Caseware is introducing a cloud-based solution for firms to document, operate and monitor their systems of quality management – all in one solution: Caseware SQM, a powerful app offered on the Caseware Cloud platform.

The solution will allow firms to attend to all parts of their system of quality management:

• Set appropriate roles and permissions – differentiate between those users that take ultimately responsibility for the system, those that take operational responsibility for the system and other staff.
• Pre-populated content libraries – mandatory objectives and specified responses from ASQM 1, along with other example and best practice objectives, risks and policy and procedure responses, are all included in pre-populated libraries. These can all be tailored at the firm level to suit unique circumstances and the types of services provided
• Many-to-many linkages – objectives, risks, policy, and procedures responses are linked through many-to-many relationships, thereby enabling firms to optimally use responses that address more than one quality risk or link risks which affect more than one quality objective and so forth.
• Link tasks to policy and procedure responses – design tasks as instructions to users for the completion of required actions and recording of information relevant to the operation of the system (e.g. record approval of the receipt of a gift in the firm’s register of gifts, hospitality and other inducements)
• Risk assessment matrix – SQM provides a firm-specific quality risk assessment matrix that automates the identification of quality risks for which responses are required.

How does SQM work?

SQM incorporates a number of modules that are made available to the relevant users using permissions:

• Design – where the objectives, risks and responses will be selected, edited and finalised
• Operate – where the users will see the objectives, risks and policies and procedures that are in operation. It is also in this module where users will record information on forms as part of them complying with and executing procedure responses.
• Operate overview – where those responsible for the operation of the system of quality management can monitor the operation of activities from a high level, using dashboards. The users with ultimate responsibility for the system of quality management will also have access to these dashboards.
• Monitor – where the monitoring and remediation activities will be performed and most likely only by a limited number of users
• Evaluate – where the user(s) with ultimate responsibility for the system of quality management can complete their evaluation of the system and conclude.

Once the firm’s system has been designed, a user with ultimate responsibility for the system of quality management will be able to review dashboards of the information in the design module, and publish the information to the Operate module – this is where most of the day-to-day activities will be performed. The active objectives, risks and policy and procedure responses will be visible to users in this module. In addition, each user will have a dashboard where they can review tasks allocated to themselves and from where they will initiate new instances of forms to record the performance of procedures.

Last say

The introduction of ASQM 1 has introduced a subtle change in name from quality control to quality management. This subtle change will, however, have a significant impact on the firm’s approach to achieving quality in the engagements performed by professional accounting firms.

Investing in the SQM product, will assist the firm in complying with the minimum requirements of ASQM 1 while also engaging the value of technology as an essential element of pro-actively managing quality in the firm.

Let’s examine some of the recommended requirements for the Audit Planning & Risk Assessment external audit phase.

The importance of robust pre-engagement acceptance procedures is clear. An auditor who takes on an engagement that they are either ill-equipped to perform, or are prohibited from performing under relevant legislation or professional standards, can expose the firm to a variety of risks including litigation and reputational.

David Stevens, independent audit consultant & Caseware’s expert content provider.

Audit Engagement File Setup

Ensuring compliance with all relevant Australian Auditing Standards (‘ASAs’) and legislation, while still performing efficient, quality audits can be hard work. ‘Death by checklist’ is a very real concern for all auditors! This has been cleverly addressed with smart technology used in Caseware’s Agile Audit.

• The Optimiser assists you to define the entity and tailors the content so only the relevant ASAs and legislation are included in the workpapers throughout the file.
• Smart procedures within key planning documents offer documentation options, making it quick and easy to tailor the workpapers to suit the specific engagement.
• The built-in integrations import and map client data to leadsheets, materiality, ratio calculations, and the powerful Risk Assessment Report.

Preliminary Engagement Activities

To help your planning process pre-audit, Agile Audit has:

• A smart pre-engagement checklist that address the requirements of ASQC 1 and ASA 220.
• A template Engagement Letter (based on the example in ASA 210 appendix) and a placeholder option for easy and consistent filing of the signed letter.

