Thomson Reuters Tax & Accounting Reaches Agreement with MindBridge Analytics Inc. to Deliver Data Analytics Capabilities as Part of Audit Suite
NEW YORK, May 16, 2017 – The Tax & Accounting division of Thomson Reuters, the world’s leading source of trusted answers for businesses and professionals, today announced that it will be collaborating with MindBridge Analytics Inc. to provide audit firms with unparalleled data analytics capabilities. The relationship will fully leverage MindBridge Artificial Intelligence (Ai) Auditor to further expand the capabilities of the market-leading Thomson Reuters Tax & Accounting Audit Suite.
“The machine learning capabilities of MindBridge Ai Auditor are unique in the audit field and go well beyond the capabilities of any data analytics technology we’ve seen for the full audit profession,” said Salim Sunderji, Managing Director, Checkpoint, with the Thomson Reuters Tax & Accounting business. “We look forward to working with both MindBridge and our audit customers to deliver game-changing improvements in the audit process through the use of integrated, cloud-based data analytics, and to deliver integrated audit solutions that bring the profession into a new era of productivity and effectiveness.”
MindBridge’s Ai Auditor acquires and analyzes financial data to pinpoint unusual activity using a combination of machine learning, data science and artificial intelligence technologies. Auditors can quickly load data to gain valuable insights, identify areas with significant audit risk, and determine where to focus their audit efforts. The system uses advanced analytic techniques to augment the human ability to spot unusual activity, saving time, improving the quality of outcomes and reducing the risk of overlooking potential issues.
This relationship provides a powerful combination of audit experts from Thomson Reuters Tax & Accounting working directly with leading audit firms and data scientists from MindBridge Analytics Inc., as well as the world-class Thomson Reuters Innovation Labs.
“Leading audit organizations are using the MindBridge Ai Auditor platform to enhance their professional judgment, while delivering higher quality insights with greater efficiency,” said Eli Fathi, MindBridge CEO. “We’re excited that Thomson Reuters Tax & Accounting, a global leader in delivering advanced content and technology solutions for tax and accounting professionals, has chosen to work with us to incorporate MindBridge’s Ai technology into their audit suite, offering an integrated solution that will further streamline the audit process.”
“Artificial intelligence is expected to bring major benefits to the audit market, while introducing important disruptions in current business models,” added Michelle Thompson, Managing Partner, Assurance Services at Cherry Bekaert, one of North America’s leading and largest accounting firms. “An innovative partnership between a leading technology and market disruptor like MindBridge Ai and a market leader in Thomson Reuters is applauded as the way to rapidly assess, evolve and deploy AI in our market. Cherry Bekaert is eager to work with both Thomson Reuters and MindBridge to begin exploiting the benefits that AI can bring to our customers.”
Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning, content marketing solutions and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.
For more information on the Thomson Reuters Tax and Accounting Audit Suite, visit tax.thomsonreuters.com/auditinthecloud
MindBridge Analytics Inc. is a venture-backed FinTech company based in Canada. Through the application of machine learning and artificial intelligence technologies, the MindBridge platform detects anomalous patterns of activities, unintentional errors and intentional financial misstatements. Using the MindBridge AI Auditor, organizations across multiple industries can minimize financial loss, reduce corporate liability and enhance their professional judgment. For more information, visit www.mindbridge.ai
John Colthart, VP of Growth at MindBridge
You can find the official Thomson Reuters press release here