Highly qualified and talented accountants still spend significant amounts of their time performing repetitive, simple tasks. The use of robotic process automation techniques to perform a multitude of tasks in a defined order both frees talented team members and enhances the quality of outputs.
Inflo Verify & Review allows accounting firms to configure existing manual processes and automate their execution. Primarily focused on supporting external audit services, Inflo transforms the process for performing sampling based techniques.
Inflo automates the population identification, sample size calculation, selection and documentation process, significantly enhancing the efficiency of this work. Exports from Inflo can then be easily attached to your existing work programs, achieving compliant and reperformable testing documentation.
Automating your existing audit methodology minimises change in your business and allows for central monitoring of user compliance as well as analysis of deviation or rationale input into the system – firm or network wide. Opportunities to advance methodologies, for example by taking greater reliance from more detailed risk assessment procedures or other Inflo analytics, can also achieve higher assurance levels or reduce sample size requirements.
This approach allows more flexible working with clients sharing samples ahead of time, with firms also achieving significant time savings and quality improvements.