Audits are time-consuming and resource-intensive. They require collaboration and a lot of communication. All communication must be documented and tracked to ensure compliance. A virtual data room (VDR), can help auditors, team members and others keep track of everything throughout the process. It makes it safer and quicker.
VDRs for audits have the main advantage of consolidating all documents and files into one location. This makes it easy for everyone to access the information they need, which can make your company’s life easier and save you a lot of money.
A good VDR for audits also provides a built-in audit trail, which records every user activity in a time-stamped audit record. This creates transparency and accountability, as well as allows businesses to surgically assign accord to users so that only the right people have access to the information they need. This reduces the risk of data infringement and guarantees that all information is secure and accessible only to those who need it.
A VDR can also be used for audits by providing built-in activity reports. These reports provide detailed information about who has accessed the documents and how long they were viewed. This information can be used to help audit teams identify who is working on a particular document and plan for audits ahead of time.
Many VDRs also have a Q&A feature, which allows users to add comments and questions to files that can speed up the audit process. This feature is particularly useful for large audits as it allows more members of your team and you to participate in the discussion.
It can also speed the review of vouching or tracing documents which are two of most resource-intensive aspects of an audit. These processes involve locating and verifying documents based upon their source, such a cash transaction or sales invoice.
VDRs for auditors also prevent duplicate documents and paperwork. Each item from the requirements is automatically created in a separate folder. This makes it easier for team members to organize tasks according to item statuses or tags. This can be useful when delegating. Plus, a VDR for audits can be monitored from a central location, so that your best protection of private data team is always aware of any changes in the process.