What If Your Auditors Could Save 20 Hours a Month, Reduce Risk, Improve Audit Quality & Add Value?
To find out more watch the video below now!
Try TopCAATs out in your audit department for 30 days with no risk or commitment, enter your name and email address
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“I find TopCAATs an incredibly valuable product. It has dramatically improved my efficiency, particularly when it comes to data manipulation – often saving 50% of the time I would usually spend doing a task. Was TopCAATs a valuable investment? It paid for itself in the first test we did!” Craig Scott, Senior Financial Analyst, dms Organization, Cayman Islands |
Here are the top 8 reasons why you need to try a free, no
risk
TopCAATs trial for 30 days
#1 - TopCAATs saves time – traditional auditing methods (which are still being widely used) are often labour intensive, and it can take substantial amounts of time to achieve sufficient appropriate audit evidence over an account balance. By automating the testing using the TopCAATs tools, your auditors can save over 20 hours every month or 240 hours a year – each! If your average cost/auditor hour is £50 then you could save over £12,000 a year per auditor!
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“We have reduced the time the audit team are on-site at the clients offices and the time to finalise the accounts back in our office by 15%. As an engagement partner, where it used to take a week to review an audit file, it now takes only 1-2 days!” Adeniji Agboola, Managing Partner, Adeniji Agboola & Co, Nigeria |
#2 - TopCAATs is easy to use – being based in Excel, your auditors are already familiar with the interface and already have the technical skills needed to use the tools. The input forms use simple language, are colour coded to guide users in filling them out and there is in-built help available at the click of a button.
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“TopCAATs is one of the easiest software packages out there and the video demonstrations are very good. Whenever I’ve needed help, the service I’ve received has been excellent – always very helpful.” Craig Scott, Senior Financial Analyst, dms Organization, Cayman Islands |
#3 - TopCAATs reduces risk – many audit procedures use sampling approaches that often only cover a small proportion of the population. In many situations, TopCAATs facilitates the testing of 100% of the population, ensuring that you find any, and all anomalies that could lead to a material misstatement.
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“We have found TopCAATs incredibly useful particularly when it comes to sampling, where it has saved us time and made the audit process more efficient. And by allowing us to apply our risk levels to the whole population, TopCAATs helps us to manage our audit risk and extract appropriate samples.” Sue van der Valk, Partner, MGI Bass Gordon, South Africa |
#4 - TopCAATs adds value – TopCAATs facilitates many tests that are impossible without CAATs software, allowing you to conduct analysis that you've never been able to do before. Imagine being able to find an opportunity for a £100,000 cost saving for a client in just a few minutes! It those situations where you've been able to test 100% of a population you'll be able to present the client with a hard (exact) audit difference, as opposed to the soft (estimated/extrapolated) difference that sampling produces.
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“Clients are often impressed with our use of electronic auditing software, and TopCAATs has positioned us as a "different kind of auditor". TopCAATs has also found a material misstatement regarding voided invoices, and we were able to point out to the client that they were not complying with local tax requirements.” Marcelo Toapanta, Director, Attesting Group Advisors, Ecuador |
#5 - TopCAATs improves quality – unfortunately humans make errors, and when conducting large volumes of manual testing a few are bound to crop up every now and then. By using computer tools, the opportunity for human error is minimised, lowering the chance of a material misstatement slipping through and reducing the number of review points identified.
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“The biggest impact has been at one of our larger clients, where we are required to report to the group auditors, Ernst & Young. Last year we failed to meet the reporting deadline, but with the deployment of TopCAATs this year, we have been able to meet that deadline and I am proud of the quality of our work. As a small audit firm, being paired with one of the Big 4 would ordinarily be a challenge, but TopCAATs has made this much easier.” Adeniji Agboola, Managing Partner, Adeniji Agboola & Co, Nigeria |
#6 - TopCAATs improves morale – by automating many of the more repetitive and mundane aspects of a junior auditor's role, their time is freed up to focus on more interesting and challenging aspects of the audit. Happier staff work harder, make fewer mistakes and are likely to stay with you longer, ultimately reducing recruitment costs.
#7 - TopCAATs standardises audits – with all your staff using the same tools and techniques it is easier for colleagues to pick up each others work, and easier/quicker for managers and partners to review.
#8 - TopCAATs delivers exceptional value for money – when license costs, training costs and ongoing support costs are considered, TopCAATs pays for itself in just weeks.
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“Was TopCAATs a valuable investment? It paid for itself in the first test we did!” Craig Scott, Senior Financial Analyst, dms Organization, Cayman Islands |
To see these benefits for yourself, in your audit department, fill in this form to arrange for a no risk, no obligation full functional 30 day trial.
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