Top Reasons to Use a VDR for Audits
Audits are a time-consuming and resource-intensive process that involves a lot of communication and collaboration. In order to achieve compliance, it is important that all of that communication is tracked and documented. 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.
VDR for Audits: Top Reasons VDR is Great for Your Business
A VDR for audits has the advantage of consolidating all your documents and files in one place. This ensures everyone has easy access to the information that they need, which can VDR for audits save you time and money over time.
A good VDR to audits also has an audit trail. This records every user’s activity in a time-stamped audit log. This creates transparency and accountability, as well as allows businesses to surgically assign accord to users so that only the right people have access to 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.
A VDR is also useful for audits because it has built-in activity reporting. This gives you detailed information about who viewed docs and how long. This information can help audit team members identify who is working on particular documents and plan ahead for audits.
Many VDRs have a Q&A function that allows users to add comments or questions to files to speed up the audit process. This feature is especially useful in large audits because it allows more members from your team to participate in the discussion.
It can also speed up the review and tracing of documents, which are the most resource-intensive portions of an audit. These processes involve verifying documents and hunting down their source (e.g., a sales invoice or cash transaction).
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. You can monitor the VDR for audits from a central location so your team is aware of any changes.