2. The Solution
Recognizing the diverse requirements of accounting and auditing firms, Mediastep partnered with Auvenir to develop Auvenir Pro, a comprehensive suite of solutions designed to streamline audit workflows and enhance quality management. This collaboration resulted in two distinct offerings:
QMG Cloud: Standardizing Quality Management Processes
QMG Cloud provides a structured and standardized approach to quality management, enabling firms to establish and maintain their SOQM with ease. Key features include:
- Pre-built Content: Leveraging CPA Canada’s exclusive content and methodology, QMG Cloud provides pre-built audit procedures and templates, ensuring compliance with the latest standards and best practices. This content is seamlessly updated within the platform through Umbraco CMS.
- Compliance with Standards: QMG Cloud incorporates the requirements of the Canadian Standards on Quality Management (CSQM) 1 and 2, and Canadian Auditing Standards (CAS) 220, simplifying compliance and reducing risk.
- Efficient Setup: The platform allows for rapid implementation of an SOQM, enabling firms to quickly configure their system and begin conducting audits.
- Data Management: Data persistence features minimize redundant data entry and ensure consistency across all documentation. Information can be entered once and dynamically linked throughout the platform.
- Risk Assessment: QMG Cloud facilitates a comprehensive risk assessment process by enabling users to connect objectives, risks, and responses within the system.
- Centralized Documentation: All SOQM documentation, including policies, procedures, and monitoring activities, is stored in a central repository for easy access and management.
- Tailored Content: QMG Cloud offers content tailored to different engagement types, ensuring relevance for both assurance and related service engagements.
- Monitoring and Documentation: The platform supports effective monitoring and documentation of evidence throughout the audit process.
- Access Control: Role-based access control ensures that users have appropriate permissions based on their responsibilities.
Auvenir Custom/Enterprise: Flexibility for Unique Requirements
For firms with more specialized needs, Auvenir Custom/Enterprise provides a highly flexible and customizable solution:
- Customizable Content: Umbraco CMS enables the creation of custom-made content and workflows tailored to the specific requirements of individual firms or organizations.
- Content Management: The platform supports multiple content streams, allowing different teams within an organization to manage their own content and processes.
- Tailored Questionnaires: Users can design questionnaires with specific questions to gather the most relevant information for each engagement.
- Data Analytics: Auvenir Custom/Enterprise allows for the creation of visualizations and analytics from trial balance data, providing deeper insights into client financials.
- System Integrations: The platform can be directly integrated with client accounting systems to facilitate data access and analysis.
- Advanced Features: In addition to core features like data persistence, Auvenir Custom/Enterprise offers advanced functionalities such as a dedicated risk assessment module and summary views for improved efficiency.
By offering these two distinct solutions, Auvenir Pro provides a comprehensive suite of tools to address the diverse needs of modern audit firms, enabling them to enhance efficiency, ensure compliance, and improve overall audit quality.
