COMBINING 20 YEARS OF CONSTRUCTION INDUSTRY FINANCIAL AUDIT EXPERIENCE WITH CLOUD SOLUTION
Improving financial audits can stop construction companies from collapsing
15 January 2018 UK construction company Carillion collapsed. This resulted calls to improve the standard of audits.
Audit failures have been widespread across UK businesses recently. However, construction and contracting companies are particularly exposed to many compliance challenges. Financial Reporting Council is of the view that, auditors fail to challenge significant accounting judgements by construction companies. It is often difficult to determine the correct time to book profits or costs from a contract that takes many years to complete.
We make an impact through our work
To help combat these issues, We collaborated with Wipsoft and developed Wipflow, a first-of-its-kind software as a service (SaaS) product. Wipflow provides accounting and auditing teams with compliant and affordable tools. Wipflow is designed specifically for recording, analysing and reporting financial data of individual jobs. Not only does it automatically calculates work-in-progress, profit or loss, and KPI's, but it is also FRS 102 compliant. Wipflow facilitates external auditors to independently pick their samples and produce audit tests to support their audit opinion.
Meet the ideapreneur
Jude is the CEO and co-founder of Wipsoft. He over 20 years of experience as an accountant and auditor in the construction industry. The experience has given him unique insight into the compliance challenges that construction businesses face in accounting and auditing, such as ensuring the accuracy and reliability of data.
The Innovation approach to technology
We strive for
The use of technology to implement such a solution required the auditors, project managers and other stakeholders to be mobile and with in a office environment. A Web App responsive to both Desktop environments and mobile tab environments was selected during the UX design stage with appropriate UI designs to support the user journey. A SaaS base solution was implemented that is highly customisable to suite the end customers needs.
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