Improve speed and quality of your audits with XactAudit
Elevate Your Audit with XactAudit
Struggling with the quality of your risk-oriented audit documentation? Feeling like you are lacking focus in your audit? You are not alone! In fact, according to the Activity Report 2023 of the Quality Control Commission of the German Chamber of Public Accountants, over 50 % of the deficiencies identified in the course of peer reviews were attributable to the application of the risk-oriented audit approach in the broadest sense and deficiencies in the documentation. Keep reading and find out how XactAudit can help you focus your audit on the critical areas and improve the quality of your documentation – all while saving you time!
WHY CHOOSE US
Our audit tool offers a clear, structured workflow based on the audit planning steps outlined in ISA [DE] 315 (rev. 2019). It focuses on key audit areas, significant risks of material misstatement, business processes, and relevant controls. With a catalog of process-related standard risks (based on the quality management manual of the IDW), the tool simplifies the identification and documentation of additional risks. AI-supported process capture identifies error-prone activities and control measures for accounting-related processes, including a catalog of integrated standard controls based on the standards laid out by the IDW. The tool enables easy evaluation of relevant controls, automates risk assessment for each identified risk, and provides a comprehensive overview of error risk per audit area and financial statement assertions, serving as a foundation for further audit procedures.
Improved Documentation
Thanks to process-based evaluation of risks and controls, the quality of the audit documentation increases and allows the derivation of an appropriate, targeted and client-specific risk-orientated audit strategy
Time Saving
Speeding up the audit process thanks to system-supported concentration on key audit areas, (sub)processes, risks and controls as well as a reduction in the number of audit procedures necessary due to greater reliability of the results of the assessment of the risk of error.
Improved Guidance
Standardised and workflow-supported audit planning process and a high degree of guidance through complex audit planning and ICS audit issues.
Data Transfer
If an audit client uses Xpect ICS themself, relevant processes can be easily transferred to the audit company to streamline the audit process.
Some impressions from XactAudit
Our audit tool provides a comprehensive, risk-oriented approach to streamline your audit process. From a clear, real-time overview of your audit status to advanced features like AI-powered process extraction and integrated expert guidance, our tool simplifies complex tasks. Automatically calculate risk based on control evaluations, ensuring that your audit remains thorough and up-to-date. Explore how these powerful features work together to enhance efficiency and accuracy in your audits.
Audit at a Glance: Your Progress Overview
Get a quick snapshot of your audit progress, including assessed risks, captured processes, and more, all in one place.
Inherent Risk Assessment with Expert Guidance
Evaluate risks efficiently with integrated references to the IDW QMHB, ensuring compliance and informed decision-making based on industry standards.
Streamline Process Capturing with AI
Effortlessly extract and document client processes for example from textual descriptions, saving time and improving accuracy with AI-powered automation.
Automated Risk of Error Calculation
Once a control is evaluated, the tool automatically calculates and updates the risk of error, ensuring accurate and up-to-date risk assessments with detailed documentation.
REVIEWS
"Thanks to XactAudit, we could finally raise the documentation and clarification of our audit strategy to a new level. We became 20-30 % faster in capturing, analysing, and understanding clients' processes, risks, and controls. XactAudit is already used with more than 15 of our audit clients in the first year of using it."
Take Your Audit to the Next Level
Ready to elevate your audit process? Try our risk-oriented audit tool today and experience streamlined workflows, automated risk calculations, and expert-guided assessments. Contact us now for a demo and see how we can help simplify your audits.
(+49) 681 37 20 26 70
sales@xpect.ai
Halbergstr. 4, D-66121 Saarbrücken
