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Ai Auditor

What’s new in Ai Auditor

Learn what’s new and exciting in the latest updates to our platform

Our latest 2018 updates continue to add value to AI-enhanced auditing, from data ingestion to sampling to reporting. Learn about the major enhancements below.

Filter Builder

With Filter Builder, auditors are able to create their own audit tests and logic, incorporating our AI, machine learning, and other algorithms, without needing any scripting knowledge. With these customizable filters, auditors can create and save the necessary tests during audit planning for run during the audit. This helps to build upon their current audit test methodologies, easily preserve intellectual property, and provide new ways of competitive differentiation.
Examples include:

  • Filter by ‘monetary value’ to remove transactions that fall below materiality thresholds, such as filtering out transactions below $50,000 and greater than $1,000,000
  • Filter by ‘account hierarchy’ to create a list of certain transaction types, such as combining cash, foreign bank deposits, and domestic bank transactions
Ai Auditor completeness check

Image: Ai Auditor Filter Builder: Click to enlarge

New Transaction ID Generator: Running Total

As transaction IDs are essential to the machine learning analysis within Ai Auditor, custom sort has been introduced as an easy way to generate them when the original data set may not have enough information for automatic generation. By parsing the data row-by-row to determine the beginning and end of transactions, custom sort helps deliver better risk assessments and more comprehensive analysis to auditors.

What’s new, in three minutes.

While the latest Ai Auditor updates include numerous new features and enhancements, this video provides a rapid-fire overview of the “big four” of new functionality.

Catch a glimpse of:

  • Interim analysis
  • Accounts receivable
  • Completeness check
  • Multi-year analysis
  • Join us for a live demo or webinar and see Ai Auditor in action. See our

Completeness check

New completeness check functionality provides the option to load the opening and closing balances along with any general ledger analysis. Ai Auditor will identify if there is anything missing, and provide results of the analysis in the two new completeness check reports.

Ai Auditor completeness check

Image: Ai Auditor Completeness Check: Click to enlarge

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.

Ai Auditor roll forward check

Image: Ai Auditor Roll Forward Check: Click to enlarge

Image: Ai Auditor Interim Analysis: Click to enlarge

Ai Auditor Interim Analysis once the full year GL is loaded

Image: Interim Analysis after the full year GL is loaded: Click to enlarge

Accounts Receivable Analysis Module

Auditors are now able to load the required accounts receivable (AR) files needed to drive this subledger analysis in the Ai Auditor platform. As such auditors will get AR risk scores and will be able to use leverage Ai Auditor for critical substantive and cut-off testing as part of their audit methodology.

AR files can be loaded using our drag and drop functionality, and our ingestion wizard supports column mapping for each file type. With the AR Module comes AR specific control points, dashboards, and reporting.

Multi-year Trend Dashboard Report

The Multi-year Trend Dashboard Report allows an auditor to export details from the multi-year dashboard into an Excel spreadsheet to be included in audit working papers and for the purpose of building custom ratios and charts. The multi-year report is broken down both by year as well as by month.

AR files can be loaded using our drag and drop functionality, and our ingestion wizard supports column mapping for each file type. With the AR Module comes AR specific control points, dashboards, and reporting.

User access management

Some organizations may need to carefully log and maintain who has access to their audits or in the case of very large audit firms; certain auditors may only have access as required to a small subset of client engagements or data. As such we have introduced a new, powerful administrative control for auditor access to individual engagements. Access can be configured for auditors when a new engagement is created and changed on-the-fly by auditors configured with organizational or tenant administrative privileges.

User Access Management in MindBridge Ai Auditor

Image: User Access Management in MindBridge Ai Auditor: Click to enlarge

Extensible account mapping

The MindBridge Ai Auditor platform has extended account mapping functionality and now has the capability to link third party account groupings / mappings to the MindBridge Account Classification (MAC) codes. During the column mapping stage, auditors will now be able to identify previously mapped columns in the ledger and map them to the appropriate MAC code. MindBridge Ai Auditor will then leverage this additional information to increase mapping accuracy. This functionality includes enhanced and updated support for account mappings from CCH Engagement, Intuit, QuickBooks and the General Index of Financial Information (GIFI) from the Canadian Revenue Agency.

Extensible account mapping in MindBridge Ai Auditor

Image: Extensible account mapping in MindBridge Ai Auditor: Click to enlarge

Transaction ID Generator

General ledger exports from some ERP systems many not include transaction IDs, or the transaction ID values may be incomplete or ambiguous. Transaction IDs are important in the analysis process as they form the basis for the machine learning AI used by MindBridge.

This new functionality enables the automatic generation of transaction IDs, when necessary, during ingestion of financial data. In cases where transaction IDs are non-existent, the Ai Auditor will propose ways to generate a transaction ID using combinations of other available data fields, or the user may create a custom formula. During the generation of the transaction ID, Ai Auditor will perform an analysis and indicate if the data set will be best represented for analysis with each proposed or customized combination.

The goal of the generator is to find a transaction ID that balances for all the entries it represents, while minimizing the number of entries per transaction.

Transaction ID Generator in MindBridge Ai Auditor

Image: Transaction ID Generator in MindBridge Ai Auditor: Click to enlarge

Control Point Logging

This new feature logs adjustments to the default control point weightings in the platform and requires the user making the changes to log a reason for making the adjustment. The updated control point settings will be included with the audit plan export, with specific details on any changes that had been made, and which user made the change.

Control Point Logging in MindBridge Ai Auditor

Image: Control Point Logging in MindBridge Ai Auditor: Click to enlarge

Other 2018 updates

Accounts payable

Ai Auditor now has the ability to load and analyze accounts payable with 25+ control points. Auditors can analyze standalone risk of an accounts payable subledger (AP), often where most fraud is identified by their end-customers. This also extends Ai Auditor applicability in the financial audit use case (AP testing). New visuals and reporting have also been added to allow users to investigate and analyze accounts payable.

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Click to enlarge

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.

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Click to enlarge

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.

QuickBooks online integration

Further to syncing with other online ERP systems such as Sage Intacct and NetSuite, Ai Auditor now devours data straight from QuickBooks online as well.

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Click to enlarge

Account mapping enhancements

Allows auditors to export our MindBridge Audit Classification (MAC) as a spreadsheet and allows them to re-import a corrected mapping to their standardized chart of accounts.

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. 

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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.