Audit and assurance teams today are equipped with powerful tools, robust methodologies, and increasingly advanced audit analytics. From risk assessment to control testing to substantive procedures, data is embedded at every phase of the audit process. Yet, despite this data-driven approach, many teams find themselves asking the same question: Why aren’t we uncovering more? The real … Read more
When it comes to protecting an organization’s financial integrity, both internal and external audits play critical roles. But they’re not interchangeable—and understanding their differences is key to maximizing their value. This blog breaks down the distinction and explores how modern audit teams are using AI to bring internal and external functions closer together than ever … Read more
With the rise of generative AI tools like ChatGPT, creating realistic fake invoices has become disturbingly easy. What once took hours of manual forgery can now be executed in seconds—at scale. For auditors, that changes everything. The Problem: Fake Invoices Are Undermining Trust Invoices have long been considered one of the most trusted forms of audit evidence. … Read more
Auditors have always carried the weight of trust—tasked with upholding financial integrity in an increasingly complex world. That responsibility hasn’t changed. But the environment auditors operate in? That’s evolving fast. Today’s audits don’t just face more scrutiny—they face a new scale of risk. Transactions happen in milliseconds. Data volumes have exploded. Fraud and errors have … Read more
For decades, financial audits have relied on sampling—a method where auditors review only a small subset of transactions to determine overall compliance. But in an era where data is abundant, is that really enough? MindBridge CEO Stephen DeWitt puts it into perspective: “That would be like your entire medical future being determined by a single … Read more
Related party transactions require meticulous oversight to ensure transparency and trust in financial reporting. If not properly accounted for or disclosed, these transactions can often obscure critical information, making it essential for auditors to adopt robust methods. Given the emphasis and importance of these transactions, they can often be time-consuming and tedious. Therefore, efficiency and … Read more
Journal entry testing (JET) is a cornerstone of every financial statement audit, serving as the frontline defense against the risk of management override of controls. No matter who you are or what your client does, there is a default presumption that you always have to perform JET. Yet, the traditional approach to JET is very … Read more
A financial audit is one of the most complex and challenging tasks in modern finance. Audit risk—the risk that an auditor fails to spot mistakes in financial statements—is a problem any auditor, no matter how experienced, can face. Audit risk detection is crucial for businesses as it helps identify inaccuracies and potential fraud in financial … Read more
In today’s dynamic financial landscape, performing substantive analytics has become increasingly complex. Auditors face mounting pressures from quality control and regulatory requirements to evaluate large volumes of data efficiently while maintaining accuracy and ensuring compliance. Traditional audit methods often fall short, relying on manual processes that lack scalability and fail to provide deep insights into … Read more
Auditors face increasing pressure to deliver high-quality audits with tight deadlines and limited resources. The growing complexity of financial transactions requires a smarter, data-driven approach to risk assessment. MindBridge’s AI-powered platform enhances audit efficiency, supports intentional analysis, and empowers auditors to manage risk more effectively. Traditional risk assessments often rely heavily on qualitative methods, which … Read more
Financial scandals are dominating headlines with increasing frequency, affecting organizations of all sizes—from multinational corporations to fast growing startups. No company is immune to the risks of fraud or financial reporting errors. The consequences go far beyond financial losses; they undermine trust, tarnish reputations, and shake investor confidence. No business wants its name associated with … Read more
Operational risk poses a significant challenge for organizations, threatening financial stability and reputations alike when internal processes, systems, or external events fail. For all organizations, operational risk management is essential to protect against costly disruptions. Risk identification, assessment, mitigation, and monitoring are the pillars of operational risk management. Many methods are used to conduct these … Read more
