Businesses are becoming more complex, with even small and medium sized enterprises often operating globally. With hundreds of thousand or even millions of accounting transactions underlying the financials of an organisation, performing meaningful analysis is near impossible without the use of technology.
Inflo Interrogate & Evaluate applies characteristic based analytics across 100% of accounting entries to identify the transactions which pose a heightened risk of fraud, error or misstatement. The automatically prepared dashboards allow accountants to explore these transactions, assessing trends such as the users and financial impact and drilling down to the source postings.
As a powerful tool to identify risk areas, these outputs also allow accounting firms to assess the quality of the accounting records or earnings of a business, and whether financials are impacted by one-off entries with significant impact on reported profits. A sophisticated multi-dimensional risk scoring logic also allows auditors to perform high-quality fraud testing in line with ISA 240 or SAS 99.
With peer benchmarking across the analytics results, clients receive dashboard outputs as a clear value-adding service with actionable insights, enhancing compliance services such as audit and accounts preparation and driving demand from clients for more routine service delivery.