MyWorkpapers, a leading Australian financial and audit software company is excited to announce its 1 July 2016 launch of new cloud-based technology for auditors and external examiners completing trust account engagements.
The new MyWorkpapers Audit Trust Account templates will enable Australian auditors and external examiners to conduct compliant trust account engagements using programs created specifically in line with state-based legislation and requirements. At the same time the programs contain MyWorkpapers Audit pioneering cloud-based features, including new innovations purpose-built for completing trust account engagements.
Anton Donde, Executive Director, MyWorkpapers, said, “Our cloud-based Trust Account templates will be the first available in Australia. Our templates provide a solution in an industry struggling to comply with different state-based legislation. Firms have been waiting anxiously for these templates and we are pleased to announce their release”.
The 1 July 2016 release will provide templates for the following:
- Queensland Legal Professionals Trust Account External Examination
- Queensland Agents Trust Account Audit
- New South Wales Agents Trust Account Audit
- Victorian Agents Trust Account Audit
- South Australian Legal Professionals Trust Account External Examination
- South Australian Agents Trust Account Audit
Both assurance practitioners and their clients can access the new client portal to collaborate, communicate and exchange documentation which will help streamline the engagement process, keep track of outstanding queries, keep records all communication within a file and reduce reliance on onsite testing.
Auditors and external examiners will be able to easily track and view compliance issues identified during the engagement as a summary of breaches is automatically generated by the software. Use the summary to review the file, prepare the audit or examination report or management letter, or as a list of issues to discuss with the client.
Having best practices solutions and processes in place is vital for auditors and external examiners to grow their fee base in what is a competitive industry. By introducing MyWorkpapers Audit software platform to complete audit and external examination engagements and manage administrative tasks practitioners will experience a return on investment in the form of time-savings and increased profitability.