Client Overview: The client is a major global accounting firm.
Business Challenge: Over 20 years ago, our client, a major global accounting firm with global clients of their own and audit offices throughout the world, had manual, paper-based audit processes. They embarked on a journey to reimagine how audits could be done using modern technology, partnering with us to improve audit quality and efficiencies.
A visionary ahead of their time, our client forged a two-decade partnership with us to transform their audit function. We conceptualized, architected and built an AI and cloud-based global intelligent audit platform to enable best-in-class solutions for today, and deployed it globally.
Their intelligent audit platform has the following capabilities and benefits:
- Automated Evidence: Detects fraud, errors and misstatements using audit powered by data analytics
- Deep embedded analytics for auditor insights, identification of risks and transactions, and shifting to cloud platforms
- Revised user experience across the systems and channels to drive better user engagement and create smart content (guidance, audit information, client information) based on the client, industry and geography
- AI-powered, dynamic workflow that supports various methodologies and country-specific standards and regulations
- Enhanced client collaboration capabilities
- Increased user engagement thru new channels, including an AI-powered, self-service SpeechBot that provides real-time assistance for users
- Common data model implementation for advanced, predictive data analytics, reporting and visualization
The client disrupted how audits are done in the industry. They raised expectations for the level of sampling due to the efficiency achieved by the firm. They substantially improved audit quality and efficiencies.