WithumSmith+Brown – Transforming the Traditional Audit

Client Challenges

Withum is the 27th largest accounting firm in the US, with roughly $150m in revenue, a staff of about 900 and 2,000 audits conducted annually. The firm believes the traditional audit faces challenges in the mid-term, based on the following trends:

  • Lenders seeking alternative forms of data for decisioning
  • Commoditization of audit driving down prices
  • Limitations of data creating inability to sell value-added services

Withum had been investigating automation of data analysis to protect against these challenges, and Validis offered an excellent fit.

“The traditional audit is dead.” – Jim Bourke, Head of Audit Transformation, Withum

Success Factors

Clear client engagement strategy: Validis team worked closely with both partner in charge of audit technology and the project audit manager to both drive senior level buy-in and to facilitate the operational success of the project. Smooth service delivery: Validis was able to quickly add a new software connector to improve client coverage, and to deliver the core service aspects, including creating a client portal, smoothly. Excellent client relationship: the Validis team continue to work with Withum to evolve the platform, and lead partner Jim Bourke has been a strong advocate of the product at conferences, referring to Validis as the future of audit technology.

Validis Engagement and Solution

Software Trial > Initial Uploads Acquired > Withum Branded Portal Goes Live> Success Leads to Firm-Wide Deployment > Feedback Leads to Development of Additional Features

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