Driving audit efficiency through real-time data collection and artificial intelligence-powered insights

Conducting an external audit can be a long, uncertain, and costly process for an organization of any size. Traditional audit methods are slow to contend with a key factor in the process—the pace of business, and are hampered by limitations in the availability of data. Both the timing and type of data used in the audits define the potential findings impacting the financial statements. For example, relying solely on sampling methodologies for the presence or absence of account anomalies can result in material misstatement that goes undetected in the final report. Technology-enabled solutions for real-time data transfer to the audit team combined with Analytical Procedures using Artificial Intelligence extend the capabilities of external audit, allow maximum coverage for anomaly detection, and provide timely recommendations for proactive corrections while the year, quarter, or month is still open. The advantages of such digitally-enabled real-time audit are a quicker and less disruptive process with a longer window of opportunity to drive better management decision-making, resulting in further efficiencies for stakeholder report, disclosure, and assurance processes.