Technology Solutions for Auditors: Webinar with CPA Australia

Our Chief Customer Officer, Olwyn Conolly recently joined a panel discussion with CPA Australia which was a deep dive into technology available in the audit market.

As well as discussing technology more broadly Olwyn highlighted a number of common misconceptions around data ingestion, Robotic Process Automation and  Artificial Intelligence (AI) within  the profession.

The last six months have been challenging for client delivery and remote working, despite this we have been able to collaborate – this is exactly how technology is supporting the profession.

You don’t need to be on site and in the same room as your client to demonstrate your value.

In challenging times clients are expecting more from their accounts and business advisors. Our technology has been designed to strengthen the profession and remove disruption, supporting firms in growing their value through technology, we pride ourselves on working to remove commercial and change management impediments to adoption.

Combining the power of technology with firms’ expertise and judgement is key for the future focused auditor.

 

Some common questions & answers and jargon busting.

Do I have to be able to understand and write code?

Absolutely not – we have a team of data scientists and development on hand to manage the software for you. Inflo is compatible with hundreds of accounting systems – where there is no system our specialist team work to upload all the data for you – once uploaded, the data will be presented back to you in a uniform and standardized way – ready for you to explore every transaction.

My clients use various systems and also excel – how is this uploaded and standardized?

This is a common problem for firms and something we work hard to solve. We know that you will have clients using multiple systems. Inflo brings all client data from a variety of systems into 1 piece of software. Utlising the data wizard within the system, simplifies the process for both your clients and teams. Any instances that can’t be solved using the wizard, Our team of data scientists are on hand for those more complex excel situations.

Why is having all data in one place so helpful?

Inflo provides a single data source for your clients and your teams to collaborate at anytime from anywhere.

There are a number of key benefits:

–          Removes human error

–          Provides the ability to integrate products and workflows to processes

–          Allows you to standardize not only engagements but also entire client portfolios.

Some of the techniques we use explained

Robotic Process Automation (RPA) This is code or software – programmed to perform basic tasks and remove the mundane

Inflo analyses 200% of transactions in a business process, mapping the accounting combination to show which conform with expectations and which demonstrate unusual behaviour. You can focus your attention and spend less time looking at standard transactions.

Inflo presents potentially thousands of relationships across millions of transactions in a format which is instantly understandable.

InfloHI analyses accounting entry characteristics and decisions made upstream in Inflo to automatically map general ledger accounts to business processes.

Advanced data analytics – access all data – ability to look at all layers of information and assess the risk.

Machine Learning and Artificial Intelligence (AI) – InfloHi uses AI to learn from user behavior and systems, evolving templates and provides recommendations. All of this combined with your expertise and judgment.

Find out more about these and the key benefits of Inflo on our Features page.

If you would like more information about any of the topics in this article or would like to discuss how you can get started today for free

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