Streamline the Audit Process | RKL LLP
Posted on: September 16th, 2014

Streamline the Audit Process with Electronic Working Papers

employee benefit plan audit

Moving toward a paperless audit process benefits both you and your audit engagement team.

In today’s accounting environment, most firms and their clients have embraced a paperless work flow to increase efficiency in the audit process. While it’s become second nature for many companies to submit their documents electronically, those who are still submitting paper copies can benefit from moving toward an electronic process – and can feel confident that their information is still secure as it’s transmitted and stored.

Thinking about going paperless? While it certainly helps streamline work for your engagement team, you’re likely to experience some benefits as well, including less back-and-forth between you and your service provider. Our goal is to reduce the number of interruptions, deliver the high standard for quality that RKL is known for and provide convenient ways to transmit your electronic data in a secure manner.

What types of files should I submit?

Original PDFs or Excel files are the most optimal files to submit.  Text files are also an acceptable option as we’re able to utilize our technology to convert these files into a workable Excel format.  Reports that are printed and scanned through a copier are not ideal as they are not easily converted to Excel and the information is not searchable.

How should I submit my work papers?

The most ideal way to transmit work papers to RKL’s Audit Services Team is via LeapFile, a secure online portal that allows you to send and retrieve files. LeapFile offers the highest level of data security so you can rest assured that sensitive documents such as employee benefit statements, payroll information and tax return information are protected. To get started, simply reach out to your RKL advisor and he or she will provide directions on how to exchange information securely via LeapFile.

Many clients prefer to provide electronic work papers via email or an electronic storage device such as a USB drive or CD/DVD and RKL will gladly accept files via these methods. However, it’s important to note the possible risks that each poses: a misplaced, unencrypted USB drive or a CD/DVD can get into the wrong hands, or a computer virus can open your data up to potential security threats. If choosing a USB drive, be sure to select an encrypted version for better data security.

Have questions about going paperless?  Your engagement team is here to help answer your questions and lend insight into how to make your next audit go as smoothly as possible. Contact your RKL advisor today.

PCC Accounting Financial ReportingContributed by D. Hunter Mink, a manager in RKL’s Audit Services Group. Hunter is responsible for the planning and supervision of audit engagements for clients in various industries, including engineering, construction, manufacturing/distribution and higher education. 

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