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AI in auditing

Konfuzio®

In auditing, there are many processes that involve extensive manual steps and are very time-consuming. The use of artificial intelligence therefore offers great opportunities. By using AI, auditing is supported in various activities and benefits from the optimization of processes.

Use the expertise of our experts to customize Konfuzio AI specifically for your applications. We support you with the ideal technical environment and the necessary know-how.

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Data and AI in auditing

There is a wide range of applications for the use of artificial intelligence in auditing. The focus is on the automation of process steps that can be made more efficient using AI. These are activities that involve a high level of manual effort and are often performed by humans.

The valuation of

  • Portfolios
  • Audit of annual financial statements
  • Situation reports

and the reading of

  • (handwritten) documents
  • Forms
  • Questionnaires
  • e-mails

are processes that involve extensive manual steps and are time-consuming. However, it is not only repetitive standard processes that can be automated using AI in auditing.

Topics that require further cognitive skills, such as evaluating a contract and understanding the content, are also easy to implement using self-learning systems. Konfuzio is ideally suited to increasing net market time so that more customer contact and therefore more business can be generated from existing working hours.

Use Cases

Auditing uses AI to classify incoming mail

Challenge

Auditing is characterized by the cooperation with its clients. The fast and comprehensible exchange of information shapes the relationship. All channels of communication are possible, but information is not uniformly accessible and rarely fully digital.

How can Konfuzio help?

Konfuzio structures the processing of the daily incoming mail by recognizing the type of documents received. As the actual content of the document is examined, it is possible to classify and extract more detailed individual data. For example, it automatically recognizes whether a received document is a fiduciary certificate or if the e-mail refers to ongoing legal proceedings.

Solution

Konfuzio supports the exchange between the auditing firm and its clients. It enables faster processing of incoming mail by displaying the contents of the sent documents at a glance and automatically extracting the contained information in context.

How AI helps auditors to process vehicle registration documents

Challenge

The cooperation between clients and auditing has changed over time on the one hand due to the availability of new technologies and on the other hand with new perspectives, working methods and pricing models on both sides. From the company's point of view, there is a growing expectation not only to take on standard audit tasks, but also to enable detailed full audits. Previously non-auditable documents, such as vehicle registration documents for an inventory check, can now be processed.

How can Konfuzio help?

Konfuzio recognizes individual information from vehicle documents, such as the model or the registration date, and enables a structured and documentable list of the vehicle fleet.

Solution

Clients receive added value within the scope of the consultation. Detailed analyses can be implemented by auditors with the help of technical support without significant additional expense. This increases the value of the service offered to the client.

Data extraction from identity documents within AI-powered auditing

Challenge

At the beginning of every audit, auditors overlook a large flood of data and documents. In order to comply with contractual obligations, evidence must be renewed frequently. Already at the beginning of the audit, clients can be made aware of critical documents such as identification documents of authorized signatories or expiring contracts.

How can Konfuzio help?

Konfuzio provides auditors with an overview of time-critical documents and helps clients to initiate necessary processes at an early stage. The automated recognition of validity dates in ID documents allows for a structured review.

Solution

Konfuzio provides a quick overview of existing legitimation documents and sorts contracts, supplements and other business communication chronologically according to subject areas.

Automated contract analysis through AI for internal audit

Challenge

In portfolio audits, for example to review and check current liabilities, it is necessary to evaluate individual documents of the company and to highlight risks of individual contracts.

How can Konfuzio help?

The preparatory work for the valuation of liabilities is realized by a contract analysis. In this way, the relevant contract contents and special agreements are identified, extracted and clearly presented. In addition, the general conditions, such as credit amounts and payment terms, are read out.

Solution

The automated full check enables granular access to each portfolio - documented in contracts.

Creating real added value for auditing from data through AI

The possible applications of artificial intelligence in auditing are diverse and offer incredible potential.

Konfuzio helps you to understand and validate data from your documents.

We go beyond the partial automation of processes and offer end-to-end automation. In this way, we enable our customers to constantly change and adapt in the digital age. Take full advantage of the competitive edge that can be established through the combination of AI, data and human expertise.

This allows you to create real added value from your data through data-driven value creation.

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