Audit Software

Do you review your clients account for regulatory compliance or financial accuracy? Then, a strong auditing solution is a necessity. Auditing clients financial statements, ledgers and accounting practices is a time-consuming endeavour. Aside requiring an expert knowledge in audit, you need the right tools to be as efficient as possible; Clients are more happy with auditors that can provide assurance in the least time possible.
Investing in current technology that provides for automation and frequent updates will give you a competitive advantage, allowing you to produce better audits more quickly.

PML Advisory offers the external audit support services through its 2 in 1 specialised software package for Accountants and Auditors known as Auditmate.

Auditmate is a computer software package designed to assist auditors working with paper file and automated annual financial statement preparation starting from accepting an engagement to expressing an opinion on the engagement. Auditmate is specifically created to deliver the audit documentation as required by International Standard on Auditing (ISA’s). Accordingly, it ensures flexibility and user friendliness.

Other features of the software are:

  • Import trial balance from Pastel, QuickBooks and Excel
  • Client balances and journal entries automatically update lead schedules
  • Comprehensive audit programs, checklists and disclosure checklists
  • IFRS financial statements
  • New independent review template – Practical ‘Best practice’ with ISRE2400
  • Compliance with International Standards on Auditing (ISA’s)
  • Templates for group and subsidiary entities, single entity, small and medium size entity and review engagement
  • Annual financial statements and other documents
  • Regular updates as standards change
  • Multi-user on network or ‘split’ the file using ’Replication / Intergration’
  • Power point training presentations

Our strategic partnership with external audit over the years has contributed to the development of the software and our esteem clients speaks volume of this.

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Audit Software

It has been 6 months of demanding work for most Auditors and Accountants. Most Companies in Nigeria are 31 December financial year-end. Some companies are 31 December due to:

For those that are mandated to have their financial year-end as 31 December, it is understandable but why do you choose 31 December when it is not mandatory for your company.

With 31 December being year-end for most companies in Nigeria, auditors and accountants work very hard to meet up with the reporting deadline. What you experience, is that Clients with fat cheques get the attention of the Auditors, and most time, they meet the reporting deadline earlier compare with smaller companies.

It is also a common occurrence to experience regulatory filing difficulties on the last day of filing of 30 June for 31 December year-end client. The heavy internet traffic on the Tax Authority website crashes the website on such date and usually difficult to file returns.

Instead of selecting 31 December as your financial year-end, you can also align your year-end with your business cycle. A school can choose 30 September year-end as it aligns with the Student Academic calendar.

Our suggestion is always if you are not mandated to be a 31 December year-end client, please choose another month for your financial year-end. You will receive better service and attention from your auditors and tax authority because work pressure will be less. March, June, or September is a good alternative financial year-end to choose.