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MindBridge: Regulatory Relations

How MindBridge is safely redefining AI in auditing

Artificial Intelligence (AI) has experienced considerable advancement in recent years, especially in its application within auditing practices. In the wake of such advancement regulators have issued various alerts, guides, proposals, and standards regarding the use of AI applications in the audit process. In response to these alerts, we’d like to offer some insights into how MindBridge effectively addresses these concerns and manages the risks associated with AI use in audits.

MindBridge's proactive approach to AI risk management in auditing

Regulatory guidance offers an opportunity for industry leaders like us to reaffirm our commitment to supporting safe, effective, and high quality auditing practices. As pioneers in AI in Audit, we share in our commitment to quality, safety, and transparency.

Our AI platform has been designed with stringent guidelines in mind and adheres to responsible AI development principles. MindBridge has long been an advocate for the responsible development of AI systems, having been among the first commercial organizations to sign the Montreal Declaration for a Responsible Development of Artificial Intelligence.

MindBridge's AI: Compliant, transparent, and audited

Most regulatory materials cite several factors that audit firms should consider before using AI tools, including the appropriateness of data inputs, the confidentiality of data, the tool’s operation, the effectiveness of its outputs, general IT controls, specialized skills of the audit team, and established procedures.

In response to these factors, MindBridge’s AI auditing platform meets and often surpasses these considerations. Our platform has been subjected to a comprehensive audit by Holistic AI, which assessed our controls and algorithms for explainability, robustness, bias, and privacy. Furthermore, MindBridge has consistently been at the forefront of transparency in AI auditing, as demonstrated by our proactive involvement with Holistic AI.

Our commitment to confidentiality is also paramount, earning us ISO 27001, 27017, and 27018 certifications for secure data handling. We provide assurance of the confidentiality and security of your data with our SOC 2 and SOC 3 attestation reports.

Embracing a human-centric approach in AI auditing with MindBridge

At MindBridge, we do not employ generative AI, large language models, or GPT models in our AI models. Instead, our AI performs anomaly detection on the financial data that is ingested to identify trends and patterns, and provides explainable AI to complement decision making. This is coupled with our insistence on maintaining a ‘human in the loop’, ensuring that our AI is never the final or autonomous decision maker. This approach considerably lowers potential risks and enhances the audit’s reliability and explainability, echoing regulatory calls for transparency in AI outputs.

As an industry pioneer, we have committed ourselves to providing educational resources and support for those navigating the evolving advancements in the audit landscape. Our approach is centered on a human-centric ethos, enabling professionals to better understand and find financial irregularities.

Why auditors rely on MindBridge for responsible AI application

MindBridge offers a trusted platform that provides assurance of the appropriate and effective use of AI in auditing. Our comprehensive sample workpaper details our approach to auditing with AI, allowing users to understand and trust the processes and outputs of our system.

As the landscape of AI in auditing continues to evolve, MindBridge remains committed to leading the way responsibly.

Regulatory Resources: 

  • Canadian Public Accountability Board (CPAB) CPAB audit risk alert – Use of artificial intelligence applications in the audit 
  • Public Company Accounting Oversight Board (PCAOB) Proposed Amendments Related to Aspects of Designing and Performing Audit Procedures that Involve Technology-Assisted Analysis of Information in Electronic Form 
  • International Ethics Standards Board for Accountants (IESBA) Technology-Related Revisions to the Code 

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