An audit software firm has announced a new integration with SMSF software provider BGL which will enable errors to be automatically checked and flagged from data pulled from BGL.
One of the key features of the integration, Cloudoffis said, is the generation of automated observations and checks which help improve the accuracy of the audit.
Any bookmarks or tags of source documents in Workpapers flow through into the audit file and align with each schedule item, the technology firm said.
“The auditor can address red flags as they are found — not go searching for them. An in-built risk matrix is created as data is pulled through from BGL and analysed,” Cloudoffis stated.
“Pre-audit risk value alerts provide an opportunity for appropriate management.”
As a result of the integration, auditors will have broader access to Simple Fund 360-generated financial reports and documents tagged to the trial balance, Cloudoffis said.
Combined with document recognition, direct data sourcing and automation capabilities, Cloudoffis said the integration will help SMSF auditors streamline their audit processes and sharpen accuracy.
Cloudoffis co-founder and director Viral Kanabar said the integration with BGL Simple Fund 360 reflects Cloudoffis’ continued commitment in helping SMSF providers automate and streamline their processes.
“At Cloudoffis, we continue to help the industry and our users find efficiencies across the processes and maximise return on investment,” Mr Kanabar said.
BGL managing director Ron Lesh said BGL is a strong advocate of developing ecosystem partnerships to help businesses streamline processes.
“Partnering with Cloudoffis is an example of two leading technology providers collaborating for the benefit of both our clients,” Mr Lesh said.