Steer clear of spreadsheets: How LOIS helps keep auditors happy

If you’re managing leases under IFRS 16 or ASC 842, you might think a spreadsheet is enough, especially if you only have 50 or 60 leases on your books. But when audit season arrives, reality hits hard.

Auditors won’t simply tick the box because you’ve got a neat Excel file. They’ll dig deeper and ask tough questions like:

• Where did your discount rate come from?
• How did you handle indexation adjustments?
• Why don’t your ROU asset and liability move together?
• Who approved mid-term changes?

Every time your answer is“Give me a second to trace this formula…” , your audit bill is climbing. Auditors charge for time taken to fully understand your reporting, and your manual spreadsheets are rapidly eating it.

The problem with spreadsheets

Spreadsheets are great for quick calculations, but they’re not built for audit transparency. Formula tracing, version control, and documentation gaps create friction.

Auditors need clear, auditable evidence that they can analyse at first glance, not a maze of linked cells that takes up valuable hours to track.

Manual calculations and data inputs can lead to error-ridden reports with no clear links for auditors to analyse.
Tracing the data can take auditors hours, costing your business.

How LOIS keeps auditors happy

LOIS Leasing is designed to eliminate these pain points with the following features:

• Audit-ready reporting: LOIS generates compliant reports instantly, with full visibility into discount rates, indexation, and calculations.
• Automated adjustments: Indexation and mid-term changes are handled systematically, with an audit trail for every update.
• Clear approval workflow: LOIS tracks who approved any changes so you can demonstrate governance without digging through email trails.
• Specific auditor login: Give your auditors customised, read-only access to a consolidated, audit-ready view of all leases. They can complete their review independently, without disrupting your team.
• Integrated ROU and liability movement: No more mismatched balances. LOIS ensures accurate, synchronised calculations throughout your lease data.

The bottom line

Auditors want clarity, not complexity. With LOIS, you replace hours of formula tracing with a few clicks, saving your finance team's time, reducing audit fees and keeping auditors happy with your processes, and above all, ensuring compliance.

Ready to make your next audit painless? Learn more about LOIS Leasing.