Revised Schedule III calls for multi-tiered ageing analysis for CWIP, Intangibles, Trade Payables, and Receivables. AssureAI, an innovative audit automation tool, enables single-click generation of ageing analysis reports in seconds as per the prescribed format. Also, the mandatory flagging, such as MSME/Non-MSME, Disputed / Undisputed, Secured / Unsecured, etc., are accurately captured in the Financial Statements.

Adding ‘comments and disclosures’ to the financial statements is yet another complex task. AssureAI provides for the automated generation of comments and disclosures based on a conditional framework established in the backend. For example, a ‘Significant Accounting Policy’ on ‘Inventories’ will be included ‘only if there is inventory’ in the company’s balance sheet. This kind of condition-based disclosure enhances the quality of the statements generated and eliminates copy/paste errors. AssureAI, the audit automation software, streamlines the process of preparing comprehensive financial statements

Some clients maintain separate books of accounts for their different business verticals. Consolidation of separate books into a single Financial Statement is a laborious process taking a significant amount of man-hours. This process also calls for eliminating the inter-division balances and transactions. AssureAI facilitates single-click generation of Consolidated Financial Statement combining multiple divisions into a single Financial statement with all necessary notes.

Ensuring absolute compliance to ‘Auditing Standards’ has become the need of the hour. But the sheer volume of documentation required makes it a daunting task. AssureAI provides a template-driven audit workflow module that facilitates ease of compliance with Auditing Standards with built-in templates. The module is designed in such a way that merely following the flow of the stated activities, the audit documentation can be efficiently completed in the least amount of time.

Managing assignment related client communication through E-Mail and chat has always been difficult. AssureAI contains an ‘Issues’ module where the CA user can raise all the assignment-related queries that the client can answer from their user interface. Also, there is a ‘Document Request’ feature where all the audit-related papers can be obtained electronically by the CA and permanently available in the cloud, thereby making the audit totally ‘paper-less’.