AssureAI – Release Note : September 2023

AssureAI – Release Note : 08-Sep-2023

1. Enhancements

1.1 Comments and Disclosures – Ability to exclude Background and SAP for export
Since “Background” and “Significant Accounting Policies” are now part of the Financial statement PDF, one can now exclude them from the Comments and Disclosures document. 

1.2 EPS computation in Financial statements

For a client where there have been changes in share capital during the period, the system will now compute Earning per share using the below formula:

                                             Net profit

EPS  =    ------------------------------------------------------------------------------ 

                    Weighted average of equity shares held during the period

To be able to calculate this accurately, share capital details need to be entered continuously for a period, with no overlaps. 

For example, If the first row of Share capital has an end date of 13-Oct-2022, the next row has to start from 14-Oct-2022, not before or after. This will also the system to accurately compute the weighted average.

1.3 Ability to upload attachments under Audit tasks
 

The users can now upload attachments against each checkpoint of questionnaires under Preliminary engagement, Planning, Risk assessment, Procedures under SAs and Completion procedures

1.4 3CD Annexures

1.4.1 Clause 26 – Section 43B

The steps involved in generating the annexure have been revised as follows: 

1.Selection of ledgers and mapping them to the respective sub-clause

2.Bifurcate the Opening balance between what was paid before the due date in the previous year, paid after the due date and what is left unpaid

3.Breakup of the payments during the current year 

This provides for tight control over the numbers via built-in validation of totals. 

1.4.2 Clause-31(a) - Section 269SS

Threshold amount revised to Rs. 20000/- for loan acceptances to be reported.

1.4.3 Clause-31(c) - Section 269ST

Threshold amount revised to Rs. 20000/- for loan repayments to be reported.

1.4.4 Refresh button for each clause

The “Refresh” button available against each clause will allow the system to recompute the automatic calculations in 3CD Annexures, in case there has been a change to the books in the meantime. 

2. Bug fixes

1. Trial Balance excel import 

a.Multiple error scenarios like junk characters, formulae in the excel, incorrect number formatting etc., will now clearly show up in the error message column. 

b.Trial Balance debit must match credit – Rounding to the nearest paisa applied so that even if the input data contained multiple decimal places, the system not show TB mismatch error

c.TB import made more user-friendly such that the user can just correct the errors in the error excel and reupload the same file (without having to clean up the error messages / remove “Additional errors” sheet)

2. 3CD – Clause 40(A)(2b) – Transaction summary was not showing the current amount in a particular case – fixed.

3. Voucher verification sample excel export – Sheet1 was showing only 100 rows – fixed

4. Audit Tasks – As soon as the signed copy of a letter was uploaded the system was showing error text on screen – fixed

5. Negative cash report passes even when there is negative cash in the books - fixed