DataSnipper, the intelligent automation platform, announced the launch of the new Financial Statement Suite, transforming data in the audit and financial industry.
The Financial Statement Suite automatically analyzes financial statements and helps to perform and document all financial statement procedures exceptionally fast, while still allowing for professional judgement.
The new Financial Statement Suite boasts a range of improved AI features. These include the ability to automatically verify the mathematical accuracy of the figures in financial statements; easily review the internal consistency of the amounts in the financial statements and cross-reference the data; and effortlessly compare two financial statements when checking for prior year consistency.
“The Financial Statement Suite provides major efficiency improvements and is offering features that truly support our teams in analyzing financial statements at scale. It drives the standardization of our procedures to increase overall quality of service.” said Marco de Kruijk, BDO.
The PCAOB found that 34% of audits in 2021 and 29% in 2020 had deficiencies. Based on the financial statements, roughly 6 in 10 audits were flawed.
Data continues to grow rapidly, and auditors are left doing repetitive processes traditionally, negatively impacting the quality of work. Many financial organizations are integrating AI to alleviate repetitive tasks with effortless data validation.
DataSnipper surveyed 120 audit and finance professionals on their view of Artificial Intelligence. 82% agreed that they would be more inclined to stay at a company that has AI initiatives in place. 52% of participants disagree that AI will replace their role in the future. Companies that have implemented an AI initiative are seeing a change.
The PCAOB explicitly stated, “Technology or computer assisted analysis is a tool that can enhance, but not replace, human professional skepticism and professional judgement.” The Financial Statement Suite is built around the auditor, as an extension of their own expertise, making them more efficient and productive. This reduces manual work, streamlines document processing, and significantly increases efficiency and overall quality of work.
DataSnipper continues to be the trusted intelligent automation platform used by audit and finance professionals. This suite offers robust capabilities that add value for clients, internal purposes, tax procedures, and financial control.
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