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Audits can be a time-consuming, resource-intensive process that requires a lot communication and collaboration. In order to achieve compliance, it is important that all of that communication is tracked and documented. A virtual data room (VDR) can help auditors and team members keep track of everything they need to know throughout the process, making it safer and faster to complete.
The Top Reasons Why VDR for Audits is Great For Your Business
VDRs for audits have the main advantage of consolidating all documents and files into 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 has an audit trail that records every user activity in a time stamped audit record. This allows businesses to surgically assign users accord so that they have only the information they need. This reduces data infringement risks and ensures that all information can be accessed only by 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 assist audit teams in determining who is working on which document and planning for an audit ahead.
Many VDRs offer a Q&A functionality that allows users the ability to add comments and ask questions to files. This can help speed up the audit process. This feature is especially useful for large audits, as it can allow more members of your team to contribute to 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 searching for and verifying documents that are based on their source such as a cash transaction or invoice.
VDRs for audits also prevent duplicate files and paperwork, as each item from the requirements list is automatically created in its own folder. This makes it easy for team members to organize tasks based on item statuses and tags, which can be helpful when delegating. Plus, a VDR for audits can be monitored from a central location, so that your team is always aware of any changes in the process.
