TallyPrime Auditors Edition

Audit Program

Auditors can now plan pre-audit work in Tally.ERP 9 itself. The system creates a default checklist that will help the entire audit team conduct successful audits.

If an Audit Programme is similar for more than one company, the contents can be copied from one Company to another at the click of a button. This can be later modified/customised.

In addition, the Audit Programme facilitates the capturing of time taken for Audit, name of the audit staff for each audit area, the scope of the Audit conducted and post-audit comments for each Audit area.

Highlights:

Audit Working Papers

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Analytical Procedures

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Multiple Sampling Methods

Tally.ERP 9  Auditors’ Edition offers various sampling methods. These include All Vouchers, Amount Range, Even Numbered/Odd –  Numbered vouchers, Specific Period, Specific Vouchers, and a mathematical tool named Benford Analysis. An option to perform Manual Sampling by ear-marking specific transactions and further verifying them in detail is also available.
Benford Analysis in Tally.ERP 9  Auditors’ Edition: Based on Benford’s law, expected frequencies of all digits (1 to 9) in the first decimal place of a number are compared with the actual occurrences. The variations are displayed in a tabular format. Any digit can be chosen from the table to view all corresponding vouchers.

Benefits:

• Flexible sampling methods based on time, range, and value
• Sampling methods can be used at Group/Ledger/Voucher levels
• Benford Analysis method based on Benford’s Law
• Flexibility of drilling down to each voucher from a sampled data in the report
• Handpick particular ledger vouchers to be verified at a later date by manual sampling

Highlights :

Schedule VI Financial Statements

Tally.ERP 9 Auditors’ Edition provides Auditors with an option to generate Balance Sheet and Profit & Loss Financial Statements in Schedule VI formats at the click-of-a-button.

Tally.ERP 9 Auditors’ Edition automatically gathers the data required to populate the Balance Sheet. This displays the balance details between the Sources of Funds and Application of Funds. The Profit & Loss A/c statement for a given period can be generated too.

Highlights of Balance Sheet :

Highlights of Profit and Loss A/c Statement :

Verification of Opening Balances VI

In Tally.ERP 9 – Auditors’ Edition, the Verification of Balance feature compares the Closing Trial Balance as on 31st March of the Previous Year with the Opening Trial Balance as on 1st April of the Current Financial Year.

Highlights:

Benefits:• Single-click report to analyse balance verification• One-click report giving details on General Ledger Scrutiny & Balance variances for each Group/Ledger• Saves time while conducting Balances verification and variance analysis

Repeated Transactions Report

The Repeated Transactions report displays all vouchers of a Ledger where an amount is repeated. The report will help to spot unusual behaviour in transactions, with the option to further configure the report.
Benefits:

‍• Easy to detect discrepancies

• Additional data analysis feature

Periodic Payments & Receipts

The Periodic Payments & Receipts report displays variations. These could be in terms of amount, count of transactions, percentage (%) along with negative variance in recurring transactions. Based on analysis from this report, year-end provisions and adjustment entries can be identified to be recorded by the Auditor.

Highlights :

Benefits :

• Easily find irregularities in transactions
• Transparency in transaction pattern across a period

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Relative Size Factor Report

This feature highlights all unusual fluctuations in ledger entries. Known as the Relative Size Factor, it compares the highest value transaction to the second-highest in each Ledger. The factor can trigger further investigations to correct any errors/discrepancies, yielding a more precise audit.

Benefits :

• Immediate flagging of unusual fluctuations
• Quick spotting of data entry errors

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Audit Joumals

The Audit Journals enable an Auditor to pass transactions for Finalisation, Appropriation, Provisional, etc. for below-the-line items:

•Appropriation of Profit & Loss towards Provisions (Interim/Final Dividend)
•Taxes (Dividend Tax, Income Tax)
•Reserves (General Reserve, Debenture Redemption)
•Capital (Redemption of Shares)
•Deferred Tax Liability
•Prior Period & Extraordinary items

Highlights :

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Import & Export of Audit Journal entries:

Auditors have the means to export audit journal entries in XML format from Tally.ERP 9  Auditors’ Edition. This file can be later imported by clients to their Tally.ERP 9. This ensures a quick transfer of observational changes done by an Auditor for the client.

Benefits :

‍• Speeds up the transfer of finalisation entries from Auditor to client
• Reduces manual and repetitive data entry
• Eliminates data entry errors
• Updates Books of Accounts with finalisation entries

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Checklist of AS Compliance

This feature in Tally.ERP 9  Auditors’ Edition lists all the accounting standards as per the Accounting Standards Board (ASB). Auditors can evaluate their clients’ adherence to various accounting parameters relevant to the business, easing compliance.