Planning the Audit Engagement

On planning an audit, Dave Stevens advises:

“One of the key auditing standard objectives of an audit is to plan it so that it will be performed in an effective manner. A broader business objective of the audit firm is for an audit to also be performed in an efficient manner. Measure twice, cut once.

Investing sufficient time to understand the entity and assess identified risks will enable the audit team to devote the resources necessary to tackle risk areas of the audit, and reduce over-auditing in less risky audit areas. The benefits of a well-planned audit in the current period will also have positive implications for subsequent audit engagements.” 

Agile Audit allows auditors to efficiently and effectively document their understanding, their consideration of risk areas, and their overall audit strategy plan.

Features such as:

• Concise ‘Understanding the Entity’ worksheets assist with all relevant considerations required by ASA 240 and 315. 
• The Risk and Controls modules enables easy recording and referencing of identified risks and controls to the planned audit work that will assess and address each.
• The Risk Assessment Report provides a powerful visual snapshot of each financial statement area and the resulting assessments.

What type of software does your accounting firm use: cloud software or on-premise? 

On-premise software is the traditional accounting software you may have been trained with: It’s downloaded onto your computer, and every user or server must have a license to be able to use it. You may be able to work offline, but you will probably need to back up your work in an email or a USB in the event your server crashes. 

Cloud software, on the other hand, is available through the online “cloud” and can be accessed by any device as long as you have an account. All your data is saved automatically as you work and you can invite your team and work together in real time, rather than having to email documents back and forth.

While cloud accounting software is becoming more and more popular, many accounting firms still hold on to their on-premise software. However, that old on-premise software might just be holding you back. Let’s discuss why you might consider moving your accounting practice to the cloud.

Disadvantages of the on-premise approach to software

Twenty years ago, on-premise was the only option for accounting firms, who conducted all their business in the office and owned software that was all local. However, these days, accounting firms have options, and those options make the disadvantages to on-premise software that much more glaring. 

Extra expense

You will need to purchase a license for every server or user that will have access to your on-premise software. This can quickly add up in terms of cost. In addition, the ongoing maintenance costs can be steep. You may have to buy a new license for upgrades, buy compatible hardware and need full-time, on-site IT support to take care of any issues with the software. While cloud software is not free, the upfront cost, or subscription cost, can be more affordable and maintenance and tech support are all built-in.

Security risk and data loss

For accounting firms, your data and your files are your lifeblood. If all of that is stored on on-premise software, it’s important you back up your data regularly. Otherwise, a bad server crash could mean you lose months’ or years’ worth of data. If hackers manage to access your server, they can hold your data for ransom or sell your clients’ data. This could seriously harm your firm’s reputation.

Limited scalability

Let’s say that as a small accounting firm just starting out, you purchase affordable on-premise software that suits your needs at that time. However, five years later, your firm has grown, and you need more storage and more capabilities from your software. With cloud software, you can easily upgrade to a new plan. However, with an on-premise solution, you may need to install new software, new hardware, add new IT staff and incorporate more training in order to adjust to the change.

Unusable for remote business models

After 2020, many businesses began to adjust to working remotely full-time. This is something that can suit accounting firms well, if you have the right software. But on-premise software is just that: on the premises. That makes remote business models difficult, as you would need to visit the office to have full access to your information. In a time when over 83 percent of accounting firms are allowing their team members to work remotely part-time or full-time, that just isn’t sustainable.

Benefits of cloud accounting software like Caseware Cloud

In most cases, cloud software can do everything your on-premise software can do, and many things it can’t. It goes beyond simply having your work automatically backed up. Caseware Cloud, for instance, is a platform offering a wide range of cloud software for accountants, all of which improves upon the on-premise experience. 

Here are some benefits of the cloud approach:

Better connectivity and collaboration

When you use Caseware Cloud, members of your team can work within their accounting software from any location, on any device. Even if the computers at the office aren’t working, if the power is out, or if the office is closed, it won’t slow down your workflow. 

