Top Reasons to Use a VDR for Audits

Top Reasons to Use a VDR for Audits

Audits are time-consuming and resource-intensive. They require collaboration and a lot of communication. It is crucial that all communication is recorded and tracked in order for compliance. 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.

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VDRs are great for audits because they can consolidate all your files and documents in 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 is able to provide an audit trail. This allows users to log in and out of the system, creating a time-stamped audit file. This allows businesses to surgically assign users accord so that they have only the information they need. This reduces the risk for data infringement and ensures that all information is safe and only accessible to those who require it.

Another benefit of using a VDR to audit is the ability to generate activity reports. These reports give you detailed information about who accessed docs, and how long. This information can help audit teams determine who is working on a specific document and plan for an audit 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-up the review of vouching/tracing documents, which is one of the most resource intensive parts 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 auditors also prevent duplicate documents and paperwork. Each item from the requirements is automatically created in a separate folder. This makes it simple for team members, and can help them organize tasks based on item statuses. A VDR for audits can also be monitored from a central place, so your team is always informed of any changes.