Automated Audit of Financial Statements
IFRS and Local Audit Standards.
Financial Audit: The Challenges
Financial Audit is traditionally a mundane and tedious process and the auditor has to check the financial disclosure statements against a large number of accounting and disclosure standards. It is estimated as a $130B market globally. Financial audit is largely manual process as the auditing companies are slow in terms of adopting new technologies. Here are some of the challenges that financial auditing firms are facing globally:
- Cost: Average salary of an external is estimated as $105K per year
- Time: On average, it take an auditor 5 hours to manually verify the audit disclosure checklist
- Errors: Average accuracy of manual audit is estimated as 60% – 70%
- Increased competition: Auditing firms are facing increased competition that is eating away their profit margins
- Enhanced Analytics: Some of the clients want to have enhanced analytics out of the audit process that current solutions can’t offer.
The Solution: iXPRT Platform
iXPRT Platform is an Artificial Intelligence (AI) solution for automated auditing of financial statements and financial data against international auditing standards such as IFRS as well as local auditing standards such as UK-GAAP. iXPRT Platform can process unstructured data in the form of text and numbers for automated auditing using unique machine learning and natural processing algorithms. Its intuitive and simple user interface has been specifically designed for Audit professionals.
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Key Benefits of iXPRT Platform for Automated Audit
iXPRT Platform offers many benefits over manual auditing processing or traditional audit disclosure software.
Quick and AccurateWhen using iXPRT Platform, the audit disclosure process can be completed in seconds. Moreover, iXPRT improves accuracy to +90%.
Auditing of unstructured financial dataiXPRT Platform can be used to audit unstructured financial data from different sources not just financial statements.
Intelligent Audit ProfilingiXPRT Platform can be used for intelligent profiling to identify the rules relevant to the organisation
Scalable and FlexibleiXPRT Platform can be easily trained for local auditing standards as well as changes in the auditing regulations
Case Study: Automated Auditing of Financial Statements against IFRS
EU has adopted a number of International Financial Reporting Standards (IFRS) and International Accounting Standard (IAS) regulations for auditing of financial statements. This case study shows how iXPRT Platform was trained and used for automated auditing against EU auditing standards.