Top Reasons to Use a VDR for Audits
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, team members and others keep track of everything throughout the process. It makes it safer and quicker.
VDR for Audits: Top Reasons VDR is Great for Your Business
VDRs are great for audits because they can consolidate all your files and documents in one location. This ensures that everyone has access to the information they need, which can save your company a lot of time and money in the long run.
A good VDR for audits has an audit trail that records every user activity in a time stamped audit record. This allows for transparency and accountability. Businesses can also surgically assign accord to users, so that only the people who need it are able to access the information they require. This reduces the chance of data infringement, and ensures that information is only accessible to those who are authorized to access 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 be used to help audit teams identify who is working on a particular document and plan for audits ahead of time.
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 when large audits are being conducted. It allows more members to join 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 locating and verifying documents based upon their source, such a cash transaction or sales invoice.
VDRs are used to audit files and paperwork. Each item in the requirements list is automatically stored in its own folder. This makes it easy for team members and delegaters to organize tasks based upon item statuses. A VDR for audits can also be monitored from a central place, so your team is always informed of any changes.