“The data ingestion alone, using advanced robotic process automation and backstopped by Inflo’s expert data science team, will transform the profession’s use of data analytics by solving the data ingestion hurdle for firms of every size” said Scott Spradling, VP of Thomson’s Audit and Accounting Segment.
Info says its Intuitive Data Ingestion Wizard guides users through multiple extraction techniques for each accounting system and recommends which technique will yield the best results.
Those capabilities are part a suite with six modules which analyze, test and report on data to spot irregularities in transactions in company financial systems. Features include automated sampling and substantive testing and automated workpaper generation, business process mining, continuous auditing and compliance.
Spradling said some modules will be packaged in a baseline solution that firms will need to get started. Another key factor is that Inflo will be tightly integrated into the suite so that data analytics are integrated as part of the audit
The Inflo modules are Request & Share for extracting data from accounting systems; Assess & Scope performs variance analysis and visualization of data; Verify & Review automates analysis, visualization and testing; Interrogate & Evaluate identifies transactions demonstrating unusual characteristics and posing the greatest risk; Focus & Assure mines business processes to visualize financial data and highlights transactions diverging from expectations; and finally Insights automates calculation of financial KPIs, statistics and measures benchmarked against large peer-groups .