Benefits :
•Ready-to-update Accounting Standard checklist
•Ease of tracking clients’ conformance
•Scope for Auditors to counsel their clients

AAS Compliance

This feature in Tally.ERP 9  Auditors’ Edition provides a complete list of Audit & Assurance Standards (AAS) used to measure the quality of audits performed. It also indicates the audit objectives achieved.

Benefits :

• Assists in increasing the quality of Audits
• Tracks achievement of audit objectives

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Tax Audit

After conducting a Tax Audit in Tally.ERP 9  Auditors’ Edition, print Form 3CD with Annexure from within the product. Available in the prescribed format, the report comes with a user-friendly option to copy the contents of the report from one financial year/company to another. The facility to copy a single clause from one company to another is also provided.

Benefits:
• Auditors can directly fill and print Form 3CD from within Tally.ERP 9 –Auditors’ Edition
• Ease of maintaining various clients’ and multiple financial year data

Form 3CA & Form 3CB:

Form 3CA and Form 3CB, which are to be submitted after the 44AB Audit along with Form 3CD, have been provided in Tally.ERP 9  Auditors’ Edition.

This ensures all Forms & Reports of a particular client are stored along with the company data. They can be easily retrieved for any future reference.

Benefits:

• Client wise management of Tax Audit Information
• Easy to track in Tally

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Tally for Charterd Accountants – Everything You Need!

Now perform a comprehensive Statutory Audit with absolute ease.

In addition to Tax audit and Statutory Compliance, the Auditors’ Edition of Tally.ERP 9 is a powerful tool to perform Statutory Audit. It enables Auditors to analyse the Books of Accounts, discover exceptions and highlight deviations.

Auditors can use it to generate:

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Data analysis — Flexible & Quick Data Analysis

Data Analysis is performed using various analysis tools which assist the auditor in checking the data, comparing it with the previous year’s data and highlighting exceptions. The auditor will also be able to carry out further investigations and fix the data if he/she has been provided with the necessary rights.

Verification of Chart of Accounts: Using this feature, auditors can organise the Chart of Accounts in a presentable manner and highlight the exceptions by comparing it with the previous year’s Chart of Accounts.

Verification of Stock Items: This report will assist the auditor in checking the available Stock Items. After comparison with the previous year’s Stock Items list, attention will be drawn to exceptional items such as negative stocks, the difference in balances etc.

Verification of Balances: This will assist the auditor in checking the difference in Opening Balances and Transaction details by highlighting the exceptions.

Analytical Procedures: A powerful Data Analysis tool, this will help the auditor compare or cross- compare various Groups/Ledgers/Cost Category/Cost Centres to draw various trends. This report will also provide details among the selected factors to facilitate further investigation.

Pending Documents: This report will help the auditor decide the related areas of investigations and get the necessary pending Bills and Orders closed, based on the actual situation.

Statutory Payments: This report will assist the auditor in discovering if the necessary Statutory payments were made on time or not.

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Auditing — Precise, full-view Auditing

The Auditing section helps the auditor check and audit all the available transactions by applying the necessary sampling methods:

Verification of Vouchers: The auditor has an option to apply the recommended Sampling methods and do the Auditing for the Sampled Vouchers or audit all Vouchers.

Related-party Transactions: The auditor can identify the Ledger Master as Related Parties based on the information given by the client. This makes all the transactions belonging to the Related Parties available for scrutiny.

Forex Transactions: This report lists down all the transactions involving multi-currency and provides the option to conduct Audit.

Outstanding from MSME (Micro, Small and Medium Enterprises): Auditor can check and audit the Outstanding Payments for the parties identified as MSMEs.

Salary / Wages Payments: Auditor can check the Headcount details and Salary Payment details for all employees. An option to audit these transactions is provided.

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Financial Statements

Comprehensive Financial Statements as per Schedule VI using Auditors’ Edition of Tally.ERP 9,
the following Financial Statements can be prepared as per the Schedule VI requirements:

• Balance Sheet as per Schedule VI
• Profit & Loss A/c as per Schedule VI

All the default Tally Groups are mapped to the Schedule VI titles to generate the above Financial Statements. The tool provides the flexibility to the auditors to re-classify these Groups as per the requirement without affecting the client’s data.

Some of the salient features of Schedule VI Balance Sheet are:

• Can be generated with a single click
• Tally Default Groups (Business Groups) are mapped to Schedule VI groupings by default
• Can be further regrouped as required (User-defined)
• Flexible schedule numbering
• Generation of Schedules
• Export to Excel for further formatting if required

Some of the salient features of Schedule VI Profit & Loss A/c are:

• Sales & Income Groups are mapped to INCOME by default
• Expenses & Purchase Groups are mapped to EXPENDITURE
• Option to rename INCOME & EXPENDITURE is provided to support all industries
• Flexibility to regroup within INCOME & EXPENDITURE
• Flexible schedule numbering
• Generation of Schedules
• Export to Excel for further formatting if required

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