Outlining or defining the scope of the audit through an audit schedule is the very first step of conducting an Audit. Schedules could be understood as working documents that are prepared by the audit team or by the team of the audit’s client itself. (The client could be a company, firm, entity, etc.) These documents, when prepared on the audit file, are then eligible to be presented for review by the audit manager and then by the audit partner.
These documents contain the proof of audit work that has been carried out, either by the audit team or by the company’s internal personnel; and the conclusions that have been derived based on that work. It may look like a complex process to prepare and maintain audit schedules, especially if the internal staff at a company or firm are undertaking it, however, with ERP solutions such as TRANS-series, the task has become much simpler. Keep reading to find more about audit schedules.
The primary role of an audit schedule is to prepare a detailed plan of the type and number of audits taking place, within a certain period(usually, a financial year). However, the purpose of audit schedules also extends to determining the need for audits and arranging the required resources in order to ensure that the audits could be carried out.
As stated before, the preparation of an audit schedule is the starting point of the audit process. It is important to ascertain the procedures or processes that should be in the schedule so that those could be included. Once the schedule is prepared, its implementation takes place, which is then followed by the review of the audit schedule. After the review, the audit schedule is upgraded and improved. Given the time, effort, and resources that go into the entire process of preparing an audit schedule, it is essential that the schedule is drafted carefully and properly. Only then it could be ensured that there are the least possible mistakes, and therefore, ultimately less time and resources are spent.
ERP solutions such as TRANS-series have proved to be a step in the right direction, as such technology-driven solutions have simplified the process to an immense degree, making it more cost-effective as well as less time-consuming.
Why is it crucial for an organisation to prepare an audit schedule?
Instead of depending upon the audit team for the preparation of the audit schedule, it is vital that the leadership or management of the enterprise proceeds to prepare the audit schedule, themselves. Why is that? Consider the following points:
Currently, there are several ERP solutions that are assisting businesses to simplify their processes so that they can expand their operations around the globe. One such incredible ERP solution has been Japan’s Maritime ERP solution- TRANS-series. Built by AIS Maritime Solution Singapore Pvt. Ltd.(AISMSS), TRANS-series is a solution that works towards determining requirements for businesses. And this process of outlining requirements takes place through interviewing people and participating in system design and development, education, production assistance, operations, and maintenance in Singapore and Japan.
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