting or refraining from action as a a result of the information contained herein or using this template.