Global CPA Firm Revolutionizes Audit Processes with AI-led Automation

August 11, 2023
inform-user

People

Internal Auditors, Executive Management 

Ask-a-System

Apps

Proprietary Audit Playbooks

Outsourced Internal Audit

This Global CPA, Consulting and Technology firm provides tax, consulting, audit and technology services to clients across nearly two dozen industries. Thousands of their clients hire firm to completely or partially conduct internal audit functions. This CPA firm has hundreds of documented audit playbooks for each industry they serve that help their customers efficiently and effectively identify risks in the organization.

Traditional, legacy audit platforms limit this CPA firm’s ability to scale audits across organizations while controlling costs. It realized to be more competitive in the market and to provide more value to its clients, the CPA firm needed to perform more audits more frequently and at a lower cost.

Traditional audit processes often require the auditor to request data and reports, read and process information and then complete the audit workbooks. Much time is spent requesting and waiting on data, then processing data. Little time is left for analysis and recommendations.

Krista Audit Assistant Transforms Internal Audit

This CPA firm is transforming its audit offering by adopting Krista’s Audit Assistant Solution. Audit Assistant leverages Krista’s leading automation capabilities, integration platform, and AI/ML capabilities – including Krista’s Bring Your Own Model offering, Document Understanding, Generative AI, and computational capabilities. Instead of manually performing spot audits, the firm now can perform continuous monitoring across critical processes. This leads to higher quality, more revenue, higher customer satisfaction, and greater awareness of risk as it emerges instead of well after the fact.

Krista Audit Assistant allows internal auditors to link their playbooks to one or multiple data sources in a no-code manner. Data is immediately transformed, and Krista recognizes if the evidence properly passes the audit/control tests, then completes the audit workpaper and if necessary, creates follow-up issues for tracking purposes. Since this is automated and powered by AI, the auditor has a greater capacity to perform deeper analysis and perform more audits.

AI-powered Automation Scales Scope and Improves Visibility

Krista is revolutionizing the auditing process for this firm by enhancing efficiency, precision, and transparency. In the inaugural phase, over 500 auditing playbooks are being automated for healthcare providers. This not only allows auditors to perform comprehensive, ongoing monitoring of critical processes but also frees up their time for more in-depth analysis and higher volumes of audits. For clients, this enhanced visibility into their operations facilitates better risk management and compliance. The firm, in turn, benefits from increased revenue and customer satisfaction due to superior service quality.

Looking forward, the firm plans to explore the audit data using AI, looking for anomalies and outliers. The insight will help the auditors modify and create new audit playbooks. Krista Audit Assistant brings together people, process, and technologies to orchestrate compliant outcomes, provide enhanced risk awareness and accelerates risk management.

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