AUDITSME is built in with many advance and powerful features that can auto detect errors during the process of preparing audited financial statements. All the errors together with recommendation and steps necessary to tackle the errors are summarized in the Error Panel on the right top corner for easy access and follow-up by users.
Auto error detection panel can highlight the following errors and provide solutions to tackle the issues:
Identify insufficient or incorrect configuration for Directors Report and Auditors Report
- Dividend detected in trial balance but not yet created in the Director Report.
- Missing or insufficient number of directors to sign.
- Failure to detect at least one director to swear.
- No auditor is entered or appointed.
- Missing audit license number or invalid license number.
Cross-checking amount of account items in financial statements to note to financial statements
- where amounts of certain account items in statement of financial position do not tally with those disclosed in the note.i.e property, plant and equipment, cash and bank balance or borrowings etc
- where amounts of certain account items in income statements do not tally with those disclosed in the note. i.e income tax etc
- where amounts of certain account items in statement of financial position do not tally with those in statement of changes in equity .i.e share capital, retained profit etc
- where cash and cash equivalent in cash flow statements does not tally with those disclosed in the note.
- where total debit and total credit in the statement of financial position do not balance.
Identify missing or duplicate accounting policies
- where account items exist in financial statements and require matching accounting policies but are not detected and disclosed in Significant Accounting Policy in the note. i.e property, plant and equipment, deferred tax assets or borrowings etc
- where certain compulsory accounting policies that need to be presented in Significant Accounting Policy in the note but are not detected i.e. corporate information, financial instrument, equity instruments.
- Highlight any duplicate of accounting policy 'Basis of Preparation' in the note if such duplicate exists.
Identify missing items that require disclosure in note to financial statements
- where account items exist in financial statements and require disclosure in the note but relevant notes are not detected and created in the system i.e property, plant and equipment, dividend etc exist in financial statements but no note number is detected etc.
- where particular account items are disclosed in the note but system fails to detect any data.i.e. notes in respect of other operating income, other loss/gain or schedule 9 items are created but users do not create any data as they fail to group trial balance items to this category of income during grouping process.
- where certain subsequent events i.e. issue of shares or acquisition of assets and liabilities, are detected but are not found in the note to financial statements (use of built-in tools are required for auto detection)
Identify insufficient or missing disclosure in respect of Uncertainty related to Going Concern (Revised ISA 570)
- where going concern conditions exist in financial statements i.e. deficiency in equity and capital fund or substantial net loss together with deficiency in working capital, but no disclosure is found in Auditor's Report.
- where going concern conditions exist in financial statements i.e. deficiency in equity and capital fund or substantial net loss together with deficiency in working capital, but no disclosure is made in Basis of Preparation in note to financial statements.