With on-premise software, in order to work with others on your team who don’t share your license, you need to email files back and forth. These emails can easily get lost, buried in an already-full inbox, or sent to spam. You then have to store all those emails so that you don’t lose the files, and the list of potential complications goes on from there. 

Not so with cloud software. Your team can work together in the same app, collaborating from different locations in real time. 

You can also collaborate with clients. Store all of their accounting documents in a secure cloud folder that they have access to and they can add documents when you request them or review the documents already added. You or your clients can make notes, editing and reviewing everything as easily as if you were sitting next to each other. Your clients will love the convenience of being able to work with you from their own homes or businesses, without taking too much time out of their day.

Extensive library of practice management apps

The Caseware Cloud platform gives you access to a plethora of apps covering nearly every aspect of professional accounting so you can work more efficiently and effectively. These areas include:

• Audit and Assurance. We have multiple apps designed to offer organization, guided workflows and collaboration for any audit services. These apps can notify you of high-risk areas so you can know what aspects of an engagement to prioritize.
• Financial Reporting. Automatically generate financial reports based on the data entered  into Caseware Cloud. With clear visualization and customizable templates, you can create ready-made financial reports without tedious manual work.
• Practice Intelligence. Caseware Sherlock houses all your accounting data in one central database. It then provides in-depth, automated insights based on that data, which you can use to inform your firm’s financial decisions and advise your clients.
• PBC Requests. Need help getting on top of your client-gathering information? Caseware PBC helps you collaborate with clients, send out automated reminders and notifications, and store documents provided by the client (PBC).
• Quality Management. Caseware SQM is easy to customize based on your firm’s needs. You can then manage your engagements from this app and view your KPIs to ensure that your organization is operating the way it should.

Smooth integration and customization

One of the most challenging aspects of implementing any new software is integration. When you have a decade or more worth of files or an intricate cluster of interconnected software in your workflow, it can feel daunting to switch over to something else. 

With Caseware Cloud, though, the transition is a breeze. Our platform utilizes APIs that allow you to easily integrate other apps and transfer over your legacy files so you can get right back to work. Everything is customizable with pre-made templates that you can tweak to suit your purposes. Cloud software is built for smooth integration, so you spend as little time as possible on the transition.

Strong security

Too often, people wrongfully assume that cloud software means less security. If it’s all on the internet, it should be easy for hackers to access, right? This would be especially worrying if that was the case for accounting firms, given the high number of sensitive financial documents they deal with every day. 

In many ways, though, cloud software can offer more security than on-premise software. With on-premise, all someone would have to do is hack the computer where the software is installed. You are responsible for adding enhanced security to protect that software.

Cloud software, however, is often encrypted – as is the case with Caseware Cloud. This means that even if cyber attackers can access your information, the platform will encrypt all the data, so they won’t be able to read it. Caseware utilizes bank-level encryption security and is ISO27001 and SOC 2® Type 1 and Type 2 certified. You won’t have to worry about breaches and your clients won’t have to worry about their information getting out.

Switch to cloud-based accounting software with Caseware Cloud

With the availability of smooth, reliable cloud accounting software like Caseware Cloud, why stick to your old on-premise software? It’s time to move your accounting practice to the cloud, and we have you covered. Contact Caseware today to learn more about the benefits of cloud accounting software and to request a demo. 

The COVID-19 pandemic significantly altered many businesses’ day-to-day operations. To ensure the health of their staff while maintaining productivity, employers have expanded their employment options to include more remote work opportunities. This shift toward an offsite working environment has created a greater demand for cloud-based tools and solutions. 

What is cloud accounting software? Platforms like Caseware Cloud are designed to operate securely in a remote environment, enabling multiple users to access a system from any location. Communication, collaboration, file storage and other tasks can all be safely managed in the cloud. 

