Audit And Compliance Solutions
Implement your financial governance model throughout the entire close process. Streamlining your audit and compliance processes highlights critical issues in the financial close process and allows you to mitigate potential missteps by focusing on key controls.
Automate Compliance Initiatives
Establish Thorough Documentation
Reduce the Time and Risk Associated with Testing Controls and Supporting Audits
Establish a compliant financial close process that allows you to identify risk and improve your data quality.
Lack of Transparency
Manual methods don’t provide a detailed audit trail or visibility for finance and accounting leaders. With our solutions yo will be able to catch bottlenecks and provide a snapshot of risk exposure, which an audit committee and finance management can work together to alleviate across the organization.
The absence of process standardization impacts workflow and your compliance framework. Streamlined workflows and controls align people to the processes. If the people performing the processes are struggling, the data will reflect that, and you can work to determine and resolve the issues for optimal efficiency.
Financial Statement Risk
Not only can inaccurate data and misstatements cost your company financially, but the impending results of decisions made off those numbers could do much more than monetary damage. Manage profit and loss risk as well as identify and correct any potential balance sheet errors before the close.
Benefits of Using Audit and Compliance Solutions
Audit and compliance solutions have proven their ability to slash the amount of time it takes to conduct an audit. By eliminating the need to generate paper records, audits can now be completed in a matter of hours as Audits can be completed much quicker without the need to generate paper records. But its paperless nature is just one of the many benefits of using financial audit software. Others include:
Audit and compliance solutions make every bit of relevant information available at the click of a button. In most cases, paperwork is not just reduced but eliminated. Reports are easily customized, and redundancies are a thing of the past.
Trintech’s audit and compliance solutions enable you to bring your evidence together quickly and answer any queries on the spot without having to dig through reams of paperwork.
Paper audits leave significant room for human error. They also tend to breed vagueness as written descriptions of alleged incidents of non-compliance can contain as much or as little detail as the auditor chooses to include. In addition, checklists are often written without the luxury of being able to provide evidence to back things up.
With Trintech’s audit and compliance solutions, evidence can be captured in real-time with supporting documentation. Being able to provide evidence of conformance enables everyone to be on the same page, and personal interpretation of data is greatly reduced or eliminated.
More Evidence to Support Your Case
Preparing for an audit is typically a stressful experience. With deadlines looming and the search for relevant information taking you in many different directions, things can get overlooked, supporting files can be missed or misplaced, and paper trails can become complicated. If the auditor does not have all the relevant information at their fingertips, they could miss instances of non-conformance which may, in turn, create greater risks to the business going forward.
By eliminating the mountains of paperwork typically associated with an audit and bringing all relevant information together via an easy-to-navigate interface, those types of unforced errors are eliminated. Auditors spend less time trying to track down missing files and have more time to compile a comprehensive review of the organization based on all the information.
Bolstering the Case for Compliance
Missing files, fuzzy paper trails, oversights, and more can cause a fog of uncertainty to hang over claims of conformance. No one wants to be scrambling at the last minute trying to drum up supporting documents that aren’t where they ought to be or correcting previous mistakes caused by an erroneous understanding of the facts.
Trintech’s audit and compliance solutions automatically generate a full and comprehensive audit trail that the auditor can easily access. You no longer have to worry whether you missed some vital document that proves your compliance with key regulations and standards.
People often interpret conformance issues differently. Some will put a premium on complying with X, while others will emphasize conforming with Y. Compliance or non-compliance becomes difficult to prove and often depends on the auditor’s notes, which may or may not be comprehensive.
An ambiguity of this type can produce a ripple effect that undermines confidence, causes delays, and perhaps even results in bogus non-conformance claims. Trintech’s audit and compliance solutions eliminate ambiguity and enable all parties involved to operate in the light. All evidence is brought together in one place, and any uncertainties can be addressed quickly and effectively.
Clarity or Confusion: The Choice is Yours
The above are just some of the benefits of Trintech’s audit and compliance solutions. If your business performs regularly scheduled audits, you will save significant time, eliminate errors and oversights, and prevent the process from becoming enshrouded in ambiguity by employing our audit and compliance solutions.
Audit and Compliance Solutions For Every Industry
Learn More About Audit and Compliance
Streamline your controls and compliance requirements for a smooth financial close process
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