5f Consolidated Financial Statements

Digitize your consolidated financial statements with 5F – for efficient collaboration and secure communication.

Especially for consolidated financial statements, communication and collaboration between group auditors and other process participants, such as component auditors, are essential. This collaboration is significantly facilitated by highly secure, digital platforms.

In 5F, the digital group audit is realized in two steps: After the verification of the sub-area auditors, the communication with the audit participants takes place. This division ensures smooth coordination of process participants, a targeted exchange of documents and a clear tracking of audit progress.

  • Organized coordination of process participants

  • Targeted communication with component auditors
  • External and internal exchange of documents and information
  • Clear tracking of audit progress through a central dashboard

  • Complete audit documentation for traceability of all audit activities

5F Digital Consolidated Financial Statements
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, the verification can now be started automatically with an existing list. It is then monitored and tracked via the 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 audit progress can be viewed via a central dashboard. Tasks can be created, due dates set and assigned to defined persons in the project space.

If required, the members of the audit team can communicate on a project-related basis in the respective appendix using the comment function. It is also possible to communicate only internally within the audit team. The exchange with the clients can be designed just as easily and conveniently as the cooperation within the audit team. In addition, contact with network partners or other auditing companies is also facilitated, which is very practical, for example, for information from third parties.

Thanks to complete audit documentation, all audit activities can be traced at any time later.

Digitize consolidated financial statements with 5F?
We would be happy to advise you.

Tip:

In addition to the (group) audit, further services can be provided with the cloud platform of 5FSoftware, such as the preparation of financial statements, balance confirmation campaigns, a due diligence, PBC lists or the processing of financial accounting as well as wages and salaries.

Talk to us. We are happy to help you.

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