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Finance

CaseWare launches an AI-driven platform for the audit industry

by Max Smolaks
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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.

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