In an unprecedented move, Thomson Reuters and Inflo have launched a free-to use version of the technology designed make it easy for CPA firms of all sizes across the U.S. to benefit from emerging technology in their audit planning process.
Thomson Reuters and Inflo formed a strategic partnership in November 2018 to accelerate Inflo’s ground-breaking workflow, data ingestion and analytics technology to the U.S. market. Thomson Reuters Audit Intelligence powered by Inflo delivers emerging technologies into audit methodology and workflow technology. The result, a fully integrated Cloud Audit Suite to transform the audit industry.
The release of this new free version comes at a time where the profession is heavily debating the future role of accountants and the impact of robotic process automation, AI and blockchain. Services such as external financial statement audits are increasingly being scrutinised with stakeholders pointing to the potential benefits of technology to identify fraud, as well as more generally increasing the relevance of accounting services to modern business needs.
The free functionality automates a broad range of analysis at interim planning. Full functionality is available, including extraction of all transactions from any client accounting system, visualisation of business performance, identification of high-risk transactions and benchmarking of the client’s KPI performance.
In a recent interview Mark Edmondson, Inflo President and CEO shared “two of the biggest challenges we hear from firms considering revolutionary technologies are uncertainty over committing initial investment and how to move from small-scale use to broader adoption. So, we’re flipping the equation. This free functionality allows us to demonstrate the value of the latest techniques up front. We’re backing our proven ability to provide a clean implementation and clear return on investment so the use of Inflo becomes business as usual for US CPA firms”.