tally.erp 9 release 3.6 auditors’...
TRANSCRIPT
Tally.ERP 9 Release 3.6 Auditors’ Edition
Everything a CA needs for the Revised Schedule VI
Data Collection Data Vouching Sampling DocumentVerification
Management Representation
Attestation
Revisiting the Audit Cycle
A Chartered Accountant from Jayanagar, Bangalore, finds immediate comfort handling the Revised Schedule VI format, in
Tally.ERP 9 Auditors' Edition
“My firm engages in auditing the accounts of Banks, issues certificates for tax reports, and reviews financial records and other information provided
by my clientele. The audit process includes vouching the data and scrutinising ledgers before the actual final certification of audit happens.
With Release 3.6, the quality and efficiency of my audit has improved drastically. I can generate financial statements as per set formats of Revised
schedule VI and effortlessly format heads and map Chart of Accounts, hence saving time. The CARO checklist, an inbuilt feature that captures data
for observation, lets me track the client's clarification easily.”
A typical audit cycle comprises of capturing financial data in a format that is easy to represent and certify.
Now, with the Revised Schedule VI, auditors need to familiarise themselves with the many changes and additions needed by the new format,
completely new concepts and disclosure requirements, as well as changes in nomenclature.
The following cases illustrate how Tally.ERP 9 Release 3.6 simplifies the entire audit process by re-structuring the data capture and reporting model,
helping CAs conform to the requirements of Revised Schedule VI.
Highlights
Easy accessibility to Revised Schedule VI formatsMapping of Chart of Accounts saves timeSimplification of ledger classification
In-detail audit working notesSeamless audit planning
Case 1
A Chartered Accountant in Malleshwaram, Bangalore, moves his practice seamlessly into the Revised Schedule VI with Tally.ERP 9 Auditors' Edition.
“In a typical audit involving SME businesses, my audit cycle takes 7 to 10 days. The same process takes even longer for large enterprises, sometimes more than 2 months. The cycle is not only longer, but complex, repetitive and costly too.
With clients now actively involved in the audit cycle, Tally.ERP 9 Release 3.6 helps us relook into the existing concept. “AuditReady” encourages the client to capture his data in the same format as suggested by his Auditor. Hence, less time is spent seeking clarifications and managing standard accounting errors. As third-party confirmation is generated and mailed from the product, it minimises repetitive work. Further, all the financial statements are captured in the specified format, ensuring that they comply with tax and statutory requirements. The Automatic Bank Reconciliation Statement also saves phenomenal amount of time, it being one of the first steps during Audit.”
Highlights
Quotes
Chartered Accountant - 1
“Tally.ERP 9 Release 3.6 has simplified my work. Now, I can complete my audit well before the end of the audit season. I am confident that I shall
have a smooth auditing experience.”
Chartered Accountant - 2
“Tally.ERP 9 Release 3.6 is a revelation for CAs as well as for clients. My clients can remain up-to-date with the current audit requirements
and formats.”
Screen shots depicting the Revised Schedule VI features
First-cut mapping of Revised Schedule VI heads by Tally.ERP 9Availability of Third Party confirmationSaves time during repeated clarifications
Advanced preparation of audit pre-requisitesIdentifying transactions that require clarifications
Case 2
About Tally Solutions Pvt. Ltd.
Tally Solutions is a 26-year-old company known for India’s most popular business management software product. Today, Tally’s products serve
millions of users across industries in 94 countries. Support and services, including customisation and integration, are delivered to customers via
a network of 23,000+ experienced Tally partners. With a 250+ strong R&D team future-proofing the product, Tally.ERP 9 continues unchallenged
as the simplest to deploy, learn and use ERP product.
Statement of Profit and Loss Balance Sheet