Artificial intelligence in auditing

Artificial intelligence offers great opportunities for auditing. Through the use of AI, auditing is supported in various activities and benefits from an optimization of processes. Use the Konfuzio platform to train our AI specifically for your applications. We support you with the ideal technical environment and the necessary know-how.

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Data & AI in auditing

In auditing, there is a wide range of applications for the use of artificial intelligence. The focus is on the automation of process steps that can be made more efficient through AI. These are activities that involve a high level of manual effort and are gladly abandoned by humans. The evaluation of portfolios, auditing of annual financial statements or management reports, reading out (handwritten) documents or e-mails: processes that involve extensive manual steps and a high expenditure of time. 

But not only repetitive standard processes can be automated by AI in auditing. Topics that require further cognitive abilities, such as evaluating a contract and understanding the content, can also be easily implemented by self-learning systems. Konfuzio is ideally suited to increase net market time, so that more client contact and thus more business can be generated from existing working time.

Auditors can use AI to classify incoming mail

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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.

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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.

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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.

Email traffic sample

How AI helps auditors to process vehicle registration documents

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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.

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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.

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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.

Vehicle registration document sample
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    Data extraction from identity documents within AI-powered auditing

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    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.

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    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.

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    Solution

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

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    Automated contract analysis through AI for internal audit

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    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.

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    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.

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    Solution

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

    Credit agreement revocation instruction sample

    Understanding contracts and helping clients through AI-powered auditing

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    Challenge

    With the introduction of IFRS 17, for the first time the international insurance industry can rely on a uniform set of rules for the accounting treatment of insurance products as well as for GUV accounting. The effort involved in applying the internationally comparable regulations is immense. Auditing firms are now required to support insurance companies in their transition to the new standard.

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    How can Konfuzio help?

    Konfuzio can make a considerable contribution to the evaluation of insurance policies in the portfolio of insurers. The automatic extraction allows the preparation according to different lines of business and contract details.

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    Solution

    The preparation of insurance policies enables a uniform treatment of all types of insurance policies. Auditors thus support their clients in the insurance industry with the introduction of the IFRS 17 standard.

    Insurance Certificate Policy Sample

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