The future is here: What’s possible right now in audit technology

Streamlining audit processes with TeamMate Document Linker

Wolters Kluwer, a trusted provider of tools for auditors, has been at the forefront of incorporating advanced technologies into the audit process. Starting at the point of data ingestion, TeamMate Document Linker's ability to extract information quickly and easily from documents into Excel can make preparations, compilations, and tax returns quicker and more accurate. 

Using advanced Azure AI Vision (Microsoft) technology, TeamMate Document Linker helps auditors automatically tie sampled transactions back to supporting evidence in seconds. Consider the time it would take to manually match 60 samples - with the vendor's name, invoice date, invoice reference and total amount - back to a folder of 60 PDF files. This solution simply makes time-consuming tasks that auditors perform every day fast and easy, without changing how they audit. This ensures that supporting evidence is correctly validated and dynamically linked to the relevant workpapers or samples, saving auditors time and effort.

Enhancing audit planning and procedures with TeamMate Analytics

Another advanced audit tool is Wolters Kluwer's TeamMate Analytics. With Wolters Kluwer’s TeamMate Analytics, auditors can inform their planning, test against full data sets (not just samples) and identify hidden risks that may not be apparent through traditional methods. TeamMate Analytics enables audit data analytics using trusted algorithms, including anomaly detection, predictive modelling, trend analysis, summarization, and visualizations. By leveraging data analytics, auditors can make data preparation easier, automate workflows and enhance reporting. 

Looking ahead, Wolters Kluwer is continuously working on delivering enhanced audit solutions with AI capabilities. These capabilities will further streamline the audit process by automating repetitive tasks, identifying patterns and anomalies in data, and providing auditors with valuable insights. By incorporating AI throughout its audit solutions, Wolters Kluwer aims to make the audit process more efficient, effective, and data driven.

The future of auditing: Fusing advanced technologies and human insight

Wolters Kluwer's audit solutions are leading the way in incorporating advanced technologies into auditors' work. These solutions address challenges such as managing large data sets and leveraging AI-powered features like data ingestion and data analytics to streamline the audit process. As Wolters Kluwer continues to develop AI-enabled capabilities, auditors can expect even greater efficiency and effectiveness in their work, including analytics-enabled risk assessments, automated program design, and data-driven procedures, ultimately leading to more accurate and insightful audits. 

The future of auditing is a fusion of human and technology. While the advancements in technology are streamlining the mundane tasks and enhancing the efficiency of audits, the human element remains crucial in providing valuable insights and ensuring the integrity of financial statements. Accounting firms must continue to adapt, evolve, and learn to harness the power of these technologies to ensure greater trust and transparency in the profession.