How Changepond automated a tedious
How Changepond automated a tedious
Audit report generation process using AI/ML?
ML/RPA-powered
Intelligent Audit report Generator
Manual SOC Audit report preparation is a tedious task involving processing a number of documents, extracting appropriate data, and generating the report. The following is a brief outline of how Changepond improved the process with an AI/ML-powered solution.
About customer
The customer is one of the top 10 tax and audit firms in the US. Every year, the firm processes over 10,000 documents in the preparation of SOC audit reports.
About customer
The customer is one of the top 10 tax and audit firms in the US. Every year, the firm processes over 10,000 documents in the preparation of SOC audit reports.
Challenges
with Manual Processing
Requires a dedicated team to process files
High processing time
Prone to a clerical error
Challenges
with Manual Processing
Requires a dedicated team to process files
High processing time
Prone to a clerical error
Solution
Changepond implemented
a two-step solution
Step 1
The ML stage
File processing and data extraction
Step 2
RPA bot stage
SOC memo file preparation and sending it to the corresponding user(s)
Benefits
80% reduction in workload
5x increase processing power
The processing time has been reduced to
100% accuracy and reliability are achieved
Analyst Speak
Automation of internal controls can play a role in not only reducing financial reporting and audit risks but also audit cost
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Gartner
There are clear opportunities for audit teams to automate the many repetitive, low-value, time-consuming activities and free auditors’ time for higher-value tasks
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Gartner