Auditing with AI

An audit report is a fundamental tool to formally picture your business. The objective of the audit is to proof the balances of your financial statements. It is the starting point to determine the worth of your company and it will be a strategic step to grow and thrive. The audit also provides an insight into the internal operations and the quality of the physical and monetary assets as well as management.

In the past, the audit process consisted of analyzing a sample of transactions to spot the risky ones and perform tests. When an audit is combined with Artificial Intelligence (AI) that employs machine learning and algorithms the transactions classification is automatically performed, providing a clear location of where the risk is going to be. If your business use Quickbooks for accounting, it will be easy to link your data to this tool.

Your financial data can also benefit from a monthly, quarterly or yearly AI review as a step before the audit process to identify high risk transactions that could compromise the integrity of your operations and concentrate in correcting a specific area same as if you had a internal audit department. It can also help greatly to your internal auditors to analyze the operational risk and financial results of your business. For Controllers, AI is also useful when applied to the review of high and medium risk transactions.

The first step to take your business to the next level with a AI audit is to provide us with your financial data or general ledger so we can evaluate the degree of risk and give you a fair estimate for both work and cost for your convenience.