Red flag is a powerful feature in Cloudoffis that’s built to speed up the audit process significantly. As soon as the fund details are downloaded on Cloudoffis, the system starts analysing the data. It intelligently screens the data and spots any issues that need closer intervention and auto-generates red flags for the auditor to review.
The auditor simply needs to examine the red flagged items. He or she can then raise any points for internal review depending on their findings and take further action quickly and move on to other aspects of the audit. The Cloudoffis platform can auto-generate Red Flags for a number of audit items such as:
- Negative Balance
- Reverse Balance
- Income Comparison
- Pension Limit
- Contribution Cap
- Work Test
- Market Value
- Helps reconcile issues faster
- Saves auditors a significant amount of time and effort
- Allows you to focus on the more important aspects of the audit
- Ensures accuracy
- Speeds up the audit process
To find out how Cloudoffis can redefine the way you conducted SMSF audits, call us on 1300 9 7 9457 or to request a demo, click here.