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Transforming UK audit analytics
24 January 2018
Kingston Smith has joined forces with MindBridge Analytics, to help the top 20 firm use artificial intelligence to transform and future-proof its audit processes.
Kingston Smith believes MindBridge’s Ai Auditor will allow it to rival the Big 4 in the application of AI technology and at the same time help debunk the misconception that AI benefits come at a multi-million pound price tag.
Partner Becky Shields explained: “There has been much hype around AI to date, but a by-product of that has been a perception that it ids costly and complicated to implement, which needn’t be the case.”
She went on to say “rather than our trainees using random number sampling or trying to pick risky transactions out of a large set of data the MindBridge Ai Auditor ranks all transactions on perceived risk.” Shields felt this stands up to scrutiny by the regulators and offers a robust, objective reasoning for each sample selected.
And, she said the solution will also become more accurate at assessing the riskiness of transactions over time.
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