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Saturday, 3 August 2013

Audit Tools of Tally.ERP 9



Tally.ERP 9 offers Audit Tools, which provide various Audit and Compliance capabilities for Auditors and other Users. Audit Tools comes with the following tools for Users:
  • Tax Audit
  • Statutory Audit

AuditReady

Now you can not only maintain financial data on Tally.ERP 9, you can also make it ready for audit - AuditReady!
Tally.ERP 9 offers auditing tools which will help you ensure that your books of accounts are maintained as per statutory requirements:
  • Compare your business' previous year and current year data to ensure that the information you provide to your auditor is error-free
  • Spot and rectify data entry errors with ease
  • Obtain reports on receivables and payables with just a few clicks
  • Schedule VI Financial Statements (Balance Sheet and Profit & Loss Account) have been provided, and you don't have to switch between applications to ensure your financial reports are complete
  • Generate Forms to be filed with the Income Tax Department – Form 3CD, Form 3CA, and Form 3CB
AuditReady is a complete package which enables you to perform internal checks, and ensure a simplified audit cycle for your business.

Account-based capturing of Audit Details

Tally.ERP 9 Audit Tools are now available for Non-BAP customers (users who are not registered as BAP users of Tally.ERP 9) too, which means they can prepare their financial data before it is used for auditing.
With Audit Tools, users can perform internal scrutiny on their data, and audit the data with their own teams within the organisation, before the same is presented to auditors.
This way, the amount of checks to be done by the organisation's internal/external auditors is reduced, and the entire auditing process is simplified.
The audit details recorded by users while scrutinising their data will be captured and stored for their respective Account IDs. Likewise, audit details recorded by CAs who are registered as BAP Users will be captured and stored for their respective BAP Account IDs. Audit Details recorded by the customer and the BAP user will therefore, be stored separately.

Illustration 1: One customer (Non-BAP User) and one CA (BAP user)

  • Mr. A, a non-BAP user, uses Tally.ERP 9's Audit Tools to prepare his data which is to be audited his CA, Mr. B
  • Mr. A logs in with his Account ID, audits his data, and records Audit Note for a Payment Voucher.
  • Mr. B logs in with his BAP Account ID and audits the data provided to him by Mr. A, and records an Audit Note for the same Payment Voucher.
Here, Mr. A will be able to view the Audit Note he has recorded, but not the Audit Note Mr. B, his Auditor has recorded. Similarly, Mr. B will not be able to view the Audit Note recorded by Mr. A.

Illustration 2: One customer (Non-BAP User) and two CAs (BAP users)

If, in the above scenario, two CAs, Mr. B and Mr. C,  having BAP Account IDs are involved in auditing Mr. A's data,
  • Mr. A logs in with his Account ID, audits his data, and records Audit Note for a Payment Voucher
  • Mr. B logs in with his BAP Account ID and audits the data provided to him by Mr. A, and records an Audit Note for the same Payment Voucher
  • Mr. C, the other Auditor, logs in with his BAP Account ID and records an Audit Note for the Voucher.
Here, Mr. A will be able to view the Audit Note he has recorded, but not the Audit Note Mr. B or Mr. C, his Auditors have recorded. Similarly, Mr. B and Mr. C will not be able to view the Audit Note recorded by Mr. A.

Illustration 3: One customer (Non-BAP User),  two BAP users, and one article (BAP user)

If, in the above scenario, two CAs, Mr. B and Mr. C,  having BAP Account IDs are involved in auditing Mr. A's data, and Mr. D, an article who is a part of the audit teams of both Mr. A and Mr. B,
  • Mr. A logs in with his Account ID, audits his data, and records Audit Note for a Payment Voucher
  • Mr. B logs in with his BAP Account ID and audits the data provided to him by Mr. A, and records an Audit Note for the same Payment Voucher
  • Mr. C, the other Auditor, logs in with his BAP Account ID and records an Audit Note for the Voucher.
  • When Mr. D logs in with his BAP Account ID,
The Account IDs of both Mr. B and Mr. C will be in the List of Accounts for selection:

  • If Mr. D selects Mr. B's Account, he will be able to view the Audit Details recorded by Mr. B, and not the Audit Details recorded by Mr. A or Mr. C.
  • If Mr. D selects Mr. C's Account, he will be able to view the Audit Details recorded by Mr. C, and not the Audit Details recorded by Mr. A or Mr. B.

    Audit & Compliance Scenarios

    Chartered Accountants can use Tax Audit, Statutory Audit and Statutory Compliance tools to Audit the Client's data in one of the following scenarios:
    • At CA’s office with Local Data  (using Auditors’ Edition and local data)  
    • At Client’s Place with Local Data (by Remotely getting Auditors’ Edition License)
    • From Any where (Access data and Auditors’ Edition License Remotely)
    Note: Tax Audit, Statutory Audit & Statutory Compliance are default features available with Auditors’ Edition of Tally.ERP 9.

    Audit at CA’s Office with Local Data

    The Auditors’ Edition includes Tax Audit, Statutory Audit and Statutory Compliance capabilities as default features without any dependency on Tally.NET subscription for authentication to perform Audit or Compliance services on Local data. The Auditor can open Auditors’ Edition of Tally.ERP 9 and access his client's data available locally and start Audit using Audit & Compliance features.
    To use Audit & Compliance features locally,
    Go to Gateway of Tally > Click on F3: Company Info  or press Alt+F3 > Select Company
    Or
    Go to Gateway of Tally > Press F1
    • Select the company to be audited from the List of Companies

    • Press Enter to load the selected company
    • Enter the Client’s Username and Password
    Note: If the Client’s Company is not Password protected, then you need to enable the security features by going to Company Alteration screen as the Audit & Compliance Features will be available only when Company is password protected.
    • Press Enter to Load the Company
    The Gateway of Tally screen with the Audit & Compliance options appears:
    • Press Enter on Audit & Compliance menu
    • Press Enter on the required menu:
    • Tax Audit
      • Form 3CD
      • 44AB Audit
      • Form 3CA
      • Form 3CB
    • Statutory Audit
      • Audit Documentation
      • Audit & Analysis
      • Audit Journals
      • Financial Statements

     


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