Inflo Digital Audit: The world’s first data driven audit platform
The digital evolution has arrived. Inflo brought together over 200 audit and accounting professionals and CPA firms across the US on June 15 to showcase their Digital Audit technology and new workpapers module release.
Inflo founders, CEO Mark Edmondson and COO Graham Clark discussed how the digital evolution will evolve the audit’s purpose, the way it is performed and the outputs it provides. It will bring about a new way of thinking about the whole audit experience.
Workpapers module release
Inflo Workpapers is the 10th Inflo module release and the most significant. It expands on their digital collaboration, data acquisition, data analytics and dynamic reporting solutions to form the world’s first complete end-to-end digital audit solution. What is also unique is that it incorporates a new, innovative, proprietary audit methodology which is capturing the attention of the entire profession.
Product innovation benchmark
Inflo’s approach has involved working with a group of innovative firms ranging from large firms that audit listed companies to small firms with fewer than 10 staff. They regularly road tested ideas and provided continuous feedback to Inflo as they developed the workpapers solution.
“These firms provided us with a strong global perspective. We worked with firms in the UK and the US as well as firms in the Australia/Asia Pacific region, across Europe and in Latin America. We’ve particularly found the US market to be very enthusiastic and have worked closely with a vocal group of firms to embed a US mindset into all elements of our product.”
Solving the data acquisition challenge
Inflo has created an efficient and innovative approach to extracting data from any accounting system. It provides a simple experience for the client and supports the engagement team throughout the process. Extracting, transforming and loading the data from a client accounting system is a foundational step, which firms needed the ability to acquire data from any accounting system they might encounter.
“We remain incredibly proud of our 100% record. We’ve successfully extracted data from every accounting system an auditor has requested data from globally.”
Creating new client value
The Digital Audit creates new client value to both new and existing clients. It will transition from delivering retrospective compliance services to offering real-time and prospective services centred around client value. It will advance staff, expand skillsets beyond pure technical capabilities, empowering teams to be more create and engaged.
“The Digital Audit delivers a core compliance service in a more advisory style. It therefore develops new skills within compliance teams. And it opens opportunities to change a client’s perspective of the audit, from being merely a compliance cost, to instead an investment in their business’s growth.”
During the event, 28% of CPA firms polled agreed skills of audit staff is a main barrier to delivering valuable audit services.
The digital audit increases service differentiation allowing firms to wield a competitive advantage, whether their competitors are smaller local firms or Big 4 powerhouses.
During the event, 39% of CPA firms polled agreed client experience, quality of work and industry expertise were the top three audit characteristics that differentiated audit and accounting services.
Realizing the benefits for firms
Inflo also interviewed global thought leaders, ranging from CEOs of the largest network firms, standard setters, professional accounting organisation leaders and accountants to reimagine a future embracing the digital opportunities. They discussed some of the benefits of digital audit technologies:
“Clients of audit firms want high quality at a reasonable price”
Al Anderson, Founder and President, ACCOUNTability Plus
“Availability of data will transition firms to deliver a real-time continuous audit.”
Brian Fox, CPA, President & Founder of Confirmation, Thomson Reuters
“Reduction of onsite staff presence from 6 weeks to 6 days. Audit staff can work on multiple audits at one time.”
Steve Heathcote, CEO, PrimeGlobal
“Freeing up people to do the more interesting parts of the work earlier in their career.”
Matthew Sutorius, CPA, CFE, Shareholder, Clark Nuber PS
Inflo’s Digital Audit is a dynamic, data driven and client centred approach, the value and benefits are being realised by customers and the profession.
35% of CPA firms who participated in the poll said that adopting new technologies was the easiest way of improving audit profitability.
Inflo’s Digital Audit is a dynamic, data driven and client centered approach, the value and benefits are being realized by customers and the profession. Don’t be left behind. Inflo can provide a range of options to suit your requirements, the full Digital Audit platform or tailored modules to compliment existing solutions. Talk to one of our specialists to find out how.
Watch the launch event on-demand
As part of our campaign to drive adoption of the Digital Audit, we ran a one-hour virtual event to share insights from leading industry influencers on the benefits of adopting a Digital Audit. The session is now available to watch on demand.
Find out more
To learn more about how the Inflo Digital Audit can help you drive efficiency, transform audit quality and client value and create a more interesting staff experience, book a meeting with our team.