Cloud-based accounting software is becoming increasingly popular in the accounting and auditing industries, providing forward-thinking firms and audit departments with the foundation for moving into a new, modern era. Recent Caseware research, documented in the 2024 State of Accounting Firms Trends Report, revealed that nearly 76 percent of the more than 2,000 survey respondents said they are using cloud platforms in their practices to some degree.

Caseware Cloud is one such piece of cloud software for accountants that can provide the solution-driven results needed to get ahead of the competition in this digital age.

Five Reasons To Adopt Caseware Cloud

The benefits of cloud accounting (and Caseware Cloud in particular) are numerous. Let’s have a look at the top five. 

1. Enhanced client communication

Your clients want to feel valued and prioritized. However, accounting practices that rely on traditional communication methods may cause frustrating delays that could make their customers feel slighted or unimportant. 

As a society, we have become used to communicating through rapid channels such as emails, social media platforms, text messages and phone calls. As a result, the modern world demands instant feedback and your clients expect the same level of promptness from your technology. 

Caseware Cloud provides a central portal to facilitate fast, secure communication via instant messaging, file sharing and status updating.

2. Greater team collaboration

Effective teamwork is critical when your agents and clients must operate simultaneously. However, a preponderance of manual work, sluggish communication and overly complicated document exchange protocols can all contribute to a painfully slow and cumbersome process.

Caseware has recognized that inefficient workflows can waste resources and discourage your clients. One of the benefits of cloud computing in accounting, though, is that all of these operations can be automated and simplified. Caseware Cloud leverages the benefits of this technology by streamlining your most crucial tasks, saving time and money while delivering a superior experience to your clients. 

3. Work from wherever, whenever

Traditional work schedules often require waking up early, fighting traffic and spending eight hours in an office before returning home. Unfortunately, this routine can lead to fatigue or even burnout.

One of the most attractive advantages of cloud-based accounting software is the ability to work remotely. Employers can give their employees the flexibility to work from home or even a coffee shop, breaking up the monotony of the traditional workday, and still enabling them to do their best work. Clients will also appreciate the option to collaborate with your team from the comfort of their homes at a time that fits their schedule.

4. Easier file management

Your clients rely on you to keep their confidential information safe, organized and easily accessible. Neglecting to follow best bookkeeping practices could result in lost or leaked data, which could be catastrophic for both your clients and your firm.

To ensure successful file management, you should implement intelligent, safe and user-friendly systems for storing, accessing and purging your records. Using outdated paper-based methods to organize documents is risky, as they are challenging to maintain and items may be lost or stolen.

Caseware Cloud’s storage space for accountants provides a centralized location for your data, making it easy for you and your clients to access information whenever it’s needed. Additionally, we offer cloud-based accounting software with data encryption to ensure maximum security and protection for your clients’ most sensitive information.

5. Strong permission protocols 

The benefits of cloud accounting include the guarantee that a client’s information is safe in your hands. Of course, granting the appropriate people timely access to this data is also necessary so they can complete their tasks. Therefore, it’s essential to establish strict permission protocols that enable your team to work together while maximizing security.

With Caseware Cloud, you can easily regulate user rights and access by establishing pre-defined roles and personalized permissions to suit each team member’s unique role within the organization. Using security measures comparable to those employed by major financial institutions, Caseware Cloud emphasizes the importance of strong information security in order to manage your clients’ essential data safely. 

Your partner in cloud computing

Cloud accounting software is not only efficient and secure but also environmentally friendly and cost-effective. By eliminating manual, paper-based procedures, you can reduce a host of expenses, saving money while minimizing your ecological impact.

Gone are the days when you must remember to shut your systems down to complete a time-consuming update. Modern cloud accounting software is automatically updated, so you won’t have to stress about losing critical working hours to perform unnecessary upgrades.  

The most significant benefit of cloud accounting, though, is that you can immediately utilize its benefits, regardless of the size or maturity of your firm. Newly launched companies can start establishing best practices from the beginning, while more established firms can optimize their historical data and transform their operations by transitioning to the cloud.

