Audit Audit Features on Features on Tally9.ERPTally9.ERP

Together we Can

Work of Audit at Chartered Accountants Office

Audit Planning Co-ordination with the Client for Start of Audit Allocation of Audit Managers with Audit Team to clients and their schedule Preparation of Audit Program Allocation of Work to Audit Team Test Checking of Data based on previous experience or Previous year Audit Program Taking report from Audit Managers for progress at Clients place. Manually checking and preparing report for statutories not complied with by client on time Manually checking and preparing details of Tax Audit Reports

Work of Audit at Chartered Accountants Office- Contd

Any changes done by client in data after checking needs to be traced and verified Preparation of Balance Sheet and Profit and Loss Account as per schedule VI of Companies Act. Preparation of 3CD report and its Schedules manually

Work of Audit at Chartered Accountants Office - Chaos

Audit Managers Running from Client to Client for completion of Audit as it has to Be completed before 30th September

Keep Calling staff for progress and then Keep calling client for sending details And send staff for verifying details

Prepare draft balance Sheet send to client for approval, or receive draft balance sheet from client and ask the staff to trace the balance sheet .

Completely check and trace all the statutory payments as we have to report for the same.

Work of Audit at Chartered Accountants Office – chaos…

contd

Benefits of Audit using Computerised Environments

Tally.Erp9 has come out with Auditor version on Tally which helps the auditor to complete audit more systematically and with less chaos. Initially when the system is new it may give a feeling that it is more tedious than TDS but with a little initiative and keeping in mind our nature, which likes to learn new things it would work out smoothly.How important is access to information technology? A World Bank report released earlier this year found a very high correlation between the rate of technology progress and income growth. According to that report "Technological progress [distinguishes] fast-growing developing economies and slow growing ones. It also distinguishes economies that have made great strides in reducing poverty and those that have been less successful." Bill Gates

Tally.ERP9 offers a special Gold Auditors’ Edition, which provides Audit & Compliance capabilities, exclusively for Chartered Accountants. The Auditors’ Edition provides the following tools for Chartered Accountants:

Tax Audit Statutory Audit Statutory Compliance

These tools will help in retrieving the relevant information and present them in the required form to help the Auditor to form the opinion. Using Tally.ERP9, Chartered Accountants can provide the Audit and Compliance services to their clients in the following three scenarios:

Audit at Chartered Accountant’s office by accessing local data

Audit at Client’s place by accessing local data

Audit Remotely by accessing Client’s data from anywhere

Benefits of using Audit Compliance Tool of Tally where clients books are maintained on Tally

In addition to Features like Tax audit, Statutory Audit and Statutory Compliances it has following features

Audit Program

Audit Analyses Tools for comparision

Inbuilt Audit query Sheet for recording error. This will give an overview of how many queries are pending at any given point of time.

Fixed Asset Analysis

Related party Transaction. One time mapping of Related party in Master and we can get the report on the click

Periodic Payment and Receipt details etc…

Benefits of using Audit Compliance Tool of Tally where clients books are maintained on Tally

After entering data click Here

How to set up Audit Features at Client –One Time Process

First create Rights for Auditors to Login at Clients Place: This is created by client By Login in Control Centre by pressing Ctrl+K

Select User Management and Click Here following Screen will comeCreate Auditor Login. The

Tally.Net ID should be the same which is used for Loading Tally at your Office.

How to set up Audit Features at Client –One Time Process –Contd…

The passoword for the Auditor will come in email on the id written in Tally.NetIDIn Security control Panel at the client Company create user as under :

ABC Demo CoABC Demo Co

Process at client when audit wants to connect over the net. Click F4:

Connect

(C) Connected

Company Connected Successfully

ABC Demo Co

ABC Demon Co

Process at Auditors Side for connecting to Company at Client Side.

