Audits of consolidated financial statements in Collaboration Cloud

5F enables the digital audit of consolidated financial statements in your audit company without requiring explicit programming knowledge

Especially when it comes to auditing consolidated financial statements, communication and cooperation between group accounts auditors and other participants such as subdivision auditors is essential.

This is where Collaboration can facilitate coordination and process management with the help of digital platform solutions.

The 5FSoftware Collaboration platform supports the following aspects of audits of consolidated financial statements:

Verification of subdivision auditors
Coordination of subdivision auditors
Focussed communication with subdivision auditors
External and internal exchange of information
Monitoring the audit progress via a central dashboard
Using an intelligent user interface design
Audit of consolidated financial statements – much more easier with the 5F Collaboration Cloud

5F enables the digital audit of consolidated financial statements in your audit company without requiring explicit programming knowledge

Especially in the audit of consolidated financial statements, communication and cooperation between auditors and other parties involved in the process, such as subdivisional auditors, are essential. This collaboration is considerably facilitated by highly secure digital platforms.

The 5F collaboration platform supports the audit of consolidated financial statements:

  • Every step in the mandate processing
  • The entire range of services of your firm
  • Targeted communication between different process participants
  • The external and internal exchange of information
  • Full control over the audit progress through a central dashboard

  • Intelligent design of the user interface

Efficient coordination of all process participants

Every year, the single sub-area auditors must be requested and verified in an elaborate way. This is very time intensive. With the 5F workflow, the verification process can now be started automatically with an existing list. It is then monitored and tracked directly on the collaboration platform. This saves time and nerves.

After their successful verification, the participants receive automatic access to their individual exam instructions. Important to know: there applies always strict data separation. The user can decide which type of documents (appendices) should be added and whether they should be made available to all auditors or only certain subdivision auditors.

Due to the clear structure, it is possible to see at a glance how many subdivision auditors have been added to the company or how many files have been sent as appendices. Warnings alert the user when relevant information (e.g. on the materiality limit) for a subdivision is still missing.

Precise task management and monitoring of audit progress

The dashboard view provides every involved parties a view on the current status of the audit. Similar to Collecto, tasks can be created, given due dates and assigned to participants in the project room.

If necessary, members of the audit team can communicate on a project-specific basis using the comment function in the respective appendix. It is also possible to communicate within the audit team via an internal project room. The exchange of information with the client can be made just as easy and convenient as the cooperation within the audit team. In addition, it also facilitates contacting network partners or other audit firms as well as the collection of information from third parties on a case-by-case basis.

In addition to the (group) audit, the 5FSoftware collaboration platform can also be used to provide other services, such as the drafting of financial statements, due diligence or even tax consulting. These aspects represent the unique features of the 5F software solution and its unique value proposal.

The 5F platform is the universal tool for efficient and secure communication, collaboration and project management in the office.

Schedule a free presentation now.

The advantages of the collaboration solution at a glance:

  • Supports all phases of case processing

  • Represents the entire range of services of your office

  • High adaptability to existing IT infrastructure

  • Facilitates external and internal exchange of information

  • Customizable and flexible process design

  • Precise task management

  • 100% Transparency

  • More efficient processes

  • Prevent data redundancy and error-prone duplicate filings

  • Secure cloud solution

  • Compliant with GDPR and professional legal requirements placed on auditors, tax advisors, lawyers and notaries

Feel free to contact us. We are happy to help.

Do you no longer want to export your data, but connect our system to your DMS?

Schedule a free presentation.

Efficient coordination of sub-area auditors

Every year, each individual sub-area auditor has to be requested and verified in an elaborate manner. With the 5F workflow, verification can now be started automatically with an existing list. It is then monitored and tracked on the collaboration platform. This saves time and nerves.

The verified sub-area auditors will then have fully automatic access to the examination instructions stored for you. Strict data separation applies here.

Example of sending the Audit Instructions and assigning the appendices to the different subdivision companies

The upload of necessary documents, such as audit instructions, can be done by “drag & drop” and enables the import of different file formats. Users can decide which type of documents (appendices) should be added and whether they should be available to all or only a selected group of participants.

The clear structure allows you to see immediately how many sub-area auditors have been added to the respective company or how many files have been sent as appendices. A warning notice appears if relevant information (e.g. on the materiality limit) is missing for a subdivision.

Precise task management and full control of the audit progress

The dashboard view provides every involved parties a view on the current status of the audit. Tasks can be created, due dates set and assigned to defined persons in the project space.

If necessary, members of the audit team can communicate on a project-specific basis using the comment function in the respective appendix. It is also possible to communicate only within the audit team via an internal project room. The exchange of information with clients can be done as easy and convenient as the cooperation within the audit team. In addition, contact with network partners or other audit firms is also made easier.

This is can be very practical for information from third parties. In addition to the (group) audit, other services can also be provided with the 5FSoftware collaboration platform, such as the preparation of financial statements, due diligence or classic tax consulting.

The 5F collaboration platform is the universal tool for efficient and protected communication, collaboration and project management in modern audit companies.

Schedule a free presentation now.

The advantages of the 5F-Collaboration solution:

  • supports all steps in the mandate processing

  • represents the entire range of services of a law firm

  • high adaptability to existing IT infrastructure

  • facilitates the external and internal exchange of information

  • customizable and flexible process design

  • precise task management

  • 100% transparency

  • significantly more efficient processes compared to traditional methods

  • prevention of data redundancy and error-prone double filing

  • secure cloud solution

  • complies with the DSGVO and professional requirements of auditors, tax consultants, lawyers and notaries

Feel free to contact us. We are happy to help.

Do you no longer want to export your data, but connect our system to your DMS?

Schedule a free presentation.