By partnering with Caseware, you also gain access to knowledgeable cloud professionals dedicated to ensuring the long-term success of your accounting firm. Our team has decades of experience working with accountants and auditors to help identify pain points and find actionable solutions.

Learn more about Caseware Cloud today.

BHP Chartered Accountants is one of the largest independent accounting firms in the north of England and a U.K. Top 35 firm. With roots extending back over 150 years, BHP provides an integrated, full-service offering, including compliance, tax planning, corporate finance and business advice. Based in Sheffield, South Yorkshire, the firm employs more than 400 staff in five offices across Yorkshire. 

BHP has customers in a wide range of industries, including academy schools, charities and not-for-profits, healthcare, pensions assurance, manufacturing, property, technology, retail and hospitality, and landed estate and agriculture. The firm is also part of the Kreston Global network, an international advisory and accountancy network, with links to 160 firms in 110 countries.  

Challenge

BHP had been using an on-premise software to manage its audit processes before the COVID-19 pandemic hit. The firm had already been planning to move to another product, but the pandemic highlighted the advantages of using a cloud-based offering, said Maise Poskitt, BHP’s head of amazing. Poskitt is responsible for the processes surrounding BHP’s software, implementation and training and helping everyone improve in their roles, whether they are new team members or partners.

“We had a couple of cloud products we’d already implemented for teams outside audit,” Poskitt said. “And those teams went from working in the office to working from home really seamlessly, whereas other departments, which were using server-based solutions, were struggling.”

The solution BHP had been considering was only partially cloud-based, so the firm decided to look for an alternative that had full cloud capabilities to support a more remote workforce.

Solution

BHP’s charities and academies teams, as well as some other staff, had experience with Caseware’s server-based products. So Caseware Cloud Audit – a fully cloud-based solution for managing the audit process – had instant appeal for the firm. “It wasn’t going to be a completely unfamiliar product for us,” Poskitt explained. “There were some transferable skills from our experience using Caseware’s software, which was a bit of a seller for us.”  

Poskitt also liked the way Caseware Cloud Audit presents files to auditors. “As someone who has to train people on the software, the file layout just makes so much sense,” she explained.

“It’s very user-friendly and the teams like it, especially compared to what we were using before. The interface is much more modern.”

Maisie Poskitt, Head of Amazing, BHP Chartered Accountants

Another factor that appealed to BHP was Caseware Cloud Audit’s incorporation of Mercia audit methodology for built-in audit guidance in compliance with the latest audit standards. The Mercia Group is a leading provider of training and compliance services to accounting professionals in the U.K.

Caseware Cloud Audit is designed to allow audits to be completed faster with higher-quality results for the client. It features:

• Intelligent content with streamlined and optimised work processes, showing auditors only what they need for the engagement at hand
• PBC requests integration allowing document requests and client communication to be carried through the engagement in a secure, real-time, efficient process
• Capability for team members to collaborate on the same engagement from anywhere without having to worry about version controls, supporting a flexible work environment
• Analytical procedures with trial balance data automatically analysed and graphed, making it simpler to visualise risks within the engagement
• Centralised risk management with a summary page providing visual charts and records, as well as risk assessment notes for all work programs
• Ability to roll forward documents, responses, questions, modifications and procedures 

Results

BHP’s audit team has enjoyed using Caseware Cloud Audit. They feel it offers a better user experience than their previous solution, with all the information they need easily accessible from one page. The workflow and mapping is more intuitive and the interface is cleaner.

“The risks are built into the system well,” Poskitt said. “Once they’re brought into the file they’re linked to all the different sections. They were never as clear as they are now in Cloud Audit. And the issues across the file – it’s very clear what you’re trying to pick up. The linkage across the file is such an improvement for us.” 

