Scalable time-saver on audit procedures
Use Cases and Deployment Scope
MindBridge [Platform] is used solely by the audit department in our company in order to create a more in-depth preliminary risk assessment analytic. The tool is currently only used for its general ledger analysis functionality, but the AR/AP modules are being explored for use as well. MindBridge [Platform] helps the engagement team assess the client's risk on a transactional level, which we use to corroborate the level of testing performed on various account balances and classes of transactions.
Pros
- Simple web layout - easy to navigate throughout the tool
- Dedicated customer success team - always willing to help solve questions and problems that come up
- Provides many resources for success and scalability - ranges from workpaper documentation ideas to training resources
Cons
- Some of the web drop-downs should be formatted differently - they cut-off when you reach the end of the page, and you can't begin typing a keyword to locate what you want (mostly in mapping account groupings)
- Trends analysis doesn't allow a drill-down to the account level.
Likelihood to Recommend
MindBridge [Platform] is an excellent tool to use to gain additional comfort over client's data. The key areas it helps with are analytical procedure risk and inherent risk, but depending on the data you have, it can also be able to assess control risk to a degree. It's a very malleable tool that can be made to fit your client, however, it does require upfront work (as the implementation of any new technology would). The tool may not be scalable for audit work that is very low-risk and requires little hour input in the first place as it may add more hours in the long-run than the normal audit would incur. Our team has used these low-risk audits in our implementation, however, to corroborate the results we get, which we felt has helped us achieve our successes with the tool.
