What’s new in Ai Auditor
Learn what’s new and exciting with the latest updates to our platform
Our latest updates provide major enhancements for handling large transactions, streamlining task creation and sample selection, improving audit planning, and more. Learn about these enhancements below.
Task creation and sample selection
Auditors can select samples, either manually or by using our Intelligent Sampler, to stratify the population of financial data by risk rating. Creating tasks in Ai Auditor allows your team members to work collaboratively to investigate anomalies in your client’s data.
In this release, you can create tasks and leverage the Intelligent Sampler on individual line entries as well as transactions.
Auditors can select samples, by using Intelligent Sampler, to stratify the population of financial data by risk rating. In this release, you can now select random sampling to create a truly randomized sample from the population and you now have the ability to add Audit Area, Management Assertions, and sample name to the selection. You can also add multiple samples to the same population and we provide a visualization to illustrate the $ value of the selected samples for each risk bucket (high, medium, and low risk).
The audit plan is one of our many exports that provide sufficient and appropriate audit evidence to support the audit opinion. In particular, the audit plan provides a summary of items selected using Ai Auditor while preparing to perform a test of details.
In this release, we give you more control over the information exported to the audit plan with additional filters and enhanced export details.
Large transaction support
Transactions that contain a large number of entries can be present in financial data for a number of reasons, such as a daily point of sale summary where a number of “micro-transactions” are recorded into a larger “daily” transaction. These large transactions can limit your ability to assess and identify risk, so this release introduces the Smart Splitter to simplify the analysis.
The Smart Splitter decomposes each large transaction down to its matching entries, where each entry pair is identified by matching offsetting debits and credits. During the Review Data stage, we provide statistics of the file, including the number of transactions and their corresponding number of entries, to help you decide whether to use Smart Splitter or not.
Administrators can now track and collect user behavior to get a complete timeline of all user activities, answering the ‘who, what, when, where, and how’ of all actions. This helps administrators get precise information on critical events such as user logins, time of file load, time of analysis, and more.
Other 2019 updates
What’s new, in eleven minutes.
While the latest Ai Auditor updates include numerous new features and enhancements, this video provides an overview of the new functionality.
Catch a glimpse of:
- Not-for-profit support
- NFP Libraries
- Ratio Builder
- Annotations and analytics export
Libraries allow you to customize Ai Auditor to suit any industry and type of client, from healthcare and automotive to public and not-for-profit organizations. With Libraries, you can manage and maintain the financial ratios needed for a specific type of analysis. In our next
release, filters and Control Points will be added to simplify the selection of settings for different types of analysis.
Libraries also give you the freedom to build up your firm’s unique AI analytics capabilities. By allowing you to define and save client and industry-specific AI analysis, your firm ensures consistency across all audit teams and creates competitive differentiation within the industry. In other words, Libraries let you capture your firm-specific expertise in AI and analytics to provide unique value to your clients.
Not-for-profit (NFP) organizations have very different financial frameworks than for-profit, including donation and grant structures, fund allocations, and reporting requirements. To support private and public NFP engagements, Ai Auditor now helps you gain meaningful analysis and insights over material misstatements across all accounts.
Expanding on the existing MindBridge Account Classification (MAC), Ai Auditor now supports NFP concepts such as contributions, pledges, grants, funds, and restricted and unrestricted net assets. Bundled into two new Libraries named “NFP Library” and “NFP-Fund Library”, you get the analytics and reporting capabilities to dig deeper into a NFPs financial data while analyzing 100% of a client’s financial transactions.
New NFP Libraries
NFP Library: this Library has an account grouping structure to support NFP concepts, such as contributions and grants, and these new ratios:
- Change in Net Assets
- Operating Margin
- Operating Reserve
The NFP Library includes this new Control Point:
- Expense Flurry: flags periods of time in which the dollar value of expenses is higher than usual for the total expense.
NFP-Fund Library: this Library supports fund and program accounting, including a new account grouping structure and these unique ratios:
- Change in Net Assets
- Operating Margin
- Operating Reserve
- Defensive Interval
- Liquid Funds Amount
- Fundraising Efficiency
The NFP-Fund Library includes these new Control Points:
- Expense Flurry: flags periods containing unusually high expense amounts by determining an organization’s expected expense rate and identifying periods when expenses exceed this rate.
- Fund Expense Flurry: flags periods of time in which the dollar value of expenses within a specific fund is higher than usual.
- Interfund Transfer: flags transfers in which one fund’s assets are credited, and another fund’s assets are debited. The result is a net movement of assets from one fund to another
- Split Expense (Single Transaction): flags sets of expense line items that may stem from a single expense being split across different funds within a single transaction.
- Split Expense (Multiple Transactions): flags sets of expense line items that may stem from a single expense being split across multiple funds and posted to the ledger as multiple transactions
You can now create custom financial ratios to track trends for specific industries. These ratios can be defined for any account or account level within the account structure at the Library level.
Each custom ratio contains a ratio name and a numerator and denominator formula. Monthly account amounts, specific values, constants, and more can be used to build the ratio formula, including those defined in custom account groupings.
Annotations and analytics export
You can now document and export insights observed during audit planning to provide richer context and information in audit documentation. You can add annotations to graphs as you’re exploring trends and ratios in the Trending tab and view them all in the Annotations tab.
While exploring trends and ratios, users can add annotations to each graph from the Trending tab. Annotations, graphs, and the underlying data can be exported as a Microsoft Excel file for use in final reports and papers.
Interim audit reviews
Ai Auditor now supports interim audit reviews, which help compress the amount of time it takes to conduct the end of year audit. The work done to map the chart of accounts for the interim audit will make the mapping for the final audit far quicker, cutting down on the heavy lifting before the peak season arrives. The only accounts that will need to be mapped are any new accounts that have been introduced after the interim audit.
We have also added one new report for interim audits. This report is called the Roll Forward Check. This report will compare the interim and final GLs and highlight any changes or errors that occurred to transactions between the interim and year-end.
Smart search with Natural Language Processing (NLP)
Ai Auditor introduces the game changing ability to interrogate the data in a whole new way. Query the data in human language using textual questions, with results fed back to the auditor based on how the machine understood the question, with data sampled accordingly. This feature permits negative searches as well, which is not currently supported in the faceted search.
Enhanced intelligent sampler
Auditors can now select a sample based on the transaction table view, which is driven by either our faceted search or a smart search query. Our prior version of intelligent sampling was applicable to the whole population only, which limited the usability. The intelligent sampler is a critical value of Ai Auditor and the delivery of assurance, as MindBridge Ai customers find our risk-based sampling is 20-900x better than random or monetary unit sampling.
Data ingestion wizard
This new feature provides inline column mapping support for auditors to map GL from their customers ERP systems to our standardized columns for analysis. This functionality enables auditors to resolve file-based ingestion issues where the column headings used by their ERP system does not align with our standard columns.
Identity Provider (IDP)
IDP stands for IDentity Provider. This new feature launches our own IDP server in the product which can be federated with other IDP systems for single sign-on services in our product. The first IDP system federation is with Azure Active Directory and Google and we also include two-factor authentication as an option for deployment.
Click to enlarge
Additional column selection
Allows users to customize their view of the transaction table and select the columns they want to see and analyze.