Audit Trail
Last updated
Last updated
The Audit Trail Report is a comprehensive document that chronicles all the actions, changes, and decisions made throughout the valuation process within the InterVal system. This report serves as a detailed log of every step taken during the valuation, providing a transparent and auditable record for clients, regulatory bodies, and other stakeholders.
The Audit Trail Report typically includes the following information:
Valuation Identification: A unique identifier for the valuation assignment, along with the property address, client name, and valuation date.
Data Changes: Detailed information about any changes made to the valuation data, such as updates to property characteristics, comparable sales, or market analysis.
System Events: Automated system events, such as data imports, calculations, or report generation, are also logged in the Audit Trail Report.
Timestamps: Each action or event in the report is accompanied by a precise timestamp, indicating when it occurred.
User Identification: The report identifies the user responsible for each action or decision, providing accountability and transparency.
In addition to the automated logging of actions and changes, InterVal allows users to manually add audit trail interactions during the various stages of the the valuation exercise and after the valuation process. This feature enables valuation professionals to document any additional notes, justifications, or discussions that may not be captured automatically by the system.
The Audit Trail Report can be generated in the "Online Repository" section of the valuation, making it easily accessible to both the valuation professional and their client. By granting the client access to this page, they can view and generate the report independently, promoting transparency and trust in the valuation process.
The benefits of the Audit Trail Report include:
Transparency: The report provides a clear and detailed account of the valuation process, promoting transparency and trust among clients and stakeholders.
Compliance: By maintaining a comprehensive audit trail, InterVal helps valuation professionals comply with regulatory requirements and industry standards.
Dispute Resolution: In the event of a dispute or legal challenge, the Audit Trail Report serves as a valuable piece of evidence, documenting the actions and decisions made during the valuation process.
Quality Control: The report enables managers and reviewers to assess the quality and consistency of the valuation work, identifying any potential issues or areas for improvement.
InterVal's Audit Trail Report feature ensures that valuation professionals have a robust and reliable system for documenting and preserving the integrity of their work, enhancing the overall transparency and credibility of the valuation process. The ability to manually add interactions and share the report through the Online Repository further strengthens the collaborative and transparent nature of the InterVal platform.
