Financial audits are a time consuming process for companies and typically take many weeks to complete. The Audit Checklist is likely to produce hundreds of requests for financial and governance documents. This confidential information is often emailed around in an ad-hoc fashion between third party auditors and clients, with multiple copies made along the way and stored in different locations.
Once the auditors arrive on site, the number of emails circulated only accelerates. Busy auditors and finance staff can become overwhelmed by the number of emails they receive, and spend a considerable amount of time finding, re-sending and filing documents. Sharing critical documents in this way is neither efficient nor secure.
Virtual data rooms are transforming the way in which financial audits are being conducted, improving the organization, transparency and communication between audit teams and finance staff. With a Firmex virtual data room, confidential financial documents can be uploaded, organized and shared from one centrally secure location, rather than being stored on numerous third party computers and email servers. Automatic notifications are generated when new documents become available, avoiding all the disruptions of forwarding and routing emails and helping to drive better productivity.
With our unlimited use subscription model, Firmex clients can use their virtual data room to support a wide range of business processes at no additonal cost. This makes it easy to migrate your financial audits online, and even store past audits in the same location for easy reference when needed.
To further outline how virtual data rooms can simplify the audit process, Firmex has developed a useful one-page document - Financial Audits Simplified.
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