Cloud Audit has improved BHP’s flexibility, making it simpler for auditors to work remotely or from home. It has also allowed the firm to hire staff who are dedicated exclusively to remote audits. “There’s no difference between having someone remote and someone sitting in the Sheffield office working on an audit,” Poskitt said. “We’ve been able to bring in several South African employees to work on remote audits and they’ve been a brilliant addition to the team.”

And the solution has also made it easier to train new auditors. BHP has created a sample engagement with fabricated data to help recent-graduate hires step through the audit process in Caseware Cloud Audit.

“The product we had before was really a fancy document-filing system,” Poskitt said. “Whereas Caseware Cloud Audit is a lot more hands-on throughout the audit process. You’re able to tie in all your checklists or your risks into what you’re doing in the documents. So it’s a great way to teach practical skills to our new hires.” 

Additionally, Caseware professionals helped BHP as the firm transitioned to Cloud Audit, such as when challenges were encountered in the file-synchronization process. It was an example, Poskitt noted, of how the Caseware support team was great at addressing any issues as they arose.

The Future

BHP has already seen benefits just 12 months after implementing Caseware Cloud Audit. But Poskitt noted the firm expects to achieve even greater efficiencies in future years when the client files and all their associated data can be rolled forward without having to re-enter old information. 

“I’ve had staff ask me what rolling forward looks like,” she said. “And once I show them, they’re excited about how much time it’s going to save.”

Find out how Caseware Cloud Audit boosts your team’s collaboration, creates shorter, faster risk-focused audits and provides greater value-added insights to your clients.

They say no one is an island, but sometimes this can be true for organisations as well. It’s common for many organisations to bring in consultants with expertise in their area or even outsource some of their departments to a third party. This frees up their in-house teams to work more efficiently and can help to broaden the company’s perspective.  

However, involving third parties in your business can also increase the chance of risk. In order to do business with third-party vendors, you must grant them access to privileged company information, such as customer data or confidential processes. If the third party is not acting in good faith, they might abuse that access to this information. This is where auditors are crucial.

Auditors help to ensure the third party does not negatively impact the organisation. Let’s delve into what an auditor does to minimise third-party risk as well as tips for best practice that auditors can use. 

What is third-party risk?

Third-party risk is exactly what the name would imply: it is the risk inherent in bringing in a third party to perform services on behalf of a business. Although business owners would like to believe that the third parties they choose to work with are acting in good faith, the truth is that it can be difficult to know for certain.

A third-party vendor can harm a business financially by performing services that fall beneath the standard of the company. They could also make a business more vulnerable to cyberattacks, whether through negligence or through intentionally accessing your data with intent to sell it.

Regulatory compliance is a major issue when it comes to third-party risk. As laws like General Data Protection Regulation and the California Consumer Privacy Act crack down on data privacy, businesses that don’t remain compliant in their data collection can be subjected to hefty fines. 

If a third-party vendor fails to comply with relevant data privacy laws, the business can also be found liable. 

The auditor’s role and the third-party audit

The role of external and internal audit in risk management is to assess the relationship between the organisation and the third party and to minimise risk where possible. During a third-party audit, the auditor will review documents and data as part of an enterprise-wide risk assessment. They will also review any existing controls or policies in order to identify any potential risk. They will look at the whole projected lifecycle of the organisation’s relationship with the third party and provide insights.

It helps for organisations to bring an auditor in even before entering into a third-party contract. Auditors can help them to spot high-risk third parties or third parties in high-risk locations. These third parties will require more monitoring than otherwise. Auditors will conduct research on the reputation of that third party, as well as their past partnerships with organisations. They can even help organisations to refine their third-party selection process so as to minimise third-party risk from the start. 

The more third-party contracts an organisation has, the greater the scope of the audit. Auditors may need to go through hundreds of documents in order to provide a thorough audit, and it’s important to make sure not to miss any key details. 

Overall, auditors perform an important service for organisations, allowing them to find the third-party support they need while reducing the financial, security or compliance risks inherent in working with outsiders.

