The use of dataroom in Auditing makes the whole process significantly easy, and transparent while reducing time and expense in managing confidential documents. Covod-19 has made it difficult and inconvenient to visit offices for auditing purposes and this road-block could easily be solved by the use of a virtual dataroom in Auditing.
During the financial auditing process, a lot of documents need to be emailed or couriered but not when you are using a dataroom. FirmsData offers a solution that helps corporates to structure their data in a manner that is easy to access for the end-user and convenient to navigate through. Features like Auto-Indexing, Bookmark Documents, and the “Recent Files” tab make the user dashboard efficient and save time.
Audit-trail
All activities in the system by any user are recorded with details like a time-stamp, IP address, and the action.
Quick and Safe Communication
The Q&A tool allows the users of the dataroom to communicate securely within the platform. All these communications are also recorded making the Auditing transparent.
Security
FirmsData offers high-level security features like view-only, download-securely, custom watermark, and customized NDA. With this range of security, your audit process will be carried out more safely. The entire system is hosted on Virtual Private Cloud on AWS which adds an extra layer of security and all files are 256-bit encrypted making it secure and stress-free to share the data.
The use of virtual data rooms simplifies the audit process in many ways and it would be safer to assume that they will be significantly used for Auditing in the near future just the way datarooms are currently used in most M&A transactions.
