Remote Auditing Master Class – Questions Answered
During our recent Remote Auditing Masterclass webinar, we received great insights from a couple of our customers who shared their experiences around remote auditing. We received a great number of questions for the live Q&A session, and want to make sure that everyone has access to them. Here is the reply of great questions asked by the attendees during the webinar.
Q: Does the software include an audit work programme that is compliant with the ISAs UK and the separate ISAs in Ireland?
A: Inflo techniques are designed in compliance with international and local auditing standards. We provide guidance on how firms have mapped Inflo techniques to common audit methodologies to specifically respond to a firm’s existing work programme.
Q: Our firm uses CaseWare Working Papers to perform the audits and the methodology is included in this tool. Using Inflo, would I be duplicating the work? How can I use it together?
A: There is no duplication. You perform your test in Inflo and then attach the PDF output from Inflo into CaseWare Working Papers. Firms review what Inflo can do and builds that into their audit process to complement and enhance, not duplicate.
Q: What analytical reports are generated by Inflo?
A: Dashboards and visualizations are generated and provided to the user with in Inflo. This allows users to explore analytics dynamically and in real time. When analytics tests are completed PDF, Excel, and PowerPoint files can be exported to be added to the audit file.
Q: Can Inflo be tailored to support assurance engagements?
A: Yes. Firms utilize Inflo on a broad range of assurance engagements. We realize that assurance engagements can be vary from firm to firm. If you contact firstname.lastname@example.org our team will be happy to discuss with you your specific needs.
Q: How many transactions can Inflo process?
A: There is no file limit and we have ingested datasets with more than 50 million transactions. Inflo has advanced functionality regarding large datasets.
Q: Is there a list of compatible systems that Inflo works with?
A: Yes, the list is embedded in the platform, we have a flexible approach that allows us to work with 100% of systems. The easiest way to see the list is to sign up for a free account and look in the data wizard section.
Q: In the example demonstrated in the webinar, Inflo generated a sample selection from the g/l. Can subledgers also be uploaded to allow a sample to be picked from those?
A: Yes. Inflo supports the upload and sample selection from any subledger such as receivables, payables, inventory etc.