CoCounsel Audit & Accounting

CoCounsel Audit & Accounting leverages artificial intelligence to streamline and enhance your audit processes. Here are some key ways to use AI for audits:

• Tailored answers. Get precise, authoritative responses to technical audit questions.
• Document summarization. Automatically compile and summarize essential information from client documents.
• Scenario analysis. Analyze complex client scenarios for actionable insights.
• Research and compliance. Conduct efficient audit and accounting research and review public company disclosures and accounting policies.
• Agreement analysis. Examine specific agreements, such as leases, revenue recognition, and warrants for compliance and accuracy.
• Consistency and efficiency. Ensure tasks are handled consistently with automated insights, reducing manual intervention.
• Lease agreement evaluation. Instantly review lease agreements, extract key terms, and flag potential issues.
• Variable consideration clauses. Identify and evaluate variable consideration clauses in SaaS contracts, highlighting specific clauses and ensuring compliance with ASC 606.

CoCounsel improves audit engagements by providing verifiable outputs and streamlining real audit workflows. It automates repetitive tasks, such as analyzing trial balances, summarizing PDFs, and preparing risk assessments, allowing auditors to focus on higher-value activities and complex judgment calls. CoCounsel ensures consistency and reduces review cycles while integrating seamlessly with Excel and PDFs to support firm-approved processes and compliance with accounting standards like ASC 842 and ASC 606.

Yes, CoCounsel can assist with audit planning by providing relevant regulatory guidance, historical data, and best practices. It can also help in risk assessment by analyzing financial statements and identifying potential areas of concern.

Yes, CoCounsel includes features for creating, organizing, and managing audit workpapers. It can automate the process of generating workpapers, ensuring they are accurate and compliant with regulatory standards.

We’ve designed CoCounsel Audit & Accounting with robust security measures to protect data, including being cloud-native and supporting remote workflows while ensuring data protection. For accuracy, it provides trustworthy, verifiable answers with plain-language explanations and citations from trusted sources such as Checkpoint, AICPA, FASB, GASB, firm templates, and audit methodologies. It integrates firm knowledge and supports real audit workflows, ensuring compliance with firm methodology and regulatory frameworks.

Yes. Firms do not need to perform audits to benefit from CoCounsel Audit & Accounting. Even firms focused only on preparation, compilation, review, tax, or advisory work still need reliable audit and assurance (A&A) and preparation, compilation, and review (PCR) support. CoCounsel Audit & Accounting helps firms answer technical accounting and Statements on Standards for Accounting and Review Services (SSARS) questions; draft and customize engagement letters, reports, representation letters, management letters, and client communications; analyze draft financial statements and workpapers; create disclosure checklists and note disclosures; and support staff training and standardization. It helps firms deliver non-audit services more efficiently, consistently, and confidently.