AssureAI Version 2.0 - May 2022

Version 2.0 (Release 22.5.1) was released on 29-May-2022, which included the following enhancements/features.

1. Tally Plugin Version 4.5
 

1. Export the outstanding balance report for Ageing analysis – after getting user confirmation. Outstanding Balance report is bulky, hence it is recommended that you export choose “Yes” to the above option only for those clients for whom you plan to perform ageing analysis.
2. For Tally customers who are on Cloud, the JSON will now get exported to the path chosen instead of on the cloud.
   1. Ability to export inventory items where inventory tracking is integrated in Tally
   2. Wherever Integrated Inventory = “Yes”, the stock items get exported
3. If Integrated Inventory = “No”, then the ledgers under “Stock-in-hand” will be exported

NOTE: AssureAI 2.0 is compatible only with JSON generated using “Tally Export.TCP” Version 4.5 or higher.

2. Feature: Task Management

2.1 New Assignment Types

Apart from the annual audit, AssureAI now has the following assignment types preconfigured

Note: Tally data import is supported only for Annual audit. However, the system allows you to plan, conduct and track these assignments throughout the year.

2.2 Task Management – Sub-features
 

Client Preferences – Allows the user to link assignment types and checklists to a client

Assignment Planning

• Bulk assignment Planning – Allows you to plan an assignment for multiple clients in one shot
• Client level assignment planning
• Nightly job to plan recurring assignments for subsequent periods

Assignment execution : Landing page

• Client user : Upload books / data
• Audit user

1. Download data submitted by the client
2. Fill checklists
3. Update status of preconfigured custom tasks
4. Upload audit evidences
5. Update assignment status
6. Review and approve assignment
7. Perform follow-up tasks

Assignment Tracking : Dashboards

• Assigned to me
• Awaiting my review
• Awaiting my approval

3. Feature: Revised Schedule III

AssureAI 2.0 gives you an option to generate financial statements in Revised schedule 3 format, both for draft and final statements.

To enable generation of statement in revised schedule III format, the following sub features have been added.
Data Validation > Opening Balance verification > Link ledgers : This feature allows the user to eliminate false alarms in OB verification by linking renamed ledgers across two years.

Ageing Analysis

1. Automatically computes ageing analysis under various buckets ranging from “Not due” to “> 3 years”

2. The following heads of accounts are covered

1. Capital work-in-progress
2. Intangible assets under development
3. Trade Payables
4. Trade receivables

3. The user is allowed to classify ledgers under the various flags as applicable

1. Project in progress / temporarily suspended
2. Is MSME
3. Is Disputed
4. In considered good / doubtful
5. Secured / unsecured

Revised Schedule III ratio analysis

4. Feature: Audit Workflow

New feature introduced in order to ensure compliance to auditing standards with minimal effort – Audit workflow covers the following audit tasks:

1. Preliminary Engagement
2. Audit Planning
3. Risk Assessment
4. Other Audit Procedures required by auditing standards
5. Completion Procedures
6. Audit Reports

Exhaustive set of well-researched templates have been made available under each of the above tasks. Context-sensitive reference material has also been linked, where applicable.