As a seasoned user of Inflo, Andrew Moyser, Head of Audit Innovation, Partner at MHA MacIntyre Hudson has given a glimpse into his firm’s adoption of Inflo, how the platform is being applied and the benefits that both the firm and their clients have seen.
Defining a new approach
Being an early adopter of Inflo, Andrew has seen first-hand the change of culture within the firm, the approach to audit methodology and the methods of obtaining information from the client. This has only been accelerated further with the likes of COVID-19 changing the audit space and driving auditors to use technology to deliver a better service.
“Inflo allows the audit team to work on projects and to handle multiple clients. It also allows the audit team to be more flexible because we can now put together an audit team anywhere in the world to work on a remote audit. That for me is a game changer.”
With that drive towards technology, MHA MacIntyre Hudson have also been encouraged by how quickly their staff have adopted the Inflo platform and how they have utilised it, particularly the younger members of the audit team. The intuitiveness of the Inflo platform has made it really user friendly.
Well received by clients
MHA MacIntyre Hudson believe the ingenuity of the Inflo platform is what drives their clients to be so passionate about it.
Take Inflo Collaborate for example. MHA MacIntyre Hudson’s clients enjoy using it because they can upload their data to the portal once the full list of requests (by category) has been sent by the engagement team. With both parties being able to see the status update of each request, there is full transparency that allows for audits to be better planned on both sides.
All this with the added reassurance that it’s a secure process.
With Inflo, data can be uploaded and downloaded back again with ease. There is no reason why data has to be moved around on email anymore, so from a data perspective, it’s much more secure to use Inflo to exchange information. It also means information is not stuck in an inbox somewhere and if it’s downloaded, it’s downloaded straight on the audit file.
Bringing an audit to life
The visualisation elements offered within the Inflo platform has been particularly powerful for MHA MacIntyre Hudson. Inflo Revenue Cascade visually presents all transactions in the revenue and receivables cycle.
When talking to clients about how MHA MacIntyre Hudson have carried out their audits and being able to show them something that they have not seen before, it has given that value-added aspect to client service and provoked some great discussions.
“I find clients spend a lot of time wanting to understand transactions that don’t follow the norm and the controls and the environment around that. That has been the most powerful thing that I’ve had conversations at client meetings because they can see the visualisations and we can talk around the controls that follow.”
The other Inflo module that MHA MacIntyre Hudson has found especially useful is Inflo Explore. Inflo Explore is able to interrogate characteristics, attributes, and transactions at that individual transaction level detail. Heat maps within Inflo Explore indicate the difference between high value amounts that are happening at low frequency (effectively a minimal amount of time), up to smaller value amounts that are happening very frequently.
“Another beneficial element of Inflo that adds to your value proposition from a client perspective is heat maps. Clients can see all the transactions on a heat map, which ones occur regularly, and which ones don’t. They now have a better understanding of how we collect samples and how we select our testing.”
Journal entry testing
MHA MacIntyre Hudson credits Inflo for improving the quality of their audits overall. This is particularly true around journal entry testing in the listed client space. Journal entry testing within Inflo Detect allows MHA MacIntyre Hudson to instantly identify transactions with unusual characteristics using inbuilt complex automated tests. With the infusion of Inflo Hybrid Intelligence (InfloHI), the system goes through the data and uses machine learning and user behaviours to run algorithms to effectively score and highlight the risks.