It's time for auditors to implement new strategies.
Pros
- Using the output from MB AI we have been able to reduce the inherent risk and analytical procedures risk assessments in our audits which have reduced our substantive testing sample sizes.
- The output from MB AI allows us to focus on the medium risk and high risk transactions that were recorded in the general ledger during the year.
- Our younger, more technologically advanced team members really enjoy working with MB AI.
Cons
- Because the software is so robust, the learning curve is fairly lengthy, but MB's customer service has been fantastic.
Return on Investment
- We are finding that sample sizes and overall risk assessments are decreasing with then correlates to reduces audit hours on engagements.
- The learning curve is fairly steep in the first year and this offsets most of the efficiency gains in that first year.
- Our audits are more effective as MB AI is identifying high and medium risk transactions that we may not have identified using traditional audit procedures.
Other Software Used
Wolters Kluwer CCH ProSystem fx