Best practices for third-party risk auditors

As an auditor, what can you do to ensure that you are providing the best third-party risk assessment possible? Best practices for auditing can vary from area to area. Some of the best practices for auditors of third-party risk situations include:

Focus on contracts

A strong contract can make all the difference when it comes to third-party risk management. The terms should clearly outline the roles of both the organisation and the third party so that there’s no confusion. It should also lay out the responsibilities of each party. In order to reduce compliance risk, the contract should take into account any relevant regulations and outline subsequent policies in the terms. 

With a clear contract, even if the third party defaults, the organisation can still show that they made an effort to remain compliant and minimise risk. An auditor can review the contract for potential weak points before it’s signed.

Evaluate third-party vendors for risk

Before the organisation chooses a third-party vendor to work with, an auditor should evaluate that third party in order to assess any potential risk. A questionnaire about their security and compliance practices is a good way to go with this. The auditor can help to prepare the questionnaire, which will then give the organisation a clearer picture of the third party’s policies and protocols. This will also outline the risk that might arrive from a lack of policies in a certain area.

However, questionnaires are not always the most effective way to get a sense of the third party’s protocols. Sometimes the responses may omit critical information or exaggerate in order to get the right answer. To take things a step further, it can help for the auditor to perform interviews of the third-party staff that might be involved in anything relevant to risk assessment.

Take an inventory of third parties

Again, many businesses utilise support or services from many different third parties. Organisation is key to make sure that crucial information doesn’t slip through the cracks. Ask the organisation for a third-party inventory, listing out all of the third parties that have a contract with the business. 

Don’t forget to add the organisation’s name to that inventory, and to write out the contact for each third-party contract, as it may vary from contract to contract. You will need to refer back to this inventory several times within the process of your audit. 

Divide and understand different levels of risk

Not all third parties will carry the same level of risk. An auditor should understand the different levels of risk, as well as how to handle each different kind of risk. Try breaking risk down in this way:

• Low risk. No interactions with customers and no access to sensitive company data.
• Moderate risk. Access to sensitive company data but no interactions with customers.
• High risk. Access to sensitive company data and interaction with customers.

For instance, a vendor from whom a business buys office supplies for everyday operations would not have access to much sensitive data, and would not interact with customers. 

On the other hand, a medical screening company that works directly with clients or job candidates and accesses information through a software application has access to both business relationships and data. The higher the risk, the more closely the third party should be monitored.

Do your due diligence

Most businesses want to know more than simply whether a third party has posed potential risks in the past. They want to know if they could potentially pose risks throughout the course of the business relationship. 

Auditors are required to do their due diligence to come up with an analysis that lasts for the long term. This can also include putting protocols in place to continue monitoring third parties for risk or to protect businesses from incurring risk. 

How modern analytics technologies can help

Modern technology has revolutionised how auditors are able to conduct their third-party risk assessments. Now with software dedicated to data analytics, you can seek out anomalies and patterns that give you top-notch insights to provide in your audit. 

Take Caseware IDEA data analysis software, for instance. You can import data from any source and analyse it through secure, read-only documents. And when you want to present insights to your clients, you can do so with engaging and easy-to-read charts that visualise the data. 

Modern analytics software can also help to organise your audit, making your workflow smoother and more efficient. With IDEA, you have a clear audit trail so you can follow it every step of the way and make precise corrections when needed. You can automate repetitive tasks, saving time and money. You can even choose from a pre-built workflow that streamlines the whole process for you.

Modern auditing has become digital, with analytics done most effectively through software. It changes the way auditors do business, and it changes the insights that they’re able to provide to their clients.

Find out how Caseware IDEA can help you

Through Caseware IDEA, auditors can identify anomalies, trends and patterns from a variety of sources — including third parties relevant to a third-party risk assessment. All of this is done on a secure and easy-to-use platform that allows you to visualise and organise your analytics with ease. It’s auditing done more thoroughly, with a workflow that eliminates hassle and produces better results. 

Want to learn more about how Caseware IDEA can help you protect your organisation? Contact us today for more information or to try IDEA for yourself. 

