Sheetsway
Sheetsway represents a groundbreaking development in the field of audit software, integrating artificial intelligence (AI) to streamline and enhance the auditing process. This software stands out by offering a comprehensive suite of tools designed to automate and optimize various aspects of the audit workflow, significantly reducing the time and effort typically required. Here's a detailed look at its features and functionalities:
Audit Portal
One of the core components of Sheetsway is its ability to produce working papers, which are crucial for auditors in documenting and supporting the audit work performed and conclusions reached. The software's AI capabilities allow for several advanced functions:
Automatic Classification and Mapping: Sheetsway can automatically classify and map the trial balance. This means it can organize the trial balance accounts into the correct categories and align them with the appropriate sections of the financial statements or audit requirements.
Risk Analysis: It performs a comprehensive risk analysis of 100% of the general ledger transactions. This is a significant advancement because it allows auditors to examine every transaction for potential risk indicators, rather than relying on sampling methods that might miss critical anomalies.
Procedure Generation: Based on the industry of the company being audited, the trial balance, and findings from the risk analysis, Sheetsway can generate audit procedures. This AI-driven customization ensures that the audit approach is tailored to the specific context and needs of each audit engagement.
Client Portal
Sheetsway facilitates direct and efficient communication between auditors and their clients through:
Client Portals: Auditors can create queries directly within the software, which are automatically reflected in the client’s portal account. This account is a space where essential documents can be shared automatically, such as the extended trial balance and adjustments.
Real-Time Updates: Both portals are interconnected, ensuring that any update in one portal is automatically notified in the other. This feature ensures timely and transparent communication between auditors and clients.
Integration with Online Spreadsheets
The software integrates online spreadsheets, enhancing the accessibility and usability of working papers:
Ease of Reference: Because these spreadsheets are connected to the rest of the audit software, referencing working papers is straightforward and efficient.
Advanced Testing Features: The integration of OCR (Optical Character Recognition) and AI functions aids auditors in their testing procedures, allowing for more accurate and comprehensive data analysis.
Financial Statements and Audit Letters
Finally, Sheetsway can instantly generate financial statements and relevant audit letters. This capability not only speeds up the audit process but also ensures consistency and accuracy in the final audit outputs.
Time Savings
By automating many of the time-consuming tasks traditionally associated with auditing, such as data classification, risk analysis, and procedure generation, Sheetsway can save up to 60% of the time usually required for an audit. This efficiency gain not only benefits the auditors, in terms of reduced workload and faster completion times but also their clients, who can expect quicker audit results and less disruption to their operations.
In summary, Sheetsway is a comprehensive AI audit software that revolutionizes the audit process by automating key tasks, facilitating real-time communication between auditors and clients, and integrating advanced tools for data analysis and report generation, all of which contribute to significantly increased efficiency and accuracy in auditing activities.