What’s new in Ai Auditor
Learn what’s new and exciting with the latest updates to our platform
Our latest updates continue to add artificial intelligence-enhanced capabilities for organizations conducting for-profit and not-for-profit financial analysis, including audits, reviews, forensics, and more. From analysis and analytics to data ingestion, sampling, and reporting, learn about the major enhancements below.
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.