Internal audit processes, procedures and technology have changed significantly over the past two years as teams accelerated their technology adoption to adapt to the reality of remote work.

Caseware’s fifth-annual State of Internal Audit Trends Report examines the most important challenges internal auditors face today, including adoption of technologies like cloud and analytics, the growth of ESG auditing and talent acquisition and retention. The report’s findings are based on more than 2,300 responses from internal auditors, including directors of internal audit, heads of internal audit and internal audit managers.

Download this report to discover:

• The top challenges for internal auditors, such as moving from manual to digital processes
• How internal audit departments are coping with the challenge of hiring and retaining skilled talent
• The greatest internal pressures teams face, such as proving their value to their organizations
• How many organizations have adopted analytics solutions to assist in their audits
• How quickly advisory services provided by internal audit teams are growing

The report also contains key insights from your peers and industry experts on the top trends and issues transforming the internal audit profession. Find out what challenges you and your team might encounter over the coming year and how other internal auditors are dealing with them.

Caseware’s 2023 State of Internal Audit Trends Report will help you understand where the internal audit profession stands today, where it is going tomorrow and offer you insight into how you can best prepare your organization for success.

More and more accounting practices are turning to the cloud for improved efficiency, cost savings and collaboration capabilities. For example, recent research found that 87 percent of accountants intend to use some type of cloud technology for their engagement management work over the next two years.

During the COVID-19 pandemic, accounting firms, like most organizations, were forced to work remotely. This meant team members had to find new ways to work together on projects and to collaborate remotely with clients. Cloud accounting solutions helped many accountants overcome this challenge, and as firms emerge from the pandemic, the cloud continues to allow teams to work collaboratively from wherever they happen to be — at the office, at home or at a client’s site.

Practices that have adopted the cloud model save time, work more seamlessly as a team and are able to access files and key data more easily.

A new Caseware white paper, The Benefits of Moving Your Accounting Practice to the Cloud, takes an in-depth look at the key factors that are driving widespread cloud migration. Let’s look at a few that this valuable asset covers:

Better client collaboration

For years, accountants and their clients have collaborated by email. If you needed a file, you sent an email message to your client and they would respond by emailing back the appropriate document. This system worked better than shuffling heavy boxes stuffed with paper files back and forth, but the cloud offers new levels of collaboration and security.

Through the cloud, you can create client portals which allow you and your clients to collaborate on files and communicate in real time, securely. If you and a client are both working on a file in the cloud, you can see changes as they occur without needing to worry if you’re working on the most recent version. You can also message clients through a cloud portal and see their responses in a single thread, ensuring you don’t miss any responses.

A more secure environment

Cloud environments are typically secured through passwords, user access controls and multi-factor authentication. User access controls are crucial because they restrict access to important data. Only users who are approved to access particular files by the person controlling cloud security (often a system administrator) can see them.

This helps you keep sensitive information secure. User access controls are also helpful during audits because they allow you to restrict access to only those accountants working on the audit, preventing potential conflicts of interest.

Superior insights

The cloud gives you one central repository for all your files and documents. This means you don’t have to search multiple drives to find the information you’re looking for. All the information you need is in one location.

You can save years, or even decades, of data and engagement files in the cloud. And because all your data is in one location, you can easily apply analytics solutions to your data, helping you better identify trends, establish benchmarks and identify potential risks.

Equip yourself for tomorrow’s challenges

The cloud is playing a crucial role in accounting practices, helping them work better with clients, support hybrid work models and deliver more insights. If you’re interested in shifting to the cloud, but are worried about disrupting your existing processes, you can take a more gradual approach by moving to a hybrid cloud model that combines your familiar desktop applications with cloud capabilities. Whichever cloud approach you take, you’ll be making your practice more efficient and competitive.

For a more detailed examination of how the cloud can help you get an edge on your competitors, download your FREE copy of the Caseware white paper, The Benefits of Moving Your Accounting Practice to the Cloud.