Accounting workflow specialist firm MyWorkpapers has updated its service with the addition of a feature to streamline the new way in which accounting and audit firms must now work together as a result of the amended auditor independence standards contained in APES 110.
The move has been made after MyWorkpapers recognised accounting firms providing SMSF administration services will be interacting with external audit practices at arm’s length for the first time, a situation that will involve the potentially complicated transfer of supporting documents and could lead to data breaches.
The aim of the new functionality is to create a secure cloud-to-cloud file transfer process that will allow separate firms to connect at the firm and client level.
Specifically, MyWorkpapers is looking to address a flaw it has identified in the digital ledger accounting firms commonly use whereby the provision of supporting documentation required for a fund audit is inefficient.
According to the firm, the current process requires administration staff to download and re-upload documents from one firm’s file storage solution to the other.
“This wastes time and bandwidth as files are pulled from the cloud only to be pushed back out into a different part of the cloud,” MyWorkpapers chief executive Rich Neal said.
The firm pointed out the situation will make it easy for errors, such as loading the wrong files to the wrong location, to be made.
“Privacy and mandatory reporting of privacy breaches are a significant concern to firms and their reputation. By having a direct digital connection between firms, we can enhance the security around the process,” Neal noted.
Only the transfer of supporting documents between existing MyWorkpapers clients will be allowed in the initial version of the new feature, but future versions will allow exchanges involving other practice document management solutions.
It is estimated around 200,000 to 300,000 SMSFs will be affected by the change to APES 110.
Earlier in the year, MyWorkpapers launched a client exchange program to help accounting and audit firms to adapt to the amended auditor independence standards.
