Audits can be a time-consuming, resource-intensive process that requires a lot communication and collaboration. It is essential that all communication is documented and tracked in order to ensure compliance. Virtual data rooms (VDRs) can be used to help auditors and their team members keep track and document everything that is needed throughout the process. This makes it safer and more efficient.
VDR for Audits: Top Reasons VDR is Great for Your Business
The main advantage of a VDR for audits is that it can consolidate all of your documents and files in one location. This allows everyone to have access to the information they need. This can help your company save time and money over the long-term.
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 for data infringement and ensures that all information is safe and only accessible to those who require it.
Another benefit of a VDR for audits is the fact that it provides built-in activity reports, which give you detailed information about who accessed docs and how long they viewed them. This information can assist audit teams in determining who is working on which document and planning for an audit ahead.
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 especially useful in large audits because it allows more members from your team to participate in the discussion.
It can also speed up the review of vouching and tracing documents, which are two of the most resource-intensive parts of an audit. These processes involve searching for and verifying documents that are based on their source such as a cash transaction or 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 easy for team members to organize tasks based on item statuses and tags, which can be helpful when delegating. You can monitor the VDR for audits from a central location so your team is aware of any changes.