What do you need in your financial reporting and audit working paper system?
The Financials module, allows you to import data from most accounting software packages in real-time. Working Papers provides powerful document management, real-time collaboration, direct scanning, as well as an electronic/online review process. R.A.C. Audit is a dynamic auditing methodology built to streamline your engagement, leveraging technology that automatically adjusts your working papers based on prior information. Synchronise your financial and engagement files to the cloud with WebSync, and empower your team to work from anywhere, at any time and on any device. The Cloud add-on grants you access to your financial statements and working papers through your web browser, enabling quick efficient collaboration with team members and engagement with clients. DigiSign is a secure, digital signature workflow solution that enables you to send your financial statements to clients for approval without ever leaving your office.
The CIPC has mandated submission of Annual Financial Statements (AFSs) for all qualifying entities from 1 July 2018 through iXBRL. In terms of Section 33 of the Companies Act 71 of 2008, and regulations 28, 29 and 30 of the Companies Regulations of 2011, the following entities need to submit their AFS’s through XBRL as from 1 July 2018:
- All public companies;
- Private companies (qualifying and currently submitting using PDF);
- State owned companies;
- Non-profit entities;
- Close Corporations (qualifying and currently submitting using PDF)
Draftworx has been appointed as one of the Recommended Software Service Providers for Provisioning of XBRL Client-Side Solutions by the CIPC. The majority of the required XBRL tags are auto tagged through the GL linking procedure when creating a set of Financial Statements. Alternatively, other excel based Financial Statements can be imported into the software and tagged manually.