Overcoming the Black Box Problem In Audit – Using Generative AI Solutions
The emergence of generative AI (Gen AI) and large language models (LLMs) are the catalysts pushing audit firms to adapt traditional audit methodologies and change the way they approach data. Firms are already integrating these tools into their audit processes with great effect. They recognize the potential for these solutions to enhance existing audit processes, […]
Data-as-a-Deliverable – The Opportunities for Audit Firms and Their Clients
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 […]
Enabling the Data-Driven Audit with an Intelligent Data Management Platform
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. […]
Why Do Accounting Software Deployments Fail?
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 […]
3 Data-Driven Approaches That Will Enable Higher Quality Audits
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 […]
The Data-Driven Auditor of the Future
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 […]
How an Intelligent Data Management Platform Overcomes the Complexity of International Audits
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 […]
Faster and More Comprehensive Grant Compliance Audits With Vizschön™
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 […]
How an Intelligent Data Management Platform Supports the Auditor of the Future
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 […]
Faster and More Complete Revenue Testing With Vizschön™ A Use Case by Vigilant AI
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 […]
