Digital audit transformation: Collecting and ingesting data

No more manual account grouping

AI can automatically classify accounts based on your firm’s established preferences and prior-year mappings, applying these rules consistently across engagements. This includes creating standardized tax groupings that align with your tax preparation requirements.

Once groupings are complete, the system can export directly into your tax software, eliminating duplicate entry and ensuring consistency between the audit and tax processes.

Multi-format data ingestion

AI-enabled ingestion tools can accept structured data from ERP systems, unstructured spreadsheet files, and exports from multiple platforms. The technology standardizes this information into a single, workable format, ready for review and analysis.

Automated validation

AI-driven validation checks catch problems before they become problems. The system can spot inconsistencies, flag missing elements, and identify data that looks suspicious. Addressing these issues before fieldwork begins ensures a smoother audit process.

Pre-processing for analytics

The real magic happens in the pre-processing phase. Instead of discovering data problems during fieldwork, AI can identify and flag issues before you even start testing. The system will highlight problems and anomalies so you can do your work with confidence.

This allows for preliminary risk assessments, identification of unusual trends, and more precise planning before substantive testing starts. 

Direct system integration

You can also deploy direct integration with client systems through secure APIs and open banking connections. Instead of relying on whatever export the client remembered to send you, you can pull financial data directly from the source.

It's real-time, it's accurate, and it eliminates the telephone game that happens when data passes through multiple hands.

Building your AI-enabled tech stack

Leverage the power of Wolters Kluwer tax and audit practice management software tools, including:

• CCH Axcess™ Engagement: Centralizes all data collection activities and provides comprehensive project oversight capabilities.
• TeamMate Document Linker: Connects collected data to relevant audit documentation and working papers.
• CCH Axcess™ Portal: Facilitates secure data sharing and communication throughout the collection process.

Firms that embrace automated data collection are spending less time wrestling with spreadsheets and more time doing actual audit work. After years of data collection headaches, that peace of mind is worth its weight in gold.