VERSCAN: Audit Feature, a new assistant for auditor

In VERSCAN 2024 version, we take immense pride in introducing our new feature, 'Audit feature'. This feature has been designed to enhance the asset verification process, making it easier for you to submit asset listings to verification. These asset listings are generated using the Monetary Unit Sampling (MUS) auditing method, a standard in the audit industry.

This feature will improve the efficiency of the auditing process. This feature significantly reduces the workload for auditors and asset counters in your organization. It also establishes trust in accordance with relevant accounting standards, thanks to a new auditing method.

The system randomly selects assets for auditors, using computer-generated random numbers. For example, if an auditor needs to inspect 10 computers out of a total of 100, the system will randomly choose 10 computers for inspection.

This method systematically selects assets based on auditor needs. For instance, if an auditor needs to inspect every 5th computer from the registered list out of total 100, the system will select every 5th computer from the registered list, resulting in 20 computers for inspection.

The system randomly selects groups of adjacent assets within the population based on specific criteria, such as price or age of use.

This method selects assets in a systematic manner, considering their monetary value. It ensures that every item has an equal chance of being selected. Using MUS with VERSCAN is quick, less burdensome (no manual calculations), and bias-free.

Moreover, VERSCAN also facilitates the reporting of asset statuses and any adjustments made after the audit is completed. Auditors can seamlessly send these Working Paper reports for presentation to management or relevant parties, ensuring transparency and accountability in the auditing process.