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Why the ICAEW Technology Accreditation Scheme matters to you

by Mar 31, 2020

It should come as no surprise that the accounting software market is exploding. With increasing demands on chartered accountants to be smarter, faster, and more data-driven than their peers, we’re seeing massive growth in available tools, and the leading-edge technologies behind them.ICAEW Technology Accreditation logo

This new landscape means that we’re in an age of faster time-to-market, constant product evolution, and, with the adoption of AI, taking on new ways of doing things. That’s why it’s critical for vendors to ensure a high degree of testing and quality assurance behind their products and for accountancy firms to understand the technology being offered to them.

The ICAEW Technology Accreditation Scheme helps accounting firms take the guesswork out of choosing the best software solution and MindBridge Ai Auditor is the first and currently only data audit & analysis software solution provider to have gone through this rigorous evaluation methodology.

The ICAEW methodology

The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organization providing insight and leadership to the global accountancy and finance professions. With over 181,500 chartered accountants and students worldwide, ICAEW provides qualifications and professional development, insights and technical expertise, and protects the quality and integrity of these professions.

The ICAEW Technology Accreditation Scheme is a rigorous evaluation methodology that goes into a software company’s management structure and financials, software development details, customer satisfaction processes, and more. This typically entails all departments coming together to answer questions in support of the company’s ability to successfully deliver features, value, and support to users. 

Why it matters

This accreditation gives current and future Ai Auditor customers every confidence about choosing and using our solution. This is important for the following reasons:

  • The ICAEW Technology Accreditation Scheme is an independent evaluation of software packages, giving you the confidence that Ai Auditor brings value to your practice
  • Completion of the accreditation involves the completion of detailed questions about our product, functionality, support processes, and corporate management, including an on-site visit by the ICAEW
  • All submissions are evaluated and verified by an independent top UK accountancy firm, RSM UK, who has the final say as to whether a product has passed the accreditation process
  • The Scheme’s independence is very important as it means software companies cannot simply pay to join the Scheme but must meet the required criteria laid out in the questionnaire

As Ai Auditor is the first and currently only data audit & analysis software solution provider to have gone through this evaluation methodology, we are uniquely positioned to deliver real value and support to audit practices.

Craig McLellan, manager of the ICAEW Technology Accreditation Scheme, has the final word: “We are delighted that MindBridge has been accredited by the ICAEW. With the ICAEW Technology Accreditation Scheme being the benchmark for software used by accountants in both the business and practice markets, we welcome industry and software companies in embracing a modern approach to finance and accountancy.”

Learn more about MindBridge Ai Auditor here.

Roy Sarkar
Senior Content Manager at MindBridge
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Roy Sarkar is the senior content manager at MindBridge, helping communicate the value of
artificial intelligence to business, government, investor, and technical audiences. After years as a
software developer, sales engineer, and trainer, he decided the better approach was to write about
technology products and how people use them. By building applications in defense, enterprise
software, and game development over 15 years, Roy figured out one more thing: While new
technology is always being released, it takes a writer to make it real.