IRIS broaden cloud-based compliance offering with launch of UK’s first online audit solution
IRIS OpenAudit brings cloud benefits to the audit process, including ‘as it happens’ regulatory updates, paperless efficiency and anytime access from any location
IRIS Software Group, the market leader in accountancy and payroll software, has today launched IRIS OpenAudit, the first financial audit solution in the UK delivered in the cloud.
IRIS OpenAudit enables accountants to complete audits of UK limited companies online, with guidance notes and prompts throughout to assist. The audit methodology has been developed with Mercia, the UK’s leading supplier of audit manuals and content.
Because of the nature of auditing work, using a cloud-based product offers major advantages: it will always be compliant and up-to-date with latest requirements; audits can now be entirely paperless; documents can be accessed from any device with a web browser; and audits can be completed and approved anytime and from any location.
Going some way to address recent high profile concerns in the media around audit and reporting quality, IRIS OpenAudit provides a robust methodology, complete tracking of the progress of current audits and live summaries of any unresolved review points. It is hoped that the product will appeal to a wider range of practices looking to expand their offerings by providing audit services in the future.
Phill Robinson, CEO of IRIS Software Group, said: “As the Government continues to drive forward its plans to increasingly move its interactions online with businesses and professionals such as accountants, we’re committed to provide our customers with the best possible choice, and best-of-breed technology, to help them integrate with these new ways of working. IRIS OpenAudit is the latest milestone in our commitment to offer accountants the benefits of managing core compliance activities in a cloud environment.”
Jane Everingham, Managing Director of Mercia Group, commented: ‘We are delighted to be working with IRIS on the launch of their online auditing solution. IRIS OpenAudit will provide existing and new users of Mercia’s proven audit methodologies with greater choice and all of the benefits of cloud-based technology.’
The move comes just weeks after IRIS outlined its plan to provide more choice to accountants by enabling them to consume IRIS market leading solutions on their desktop or in the cloud, with the launch of the IRIS OpenTax suite for the preparation and submission of client tax returns online.
IRIS OpenAudit in detail
Benefits of using IRIS OpenAudit:
• Freedom to work from any location – access from any web-enabled device, 24×7
• Improved business continuity – ensure you and your staff can be equally productive from any location, if your office is out of bounds
• Confidence that you are using the latest, compliant version with automatic updates and no software to download, install, maintain or upgrade
• Robust data protection – rigorous security protects your data
• Greater efficiency in processes and workflow will save significant time
• Full visibility on the progress of each audit
• Integration with IRIS Accounts Production for further efficiency
• Environmentally friendly – eliminates the need for paper
• Full functionality to carry out audits for UK limited companies
• A rigorous framework for the financial audit process, applying the market leading Mercia methodology
• Audit workflow, with a customisable step-by-step guide to completing the audit process
• Full visibility on the progress of each audit job, with live information on audits in progress through a graphical dashboard
• Assign tasks and track the progress of each audit
• Live summary of unresolved review points on each audit
• Ability to import a trial balance directly from IRIS Accounts Production or manually import a trial balance
• Audit files safeguarded through robust security
• File completion and archive functionality allow completed work to be set as ‘read only’, preventing any accidental changes after audit completion
• Multiple levels of staff access – accounts can be restricted, suspended or deleted
Details of the IRIS OpenAudit can be found at www.iris.co.uk/openaudit.