We present further developments of the auxiliary master equation approach (AMEA), a numerical method to simulate many-body quantum systems in as well as out of equilibrium and apply it to the interacting resonant level model to benchmark the new developments. In particular, our results are obtained by employing the stochastic wave functions method to solve the auxiliary open quantum system arising within AMEA. This development allows us to reach extremely low wall times for the calculation of correlation functions with respect to previous implementations of AMEA. An additional significant improvement is obtained by extrapolating a series of results obtained by increasing the number of auxiliary bath sites, N_{B}, used within the auxiliary open quantum system formally to the limit of N_{B}→∞. Results for the current-voltage characteristics and for equilibrium correlation functions are compared with the one obtained by exact and matrix-product states-based approaches. Further, we complement this benchmark by the presentation of spectral functions for higher temperatures where we find different behaviors around zero frequency depending on the hybridization strength.