Relating to Single Audits of native governments, nonprofits, college districts, and HUD engagements, auditors should navigate by means of a posh algorithm which might be continually altering. As well as, making an attempt to determine which federal awards want auditing and sifting by means of in depth federal steering to find, compile, and execute the required audit procedures, could be considerably time-consuming.

These challenges compound rapidly as the quantity of audits will increase. Every year, accounting corporations carry out roughly 40,000 Single Audits, making the time, effort and bills concerned in them overwhelming, to say the least.

Nevertheless, there may be a solution: audit automation. A well-designed cloud-based answer like Thomson Reuters Checkpoint Have interaction Single Audit can automate the complete single audit course of by embedding skilled requirements and regulatory necessities proper into your workflow, guaranteeing you adhere to all vital requirements all through the engagement, all whereas gaining workflow efficiencies.

Let’s check out the transformative advantages of single audit automation.

Guarantee accuracy with audit automation

Making use of the principles and calculations to find out which federal awards have to be audited and the procedures that have to be carried out could be intricate and susceptible to errors. However Checkpoint Have interaction Single Audit walks you thru the method.

Simply enter your consumer’s federal award info, expenditures, and reply a number of questions, and voila! The applying determines which awards have to be audited and prepares a compliance audit program containing the procedures that have to be carried out.

Backed by an in-house group of skilled CPAs and nationally acknowledged authors, you could be positive the outcomes are correct and adjust to present requirements. As well as, PPC audit guides are loaded with sensible concerns, real-life examples, time-saving checklists, and observe aids — the whole lot you’ll want to move peer assessment.

Tailor the audit workflow course of

With the flexibility to customise your workflow to swimsuit every consumer, Checkpoint Have interaction Single Audit presents a versatile design and risk-based audit strategy for any dimension engagement. Reply a number of fast questions and Checkpoint Have interaction will mechanically tailor the engagement by eradicating pointless kinds and applications.

The progress bar makes it straightforward in your group to trace paperwork and log out on any steps, whereas sensible concerns guarantee everybody is aware of precisely what’s being requested for every space.

Auditors and managers can concurrently log out on a number of procedures, rapidly test all engagement overviews, and determine lacking solutions. Plus, you possibly can observe and retailer awards and expenditures, and flag the final time a program was audited as main. And you’ll compile the information wanted for the Schedule of Expenditures of Federal Awards (SEFA) report with devoted assist.

On the finish of the day, a cloud-based answer streamlines single audits by offering real-time updates, automating advanced calculations, centralizing info, and embedding compliance measures. This not solely simplifies the engagement course of but additionally enhances effectivity and accuracy in navigating the challenges related to single audits.

Are you prepared to rework your Single Audit workflow?

Checkpoint Have interaction Single Audit is the one on-line software that automates the complete single audit course of. In truth, it was named Accounting Right this moment’s 2023 New Merchandise of the Yr.

As a result of Checkpoint Have interaction Single Audit is embedded with the Workplace of Administration and Finances’s Compliance Complement, you now not have to work throughout purposes from a number of locations – the whole lot you want is included and automatic.

As a web-based answer, Checkpoint Have interaction Single Audit presents the flexibleness to work from wherever and permits a number of group members to collaborate on the identical engagement concurrently, with actual time updates. And, as a part of the Checkpoint Have interaction household of merchandise, you’ll take pleasure in a seamless, built-in expertise together with your monetary assertion audits.

So, for those who’re prepared to rework your Single Audit workflow, then dive deeper into the progressive answer designed to streamline your processes and improve collaboration.

Study extra about Checkpoint Have interaction Single Audit and elevate your audit automation expertise immediately.

Able to propel your audit observe to new heights? Entry our newest e-book, Propel your steady audit evolution, and uncover tips on how to drive effectivity and effectiveness in your audits.

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