Auditors need not have license copy of the tally on their laptop. Tally in educationalMode will also be fine. In Educational mode following screen will come at startup

Please Select Login as Remote Tally.net user and press enter. Following screen will come

After putting Password And pressing enter followingScreen will come

After you select the company following screen will come on pressing enter

ABC Demo Company

ABC Second CompanyXYZ Demo CompanyBCD Third Company

As Auditor you will get the following Menu :Audit & Compliance

ABC Demo Co

Capabilities of Auditors Version on Tally.Erp9

After pressing enter on Audit and Compliance we will get the following screen

On pressing enter on 44ABAudit Menu we will getFollowing screen

If proper entries are made by client then all the detailsRequired under section 17(h), 18, 21,24(a), (b), 27Will be available in this

Capabilities of Auditors Version on Tally.Erp9 …. Contd.

Select Form 3CD andPress Enter following Form will come

Fill up all the details required in form 3CDAfter filling up all the details press alt-P for Print and press enter 3CD report will be printed as follows

Details under annexure 1Also can be printed from This report

Capabilities of Auditor version Tally.ERP9…. contdAudit Programme for

Statutory Audit

When we press enter on Audit Programme we get theFollowing screen

When we set /Alter Client and Auditors Details to Yes and PressEnter we get the following Screen

On setting the data we will go back to earlierScreen and we have to set other details

After filling all the required detailsPress enter and it will save the data

Capabilities of Auditor version Tally.ERP9…. contdAudit and Analysis for

Statutory Audit

Go to Audit & Analysis andPress Enter . Following ScreenWill Come

We will first have to set Sampling MethodsTo Set Sampling MethodsPress Ctrl-F9 and following Screen will come

Select Sampling Methods and pressEnter we will get following Screen

After taking the Cursor to the Group of Accounts and Pressing enter following screen will come

Select the Sampling method and press enter

After selecting the method press Ctrl A to accept

After saving we will see thisScreen. From here when we pressEscape we will see the same in otherformat

Audit Can be done from here onlyTake the cursor to sampled and pressEnter . Following screen will come

Select the Direct Exp group andPress enter the following screen Will come

Select the Ledger and press Enter you will get followingscreen

Press enter and followingScreen will come

Select the appropriate action if proper select Audited, if querry is there then select need clarification, of if u feel some problem in voucher select under observation

Capabilities of Auditor version Tally.ERP9…. contdAudit and Analysis for

Statutory AuditReports that Senior Auditor can see from office or any where without running around

From this report Senior Audit Manager can see that total VouchersAre 8, Completely Audited are 3 and 2 Vouchers are pending. In Sampled Voucher column it can be seen that figure is given 2(3). It means total vouchers 5 sampled out of which two is pending and Three is audited. When he takes the cursor to that account and in Sampled voucher and presses enter he will get following report

The Senior Auditor can know how many queries are there, and reason for queries without having to call the audit team to office or his going at clients place. Pressing escape he will come back to the following screen

Senior Auditor/Partner would like to know how manyVouchers are there what is quantum of sampled and its Percentage. How many are audited and how many needsClarification. This he can see without even moving fromOffice or calling up his staff. Monitoring of progress Becomes easier

Capabilities of Auditor version Tally.ERP9…. contdAudit and Analysis for

Statutory AuditThere are various Reports / comparision that Senior Auditor can verify during The course of Audit

In Audit Analysis there is a Key Alt+F10 when the same is press this screenWill come on the screen

From this screen we see that there areMany reports available for AuditorsTo compare the data of the client. We will Select Analytical Procedures and press Enter. Following screen will come

On selecting the group and pressingEnter we get following screen

There are so many other exciting features That one would be amazed by the Capabilities of Audit on Tally.Erp9.

Tanay SolutionsH-36 Lokmanya Complex ,Behind Godrej Collesium,Everard Nagar, Sion (E)Mumbai : 400022.Tel : 022-24044625/26- 022-32919031Email : info@apshah.com