Using technology to streamline the audit process

  • Written By: Chetan Mistry
  • Published: Wed, 28 Mar 2018 15:10 GMT

Whether you see financial audit as a compliance process or one which brings you valued insights to your business activities, making effective use of IT can improve auditor / client interactions.

At Smith & Williamson, we have a commitment to audit quality, including client experience and as part of our continued investment in our services, we have launched a range of new IT tools which complement our relationship led service and enhance our client offering.

Chetan Mistry, Partner
We ensure that our audit services are delivered using ‘best in class’ IT tools which are proven to work, offer clients real benefits and above all are secure.
Chetan Mistry, Partner

Client facing tools being rolled out this audit season are our Cloud aQ platform and connectQ:

Smith & Williamson Cloud aQ platform: This is a secure cloud platform which provides a customised portal for discussing issues, requesting information and sharing files. Real time synchronisation and integration with our audit software enables effective collaboration between clients and the audit team.

Smith & Williamson connectQ: this is an intelligent connection tool which enables clients to share a read only copy of their accounting records with the audit team. For clients, this is a very quick, simple and secure process – it takes just a few minutes to share the data and reduces the time our clients need to spend on the audit.

In addition, we have enhanced our internal processes ensuring that we maintain our operational efficiency. Included within this are new data processing tools, which can readily extract and summarise data for audit review from even the largest databases.

These new systems are part of our overall IT road map, which encompasses three core areas:

  • Communication and interaction
  • Technical expertise and experience
  • Processes and systems

We are excited by what these systems offer and how they will help us to continue to deliver high quality services and an engaging client experience.

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.

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