Almost 60% of an auditor’s time is spent finding documents, reading documents, extracting terms from documents, linking documents to transactions, and testing extracted document terms to what is booked in the ledgers.
About 80% of this work can be automated.
Efficiency tools have been developed that help auditors manually extract values from PDFs and put them into Excel spreadsheets for testing, but nothing has been comprehensively developed to automate document data extraction with a view towards scale until now.
Vigilant AI has developed our AI-driven platform to automate the creation of reusable document data extraction models, which in turn drives the complete document data extraction, transaction linking, testing and reporting tasks of an audit.
Designed around an advanced, secure data architecture, available documentation is modelled to extract the key labelled values, then those values are used to cross-correlate the documents to their corresponding accounting transactions where they are tested for any discrepancies.
The result of the cross-correlation between the documents and the accounting transactions is a fully-contextualized data lake of all the data in the engagement. A single source of truth viewable through a single pane of glass.
From here Excel spreadsheets can be easily generated for the working paper or report with the secure document links for visual evidence attached.
Our generalized approach means any business process that requires linking document terms and ledgers/spreadsheets together can be automated. Legal agreements, leases, invoices, remittances, bills of lading can be modelled for extraction and cross-linked to their corresponding ledgers. This makes the platform useful in all phases of the audit: Planning, Execution and Reporting.
As documents change, the models are updated. And the document extraction templates can be shared between audit years and clients in similar industries, providing a scale of efficiency no tool to date has been able to achieve.
It also makes data the deliverable in the audit. It’s no longer just the audit report being generated, but a complete data lake, opening the door to further analysis such as cross-industry benchmarking.
Reduce labor required to perform audit data preparation, allowing for more samples to be reviewed, increasing completeness and audit quality
No more manual linking of documents to transactions. Documents are automatically linked to transactions before audit execution begins.
With document testing done automatically, auditors can speed throught simple verifications and focus on areas of risk with document discrepancies.
A super-scalable architecture is designed to allow more data to be reviewed, opening the door to new audit and assurance revenue opportunities.
Trust, but verify: Our platform is a key stepping stone to the verifiable use of large language models (LLMs) to interrogate audit data with links to evidentiary documents.
Reduce engagement & analysis times, enabling both superior returns and the ability to handle more clients.
Optimize your human resources. By analyzing financial system data, documents, and email automatically these resources can be freed to provide greater value elsewhere.
Increase efficiency by enabling you to only investigate identified transactions where issues are likely to exist.
A super-scalable architecture makes data analysis unlimited. 100% completeness means leaving no stone unturned.
Faster and more complete recovery identification is a win-win for your clients and their vendors, our vendor health & compliance insights help to create a more harmonious ecosystem with vendors.
Competitive differentiation. Your clients get results back faster, reclaim their cash faster, and can make related business decisions faster than ever before.
Harness our innovation. We continue to evolve our solution to help provide you with faster turnaround times for your client’s recoveries.
Our team of experts are on hand to discuss the best options for your organization and provide you with a demonstration of our platform.
Whether hosted on your cloud provider, data lake provider or on ours, we take all necessary precautions to ensure the protection and quality of your data. All data transfers between your team and clients are encrypted, maintaining data integrity and security. Similarly, all data at-rest within the Vigilant AI data lake is encrypted with military-grade protections, while entirely isolated from data belonging to anyone else.
From a governance, controls, and compliance perspective, your data is always managed within the scope of the Vigilant AI data lake and analytics platform. The Vigilant AI data lake and analytics platform has a zero-trust architecture and follows a data-centric security model. This ensures only authenticated and known users and services can access only those data elements for which they are authorized. In all cases all system and data activities are tracked and logged maintaining sound data governance and controls. Further, the analytics are orchestrated and performed in an ISO 27001 and Security Organization Control (SOC 2) compliant environment.
We are a financial data analysis platform provider founded by an experienced group of AI entrepreneurs, international accountants, and secure data lake experts, who came together to solve high-value issues facing audit firms and the enterprise office of finance.
We leverage the latest advancements in Artificial Intelligence and couple them with advanced, secure data architectures to analyze and cross-correlate electronic and written records with your accounting ledgers. This deep analysis and correlation accelerates critical financial analysis and business intelligence, improving business outcomes for our both our audit and accounting clients.
We founded Vigilant to automate, accelerate and augment financial audit, risk and assurance analysis ensuring completeness, accuracy, and timeliness in reporting. We believe in the powerful benefits that AI and accountants can provide together when working in unison.
