Join the Digital Audit revolution

It’s time to reset the audit

After years of front-page stories of frauds and business failures, the auditing profession stands at a fork in the road. One path maintains business as usual, and very likely leads to irrelevancy. The other path capitalises on the opportunities created by emerging technologies to reset, reimagine, and reinvigorate our profession – enabling it to thrive long into the future.

It’s time for us to choose the right path. It’s time to reset public perceptions, the way we perform audits, and how we educate and enthuse the next generation of accountants entering our profession.

At Inflo, we’ve taken a long, hard look at what the audit needs to look like to have a brighter future. Our customers told us that simply automating what auditors currently do isn’t enough. Their aging methodologies just aren’t cutting it in the digital world, making it difficult for smaller firms and networks to remain competitive.

So, we decided to think bigger, to take the bold steps needed to help create a digital profession that’s equipped to take on the challenges we face in 2020 and beyond.

And now we’re excited to introduce the world’s first end-to-end Digital Audit platform. A platform that will be accessible to every auditor in every firm in the world.

Welcome to the Digital Audit

At our recent Digital Audit launch event, Inflo CEO Mark Edmondson explained how we’re expanding the Inflo platform with a new module – Inflo Workpapers– to cover the entire audit process, from planning and documentation, through risk assessment and testing, to client reporting.

Our Digital Audit solution offers a one-stop shop for accountancy firms. It incorporates intuitive data analytics, a progressive audit methodology developed by our team of audit experts, and an audit platform powered by emerging tech.

The power of Inflo Workpapers is that it makes Inflo Hybrid Intelligence a member of the audit team. It’s AI-powered, but humans are in control at every stage.  Auditors still use their professional judgment to interpret the findings, review and modify AI recommendations, and make final approvals.

By augmenting human intelligence, skill and intuition with powerful data analytics and advanced AI algorithms, the Digital Audit platform enables firms to:

·       Drive unprecedented efficiency through standardisation, automation, and the incorporation of emerging technologies

·       Ensure quality by embedding the audit standards within the platform and using data analytics throughout the audit process

·       Deliver more client value by offering new insights and differentiating outputs

Levelling the technology playing field

Of course, talking about innovating in the profession is all very well, but that talk needs to turn into action on the ground. And perhaps the biggest barrier to innovation in auditing is the cost of investing in the technology.

Which is why Inflo Workpapers will be completely free.

“We believe that on the journey to a digital audit in a digital profession, every auditor should have access to the essential tools necessary to perform a quality, valuable audit,” Mark said. “So, Inflo Workpapers will be a completely free solution. Firms can get access to an innovative audit methodology, in a secure, cloud-based platform environment, available 24/7 on any device, anywhere – for free. We’re truly levelling the tech playing field.”

Creating a community of innovative accountancy firms

Also announced at the Digital Audit launch event was the Innovators’ Circle – a new peer group for forward-thinking firms across the globe to get early access to the Digital Audit platform before its general release in 2021. Members will gain competitive advantage from early adoption of Digital Audit capabilities, with training and support from Inflo experts to get maximum value from the platform. They’ll also benefit from being part of a collaborative group of like-minded peers, sharing experiences, successes, and ideas for driving digital innovation.

To enable effective collaboration, we’re limiting the number of members in this first phase of the Innovators’ Circle, and we’re now accepting expressions of interest. If you’d like to see if it might be right for your firm, join us for a webinar on 20 October. We’ll explain the value membership could bring, and hear from the firms that have already been working with the Digital Audit platform about the support they’ve received from the Inflo Centre of Excellence team, and the value of the peer group we’ve created.

Find out more

If you’d like to learn more about how you can push forward digital innovation at your firm, join our upcoming webinars. On 2 November we’ll look at audit innovation case studies with ICAEW, and on 10 November we’ll give a full demo of everything Inflo Workpapers has to offer.

Complete your details below for a copy of the On-Demand recording of the Digital Audit Launch Event.