In an era where auditors are facing unprecedented challenges, there is also an unprecedented solution: Assisted Decision Making. When it comes to navigating data and identifying potential risks, the Thomson Reuters Cloud Audit Suite is making a revolutionary impact on how auditors approach risk identification—without disrupting their workflow.
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How AI is transforming audit
Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations. This approach, while effective to a certain extent, is time-consuming and vulnerable to human error. The introduction of AI is marking a transformation in audit, empowering audit firms to harness the power of data analytics and machine learning for enhanced efficiency, accuracy, and profitability.
AI algorithms can quickly analyze vast datasets, identifying patterns, anomalies, and potential risks with exceptional speed. This allows auditors to focus on more complex and strategic aspects of their work, such as interpreting results and providing experience-based insights to clients.
In addition, AI facilitates predictive analytics, which can help auditors anticipate potential risks and trends based on historical data. This proactive approach enhances the risk identification and decision-making process, providing a more comprehensive understanding of the financial landscape.
With the ability to continuously learn from auditors’ interactions, AI and machine learning algorithms can also adapt to changing industry regulations. This enables AI tools to become more sophisticated over time—a powerful characteristic of an ever-evolving profession.
AI-Assisted Decision-Making in Thomson Reuters Cloud Audit Suite
To capitalize on the enormous benefits of AI and enable audit teams to refocus their efforts on higher value tasks, the Thomson Reuters Cloud Audit Suite is designed so you can complete audits faster — and with absolute confidence.
Comprised of Engagement Manager, Guided Assurance, and Confirmation, the Cloud Audit Suite can manage and automate the full spectrum of audit tasks in one place. As a cloud-based solution, it gives you the flexibility to complete your audits from anywhere. No downloads, no versioning contracts, and no software installations or updates.
By leveraging AI and user data, Assisted Decision Making (as part of Guided Assurance) proactively taps into anonymized data from the audit community (i.e., other Cloud Audit Suite users) who have faced a similar risk scenario. By proactively suggesting areas of risk you may not have considered, your audit team is empowered to complete audits more efficiently and confidently.
Not only does Assisted Decision Making enhance the risk identification process, but it also allows you to continue working on your engagement without ever having to leave the platform.
What are the benefits of Assisted Decision Making?
The comprehensive benefits of Assisted Decision Making in the Cloud Audit Suite include:
- Data-driven risk identification. One of the key features of the Cloud Audit Suite is its ability to sift through vast amounts of data with lightning speed. By utilizing advanced algorithms, the platform analyzes financial statements, transaction records, and other relevant data sources to identify patterns, anomalies, and potential risks. This data-driven approach ensures a comprehensive and accurate risk assessment, saving auditors valuable time.
- Seamless integration into existing workflows. One of the concerns when adopting new technology in any industry is the potential disruption to established workflows. Thomson Reuters understood this challenge and developed the Cloud Audit Suite with a focus on seamless integration. The Assisted Decision Making functionality works in tandem with your firm’s existing processes, providing real-time insights without requiring a complete overhaul of your workflow.
- Meaningful insight from the audit community. Assisted Decision Making uses AI to identify risks related to your engagement and proactively shows risks identified by other auditors. This data is anonymized to remove firm and client names. By seeing what other auditors have done in a similar situation, your audit team can feel confident that you’ve considered all risks when completing your audit.
Ready to transform audit?
With the role of AI posed to grow within the audit field, Assisted Decision Making will no doubt become an indispensable tool for auditors as they navigate the complexities of today’s business environment. For those firms open to embracing this technology, the opportunities for increased efficiency, accuracy, and profitability are well within reach.
To learn more about how Assisted Decision Making from the Cloud Audit Suite can enable proactive risk identification, visit tax.thomsonreuters.com/en/products/cloud-audit-suite.
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