On September 12, 2024, Thomson Reuters announced the launch of their AI-powered Audit Intelligence solutions – a significant milestone for the audit industry. As the Managing Director of Accounting at Validis, I’m excited to share deeper insights into how Validis data is powering this innovation and what it means for the future of audit.
Quality data: the cornerstone of AI in Audits
In the world of AI and machine learning, not all data is created equal. The success of Thomson Reuters’ Audit Intelligence suite is built on the foundation of high-quality, granular data provided by Validis. Our automated data ingestion capabilities ensure that the AI models have access to the most comprehensive and accurate financial information possible. This includes sub-ledger details with underlying transactions from General Ledger, Accounts Receivable, and Accounts Payable.
This comprehensive approach ensures that auditors get the holy grail of audit data: A single source of truth.
From time-sink to strategic-think: the modern audit
Here’s how our combined technologies are transforming the audit landscape:
- Efficient Data Collection: Validis automates the data gathering process, turning a time-consuming task into a streamlined operation.
- Risk-Focused Sampling: Thomson Reuters’ AI strategically segments audit populations based on risk level, powered by Validis’ granular data.
- Advanced Anomaly Detection: AI-driven analysis integrates into existing workflows, identifying unusual items that might be overlooked by human auditors.
- Automated Documentation: Thomson Reuters’ solution generates necessary audit documentation automatically, saving time and reducing errors.
- Enhanced Planning and Risk Assessment: With access to full data populations and AI-driven insights, auditors can now conduct more informed and insightful planning sessions.
More value-add: elevating the client experience
This partnership doesn’t just benefit auditors; it transforms the client experience as well. Clients will enjoy a streamlined process with fewer interruptions and data requests. Moreover, the insights generated from this data-driven approach enable more meaningful conversations between auditors and their clients, shifting the focus from data gathering to strategic advice.
Setting a new gold standard
By joining forces, Validis and Thomson Reuters are raising the bar for the entire audit industry. We’re not just improving existing processes; we’re reimagining what’s possible in auditing. We are combining the best guidance in the industry from Thomson Reuters with the best data from Validis, which will significantly raise the bar in both quality and efficiency .
The future is now: why timely adoption matters
While other industries have already embraced efficient data gathering methods, auditing is now poised to make that significant leap forward. This partnership between Validis and Thomson Reuters is accelerating the adoption of modern data collection techniques in the audit industry.
Auditors who embrace this technology early will gain a competitive edge, offering more efficient and insightful services to their clients. The future of auditing is data-driven, and it’s unfolding right before our eyes. This makes for an easy entry into the AI world for auditing.
When data flows, innovation grows
The combination of Validis’ comprehensive financial data and Thomson Reuters’ industry-leading guidance creates a powerful synergy. This collaboration isn’t just a one-time upgrade; it’s establishing a strong foundation for continuous enhancement as technology evolves. We’re not just adapting to the future; we’re actively shaping it.
Thomson Reuters chose Validis: A testament to quality and innovation
It’s worth noting that when a market leader like Thomson Reuters selects a data partner, it’s the result of rigorous evaluation. Their choice of Validis is a significant endorsement of our solution’s quality, robustness, and innovative approach. It underscores our commitment to pushing the boundaries of what’s possible in auditing and our ability to meet the high standards of industry leaders.
As we move forward with this partnership, we’re excited about the potential to transform the audit industry. By combining Validis’ data expertise with Thomson Reuters’ comprehensive audit solutions, we’re ushering in a new era of auditing that’s more efficient, insightful, and valuable than ever before.
The future of auditing is here, and it’s data-driven, efficient, and more insightful than ever. Reach out to me or the team to find out more about the partnership.
