The era of accuracy has arrived with the introduction of Audit Intelligence Analysis
As technology and regulations continue to transform the audit industry, many auditors struggle with outdated processes. They need solutions to help them overcome challenges such as data organization, a disjointed work flow, and technology implementation.
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The challenges in traditional auditing
Auditing has traditionally been bogged down by manual processes that are not only time-consuming but also prone to errors. Auditors can spend countless hours organizing disparate data sources, leading to disjointed workflows. These challenges are exacerbated by the staffing shortages that audit firms face across the industry. These factors
often make it difficult for auditors who want to benefit from the advantages of new technologies. These factors often make it difficult for auditors who want to benefit from the advantages of new technologies.
These challenges create a pressing need for innovation, and that’s exactly what Audit Intelligence Analyze is designed to provide.
Introducing Audit Intelligence Analyze
Thomson Reuters Audit Intelligence Analyze addresses these issues head-on by integrating advanced AI technologies into the engagement management process. This innovative tool simplifies the audit analysis process by automating the most time-consuming tasks. With Audit Intelligence Analyze, auditors can now:
- Analyze all transactions to focus audit procedures on high-risk areas and minimize time spent on low-risk ones.
- Improve audit quality by pulling out unusual transactions, providing the required documentation, and catching items that would normally be missed by humans.
- Effortlessly obtain financial information, including general ledger, sub-ledger, and trial balance data with easy data ingestion.
- Streamline the audit process and save the results as a Workpaper in your engagement binder when the analysis is complete.
AI features that make a difference
The backbone of Analyze is its market-leading machine learning and AI technologies, which provide sophisticated algorithms for risk identification and outlier detection. These technologies are continuously improved as more data is processed, ensuring that the tool becomes more effective over time.
Additionally, Analyze seamlessly integrates into your current workflow, providing an automated way to analyze all transactions. This isn’t just analysis for the sake of analysis; it helps you better understand the data, allowing you to focus audit procedures on high-risk areas and minimize work on low-risk ones.
Elevate your audit workflow
Analyze works within your current engagement manager so you don’t need to learn a new way to audit. Automate your transaction analysis as part of your workflow to improve the efficiency and accuracy of your audits while empowering auditors to focus on more strategic work.
As the audit industry continues to evolve, embracing AI technologies like Analyze will be crucial for firms looking to stay competitive and maintain high standards of quality and compliance.
Learn more about how Audit Intelligence Analyze can transform your audit practice.
And, Audit Intelligence Analyze is just the beginning of a revolutionary suite of AI-powered audit products from Thomson Reuters. The Audit Intelligence suite, which includes Analyze, Plan, Test, and Assurance CoCounsel, is designed to transform the audit industry by offering data-driven, efficient, and accurate solutions.
With future product releases planned for 2025 and beyond, Thomson Reuters is committed to continually innovating and enhancing the audit process. Stay tuned for exciting developments in the Audit Intelligence Suite as we redefine the future of auditing.
