Let’s explore the future of audit together. Vigilant AI was founded by senior audit quality leaders, experts in AI, and secure data warehousing specialists. This blog will explore accounting industry issues and technology trends in intelligent financial data management that will help both internal and external auditors perform their job function faster and more efficiently.
Today’s audit process continues to be modelled on manual paper-driven checklists enshrined in legacy software systems. Auditors spend a significant amount of time manually collecting, reviewing, and analyzing vast volumes of financial and business process data. Even with major improvements in digital accounting tools and services, the accounting workflow remains largely based on passing Excel […]
Data as a deliverable. Does our thinking regarding audits need to change? Technological innovation in audit and accounting has come in many forms over the last 40 years. The 80s saw the introduction of personal computers. The ’90s saw the potential of the Internet as well as the digitalization of financial records and business process […]
Data review is a necessary evil in audit and accounting. All the entries need to match the supporting business process documentation, but modern business processes can be complex, and today’s processes create volumes of data that can be hard to manually review during an audit. And without a way to review all that data, audit […]
Developing a data strategy is a must for audit firms. Data is at the forefront of the audit. Auditors rely on both structured financial data and unstructured business process data when assessing risk, confirming transactions, and identifying discrepancies. When used effectively, data empowers auditors to be more productive. It enables them to spend less time […]
The Scenario – A Complex and Poorly Integrated Software Stack A midsized audit firm has implemented various audit software tools to capture data, analyze risk, and perform tests. Each Software-as-a-Service (SaaS) platform was selected to perform a specific function, with little consideration given to how data is organized and coded to flow between the applications. […]
An important question for audit firms is – “What are the challenges when implementing technology and what’s needed for a successful deployment?” Our answer: intelligent data management. Audit firms have always invested in technology, and they are constantly looking for ways to improve their performance, lower costs, and enhance client engagements. Today’s AI tools and […]
Today, new data-driven approaches are changing the face of audit. Rather than relying on time-consuming manual data collection and review processes, auditors can leverage intelligent data management approaches to deliver a more accurate, complete, and independent audit. Despite a reputation for being risk averse, the audit industry has always embraced technologies that improve performance and […]
As the financial audit landscape grows increasingly complex, the volume of data auditors must sift through has become overwhelming. Vigilant AI, a Scale AI and Venture Lab backed Canadian startup, is proud to showcase its innovative software solution designed to streamline and optimize this critical process. Vigilant AI will be showcasing its intelligent data management […]
The audit world has already surfed the first few waves of digital transformation. What started as a human-centred industry is increasingly embracing new technologies, processes, and approaches to auditing that will reshape the role of the auditor of the future. As the volume of corporate data has grown each year, auditors have been constrained by […]
Today’s businesses are not confined to a single country or jurisdiction making financial audits complex. An intelligent data management platform will be the way to deliver an accurate and complete audit. Advancements in communications technologies, improved transportation, trade liberalization, and the internationalization of finance have enabled companies of all sizes to operate within the complex […]
An audit firm is conducting grant compliance audits on behalf of a governmental entity. The public office engages with various not-for-profit and private organizations to deliver services and community support programs. These organizations are funded through grants from the public and must comply with reporting requirements intended to ensure transparency, accountability, and performance. Grant compliance […]
Without the help of an intelligent data management platform, audit firms of all sizes have embraced technology to improve performance and deliver higher-quality audits to clients. However, looking across the industry, it’s clear that many firms are struggling under the weight of complex and poorly integrated software stacks. With so many different tools and vendors […]
Cyber-attacks are a persistent and growing threat to the accounting and auditing industry. Auditors have always taken steps to secure sensitive financial data. Today, auditors frequently use secure file-sharing software and other tools to send, receive, and access documents securely throughout a client engagement. However, the consequences of a successful data breach can be severe, […]
The Scenario – Revenue Discrepancies Uncovered During Initial Analysis An accounting firm is conducting a year-end financial audit on a midsized commercial landscaping company. The company uses contractors to provide various landscaping services to customers. Services can depend on the time of year, location and size of the property, and customer needs. Contracts are typically […]
Vigilant AI is thrilled to announce our sponsorship of the long drive hole at the AICPA Foundation Classic golf tournament, set against the beautiful backdrop of the Snow Mountain golf course at the Paiute Golf Resort in Las Vegas on June 2, 2024. As proud sponsors of this event, we are committed to supporting the […]
The Scenario – A Newly Opened Mexican Manufacturing Facility An Asian furniture manufacturer supplies numerous retail stores across Asia, the UK, and North America. In response to US tariffs implemented by the Trump administration on Chinese imports, the company acquired and opened a manufacturing facility in Mexico. To meet demand and continue delivery of products […]
Auditors play a critical role in ensuring the quality of financial reports. But as the volume and complexity of corporate financial data grows, traditional approaches to data management and review simply cannot keep up. To ensure audit quality, auditors are continuing to assess and evaluate artificial intelligence (AI) tools and platforms that will help improve […]
Like many industries, the accounting and audit profession is dealing with a severe shortage of skilled workers that adversely affects employees and audit firms. We need to attract and ensure we are retaining auditors With fewer new graduates entering the job market, an aging workforce nearing retirement, and an exodus of accountants to other industries, […]
While the rise of big data has enabled companies to optimize business processes and strengthen strategic decision-making, the volume and complexity of data available to auditors can quickly become overwhelming. Audit teams begin by looking at accounting entries and financial statements to identify discrepancies, anomalies, and areas of risk for further review. Based on those […]
The traditional approach to collecting and managing corporate financial data for auditors has reached its limit. The overwhelming volume of data, tight audit timelines, and a growing regulatory and media focus on fraud have combined to significantly impact the quality and completeness of the audit. Faced with these challenges, financial auditors are finding it necessary […]
The role of the auditor is under increased scrutiny. Audits have always been important tools for stakeholders, regulators, and the wider public to verify financial statements. But with numerous audit failures and record fines levied against audit firms across the industry, it’s important to understand the challenges facing auditors today that have led to this […]
Today’s business environment is more complex than ever. Auditors are under increasing pressure to perform complete, accurate, and independent financial audits against an ever increasing amount of financial data, and continuing tight delivery timelines. As the amount of data available to auditors increases each year, traditional approaches to data management and review simply cannot keep […]
Summary For retailers, supply chain friction occurs anywhere along the purchase ordering process where something unplanned or unexpected occurs. While the concept of friction in the supply chain is impossible to avoid entirely, it does undermine the efficiency of an organization’s core business process and is something that is crucial to address. In this blog, […]
Today’s modern corporations are creating financial data at an unprecedented rate. The switch to digital data and cloud based-accounting software was rapidly accelerated by the COVID-19 pandemic, but while business continuity was ensured, the tools to manage financial data have not kept pace. Secure data warehousing and AI offer a way for auditors to get ahead of the curve, and we hope to share some of our thought leadership in this area and how it can help enhance your audit practice.
Our contributors: John Craig, co-founder and former director of government sales at MindBridge. Peter Fong, co-founder and former managing director of audit quality at EY in Asia-Pacific. Andrew Nichols, co-founder and former president of Crocs Canada.
We also highly recommend the Accounting Today and the AICPA/CIMA blogs.
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