As April Fools' Day has come and gone, we reflect on the playful introduction of 'Flo' by Inflo, an AI tool imagined to revolutionize audits entirely.
That sounds ideal, right? No need to update documents, or review work papers, or assess the entire audit’s progress – AI will do the work for you. You can kick back and relax, and focus on the ‘really important’ stuff, like pranking audit graduates or organizing your next work social.
While the concept of AI automating every aspect of the audit process might have seemed tempting in jest, it's essential to discern the true essence of auditing beyond the laughter. Auditing isn't just about data processing but about the application of human intelligence, expertise, and trust to ensure accuracy and reliability in financial reporting.
Let’s breakdown the key points in the ‘launch’ video and explain why we ran the Flo campaign for April Fools.
#1 - Flo can test your client’s revenue at the click of a button, creating and attaching work papers automatically, as well as projecting sample misstatements.
So, what do we need junior auditors for?
#2 - Flo can review all of the audit work, work programs and attachments for you, providing a summary in the risk response section of the platform, proposing review points without you having to read a single word of the documents.
So, what do we need audit managers for?
#3 - Flo can send key information to Partners about ongoing audits to discuss in client meetings, delivering a clear executive summary of how the business has performed, a status of the audit firm’s work and key documents still needed from the client.
So, what do we need Partners for?
Aside from all this, do you really think your clients would feel comfortable putting their organization’s financial health in the hands of AI? They work with you because they trust you, your expertise, and your experience.
The true value behind audit intelligence
While we believe AI can enhance and augment the audit process, we advocate for a balance—a concept we refer to as Hybrid Intelligence (HI).
In a world increasingly shaped by technological advancements, the value of human insight remains irreplaceable. Inflo recognizes this truth by championing HI, complimenting auditors, and enhancing their capabilities rather than overshadowing them. Our InfloHI module embodies this synergy, empowering auditors with advanced technology while preserving the essential human touch.
For example, at the click of a button, InfloHI’s sophisticated algorithms perform thousands of calculations on millions of data points and then visualize the results via intuitive charts and graphs. Auditors can then apply their own expertise to the data, combining human insight with the latest technology.
As we move beyond April Fools' Day antics, let's remember that the success of auditing lies not in relinquishing control to machines but in leveraging their potential to amplify human expertise.
If you’re interested in exploring this functionality further, you can book a demo of the Inflo platform here.