Vishnu Daya and Co LLP Success Story
Introduction
Vishnu Daya & Co LLP is a professional services firm in the area of Financial Services, Audit Assurance and Advisory practice. They have dedicated professionals having core competencies in the field of Audit, Financial Consulting Services, Financial Advisory, Risk Management, Direct and Indirect Taxation Services.
Challenges Faced
After finishing any activity, Managers/Senior Resources sometimes forget to save the final documents from working papers. Looking for some tracking mechanisms to make sure documents always saved appropriately.
- Once saved, the final documents should not be tampered with or be editable by anyone other than the approving authority
- Reminder & Alerts to clients for compliance deadlines and sharing of documents
- Notifications to clients for changes in law
- Generating Audit plans and tracking the Audit activity
Solution Implemented
COMPLIANCE iNBOX was introduced as a complete solution with the following features:
Reminders Alert Feature
Once the Manager/Senior Resource login to CiB, there will be reminder which carries task names for which documents need to be saved to Data Room (permanent repository). They can refer the task and can transfer final docs to Data Room.
Accessibility & User Right Feature
Depending on the organizational hierarchy, various user levels can be configured with different rights. This will ensure that the final documents cannot be tampered with due to restricted access as well as password protected files.
Alerts & Notification Module
Alerts & Notification Module has been introduced wherein you get automatic alerts in the form of email/SMS/WhatsApp messages. The alerts can be set at a preconfigured frequency such as: T-3, T-1, etc.
Audit Module
Ensures that the Auditor and Auditee are on the same platform. The E-Audit module ensures faster generation of Audit Plans, sharing the same with clients, tracking the entire Audit activity till completion. Audit working paper feature ensures safe and secure access to Auditors & Peer-Reviewers to all the Audit Working papers. Seamless document sharing, communication with the clients through ChatRoom module.
Impact Achieved
- Standard file-folder structure in the Data Room ensures easy retrieval of documents resulting into savings in time and effort at the same time ensuring ample data/file protection
- Reduced dependency on resources
- Auditor and Auditee on the same platform
- Document and communication tracking becomes easier and faster, availability of Audit trail
- Never missing a deadline in terms of Compliance
- Complete elimination of visit to client location
Result: Vishnu Daya & Co LLP has successfully transformed their audit and compliance processes, achieving greater efficiency, security, and client satisfaction through COMPLIANCE iNBOX implementation.
