With the Controversy app, you can track and manage your global audits seamlessly. As we’ve covered in previous articles, Loctax provides various tools to capture essential audit details—such as documents, tasks, timelines, and involved personnel. One of the most powerful features for sharing audit insights is through findings. Findings allow you to quantify the potential financial impact of an audit. However, since tax authorities report these findings in local currencies, understanding the global financial impact can be challenging. To address this, we’ve introduced FX conversion for audits, simplifying the financial analysis using the group currency of your organization.

Each month, we import the exchange rates from https://exchangeratesapi.io/ for all local currencies referenced in your audits, with all conversions quoted against your group currency.

We automatically recalculate and convert the amounts from local currencies to your group currency on a monthly basis, ensuring that these figures are always up to date without the need for manual adjustments.

To view a complete overview of all the currencies used, simply click on your organization name, navigate to ‘Organization Settings,’ select ‘Organization,’ and then click on ‘Currency.’

After entering your finding figures in local currency, you can enable automatic conversion using the toggle switch.

Once activated, all local currency amounts will be automatically converted going forward. You can turn off automatic conversion at any time, giving you the flexibility to manually edit the figures in your group currency as needed.