Promises more audits completed in less time
by Max Smolaks 1 November 2019
Canadian accounting software specialist CaseWare has launched an AI-driven product designed specifically to simplify the often-grueling process of financial audit.
The platform, called AnalyticsAI, promises to grant auditors and business service professionals access to advanced analytics based on machine learning algorithms, without the need for data science skills – which are currently in short supply.
“We’re bringing this ground-breaking technology to market to address a new reality: conventional auditing processes simply cannot keep pace with the volume of data generated in today’s digital business environment,” said Matt Dodds, general manager for CaseWare IDEA.
“We’ve designed AnalyticsAI so anyone on the audit team can use it to easily spot exceptions in client data that warrant further investigation and indicate areas of higher risk.”
CaseWare has been developing accounting software for the past 30 years and says the adoption of AI is poised to revolutionize the industry.
AnalyticsAI can import trial balance and transaction data from multiple accounting packages and features a data reliability checklist and automatic data reconciliation tools.
To identify accounting anomalies, the software tests entire datasets at once, without breaking them down into subsets. Since the system is based on machine learning, it can identify anomalies that are outside of the parameters of the audit.
AnalyticsAI can then feed the results directly into any working papers solution – CaseWare says this simplifies regulatory compliance, since analytics is integrated right into the engagement workflow.
“Data is the driver of everything we do, so it’s an exciting time for us in that we’re shaping the future of analytics in the audit industry. The most rewarding part of this initiative to drive transformation will occur when firms look back and wonder how they used to work any other way,” said Ross Hampton, head of business development for the Americas at CaseWare.