IRIS launches AI audit software

One of the UK’s leading accounting software providers has announced the launch of the first in a range of products that use artificial intelligence (AI)

Ai Auditor was developed by IRIS Accountancy Solutions in collaboration with technology partner MindBridge Analytics and allows accountants ‘to address skills shortages and deliver new risk and fraud assurance services’. IRIS adds that it will ‘augment the capabilities of auditors’.

Using a hybrid of machine learning and AI techniques, combined with conventional tests, the Ai Auditor uncovers errors and anomalous patterns of activities across the full financial dataset and associates a risk score to each transaction. IRIS says this results in ‘greater insights and higher assurance that the financial records are free of material error, thereby lowering the overall risk exposure’.

The software is innovative in that it analyses all the transactions rather than taking a sample. Using a hybrid of artificial intelligence, machine learning, statistical models and rule-based tests, 100% of transactions can be analysed delivering far greater assurance. It provides operational efficiency by automating the loading of financial data and calculating a ‘risk score’ for each transaction which in turn allows the auditor to prioritise items requiring further investigation. Findings and audit trail details can be exported to an Excel file format and shared with clients, increasing transparency and complying with audit standards.

The launch comes amid growing interest within the audit profession in AI’s ability to reduce repetitive, time-consuming and redundant tasks and make time for more lucrative added-value consultancy for clients.

‘Accountancy practices are looking to evolve beyond compliance services. We believe firms can transform their practice by unlocking client and practice data to deliver advisory-based services, and generate more business opportunities to empower accountants to thrive in the digital accountancy economy.’ said IRIS CEO, Sion Lewis.

Eli Fathi, CEO of MindBridge Ai said: ‘The roles and processes of auditing, and the people working in that area will remain the same, but the way we conduct audits will change to address these new realities.’

Report by Rob Munro

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