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Audit Shield

By Audit Shield
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Audit Shield is a tax audit insurance solution that accounting firms can add to their suite of client service offerings.
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Listed for
1 year
December 2022
Key functions
Accountant tools

Overview

What is Audit Shield?

Established in 2003, Accountancy Insurance developed Audit Shield – a comprehensive tax audit insurance solution that accounting firms can add to their suite of client service offerings.

Audit Shield provides for the payment of professional fees, otherwise incurred by a client, when official audits, investigations, reviews and examinations are initiated by relevant government revenue authorities in Australia, New Zealand or Canada, and your client is compelled to act or respond.

Audit Shield is offered by accounting firms as a non-compulsory, opt-in service. Only your clients who wish to be protected, pay your accounting firm to participate. On average, 25% of business clients elect to shield themselves.

Over 3,700 accounting firms utilise Audit Shield with more than 1 million businesses and individuals choosing to be protected by Audit Shield.

Why offer Audit Shield?

Often accounting firms do not recover 100% of the time it takes to respond and resolve the audit issue.

Audit Shield ensures your firm is not out of pocket and it eliminates the awkward conversation that you would otherwise need to have with your clients regarding the professional fees incurred to respond on your client’s behalf.

Being audited by a government revenue authority is stressful for you and your clients. Audit Shield is a value added service to provide reassurance to your clients that they will be OK and lets you do your job without either of you having to worry about the fees.

Your clients can decide if they prefer to have the certainty that is inherent from participating in Audit Shield.

Audit Shield + Xero

Xero Practice Manager integration and Audit Shield.

As a part of the program to continually improve the Audit Shield implementation and renewal process, we offer integration with specific accounting practice management software and the Audit Shield Online Portal (ASOP), including Xero Practice Manager.

For your accounting firm, this can mean a safer and smoother Audit Shield implementation or renewal process.

When integrating Xero Practice Manager with ASOP, client data previously extracted manually every year, will be now be linked to ASOP (after a one-time setup) - making the Audit Shield implementation or renewal process much simpler.

Benefits of Audit Shield integration with Xero Practice Manager.

After the initial setup, there will be no more manual client data extractions necessary.

Administrative changes to your client’s data are pushed directly into ASOP, meaning the ASOP database update is automatic.

Future Audit Shield data reviews will be reduced to new clients along with some exception clients only.

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Additional info

Functions

Accountant tools

Industries

Accounting

App details

By Audit Shield
Added in 2022

Countries

Australia, New Zealand

Languages

English

Support

Setup walkthroughContact supportinfo@accountancyinsurance.com

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Get started with Audit Shield

Although Xero reviews each app in the Xero App Store, we can’t give any guarantees. It’s up to you to assess the performance, quality and suitability of any app before going ahead.