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Accounting

AuditFile Advanced AI – 2024 Innovation Award Finalist

AuditFile was a Finalist for the 2024 Tax and Technology Innovation Awards, from CPA Practice Advisor.

Isaac M. O'Bannon

Aug. 29, 2024

AuditFile Advanced AI
2024 CPA Practice Advisor Innovation Award Finalist
https://auditfile.com/ai.html

The company that was first to bring audits into the cloud continues innovating by bringing AI into audits. AuditFile AI is a growing new feature incorporating artificial intelligence into the audit in the following areas:

  • the ability to automatically classify a trial balance with just one click
  • the ability to seamlessly rollforward an engagement
  • the ability to automatically generate financial statements
  • the ability to help complete attest procedures
  • the ability to identify potential risks
  • the ability to help create workpapers
  • the ability to automatically prepare audit procedures and create audit workpapers

AuditFile AI is a new product from AuditFile that incorporates artificial intelligence and machine learning algorithms to help auditors complete audits faster and with less risk. Our goal is to deliver easy-to-use, cloud-based tools that give audit professionals the flexibility to incorporate artificial intelligence seamlessly.

AuditFile was recently awarded patent 10,891,294 by the United States Patent and Trademark Office (USPTO). The patent covers the application of artificial intelligence to financial statement audits.

AuditFile AI enables auditors to rollforward audits seamlessly from year to year, while gracefully handling updates to pronouncements and professional standards. It also enables auditors to classify a trialbalance and build financial statements with just a click of a button, saving weeks of time.

Research on the techniques used for AuditFile AI began over a decade ago while the founder, Steven Bong, was employed at the UC Berkeley Department of Statistics. “Artificial Intelligence” is no longer a buzz word, it’s being used by actual AuditFile AI customers today on six continents. AuditFile now possesses the world largest and most complete database of audit data, and new insights are being discovered through the application of machine learning every day! AuditFile AI is like the self-driving car of auditing. Audit software not incorporating artificial intelligence is now obsolete.

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See all of the 2024 Tax and Accounting Technology Innovation Award Winners and Finalists at:
https://www.cpapracticeadvisor.com/2024/08/29/2024-tax-and-technology-innovation-awards/109458/