IRIS has launched a suite of artificial intelligence products and services for accountants practice.
The software group’s first product in this offering is the Ai Auditor™, which has been developed by MindBridge Analytics Inc.
The tool enables accountants to address skill shortages and deliver risk and fraud assurance services.
Reducing labour intensity
MindBridge Ai Auditor improves financial audits by reducing labour intensity and maximising audit assurance by leveraging AI to augment the capabilities of auditors.
Using machine learning and AI techniques, combined with conventional tests, the Ai Auditor uncovers errors and anomalous patterns of activities across the full financial dataset. It then associates a risk score to each transaction.
This results in greater insights and higher assurance that the financial records are free of material error, thereby lowering the overall risk exposure.
Added value consultancy
AI is generating much interest among accounting and finance professionals as there is an appetite to reduce repetitive, time-consuming and redundant tasks and create practice capacity for more lucrative added-value consultancy for clients.
According to the ICAEW, “accountants are well placed to work effectively with data analytics, as they combine high levels of numeracy with strong business awareness. These trends will accelerate with AI.”
Sion Lewis, CEO of IRIS, says: “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.
Explosive growth of big data
“Our new partnership with MindBridge Analytics in bringing the Ai Auditor to the UK market is a big stride in this direction.”
“With the explosive growth of big data, and with an ever more connected, globalised world, the way we approach auditing must change, and it must change significantly,” says Eli Fathi, CEO of MindBridge Ai.
“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. Together, MindBridge Ai and IRIS can accelerate this transformation.”