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Just before the pandemic and a need for work from culture came in India, everything took place on-site with the physical presence of people. When COVID-19 came in, and people were not able to travel to offices for work, the companies started working in online mode and encouraged work-from-home culture to maintain the safety of the employees and the responsibility to oblige with the lockdown guidelines. Also, when people started working online, there was a need to keep a check on their performance and the financial status of the organization. When a situation arose as to verification and audit of the company’s financial records becoming impossible to be executed physically by the auditors due to the pandemic or where the location of the audit was remote and not easily accessible, a need of virtual audit emerged. It included the use of the internet for audit. This made the working of the manufacturing and production units easy.
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Virtual audits also known as Remote or Electronic audit is a process of verification of a company’s financial data by competent professionals without face-to-face interaction with the help of the internet. All the information and financial records are exchanged using internet services.
There are well-defined guidelines for performing an audit which an auditor has to follow. Under the same, ISO 19011:2018 guidelines have been provided for virtual audits. There are certain steps involved in the process of virtual audit.
The process to conduct a virtual audit is as follows:-
The auditor must ensure the following issues before performing virtual audits:
Virtual audits are time and cost-efficient. Thus, they seem to be the future of auditing over the traditional auditing techniques available. There are certain reliability issues which need to be looked upon. The competent legislative authority must look into this aspect and form guidelines for the conduction of proper virtual audits. The virtual audits appear to appeal the companies and auditors due to several benefits. The cost of audit reduces which saves the company’s expenses and benefits the auditor by an increase in the working time from their comfort level.
Read our Article: What Are The Basic Principles Of Auditing?
Dharna Rajpal is currently pursuing her LLM in Corporate Laws from NIMS University, Jaipur and is a gold medalist in her graduation. She has a command over legal research and writing. She has published chapters in several books mostly related to corporate and commercial laws.
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