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AI Will Not Replace Auditors – Yet

May 5, 2022

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Artificial Intelligence is a term being used by some to spread the message that machines are going to replace the human workforce, including auditors. This is true—to an extent. AI has so many layers, definitions, and applications that AI can be confusing to understand. At its core, a simple definition is that AI is human […]

Robotic Process Automation (RPA) – Internal Audit Use and Risks

April 5, 2022

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When you think of Robotic Process Automation (RPA), you may think of a physical robot sitting in your office saying, “beep beep boop.” But it’s more complex than this. It is software that mimics our own behavior in order to perform a sequence of steps without human intervention. RPA, or “software robotics,” is a branch […]

Machine Learning and Audit

March 15, 2022

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The moment you talk about Machine Learning, the world drifts to a mythical zone. A place of futuristic predictions with data and numbers. But that is only partially true. Machine learning harnesses the power of algorithms to derive predictions from data. Computational machines learn and improve themselves in this process to predict better. Hence Machine […]

Importance of Data Analytics & Business Intelligence

June 29, 2021

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By: Vlad Petskel Data Analytics & Business Intelligence is changing the world drastically, and we have to adapt as working professionals. What is Data Analytics and BI? Data Analytics and Business Intelligence are data management solutions implemented in companies and enterprises to collect historical and present data, while using statistics and software to analyze raw […]

Best practices for running payroll

June 23, 2021

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By: Alex Babin Payroll has important significance in accounting practice. It’s typically the largest operating cost and in the past, it was a common place to find fraud. There are four major reasons that it’s more difficult for fraud these days: 1) segregation of duties; 2) computers with proper controls for payroll preparation, 3) frequent […]

The Blockchain and Cryptocurrency: A New Alternative Asset Class

May 18, 2021

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By: Vlad Petskel Cryptocurrencies and other blockchain assets are what people like to refer to as “smart money.” They are designed to remove the need for intermediary third parties such as banks and replace them with a consensus protocol. This allows a group of anonymous parties to build a trustworthy network and ledger, cutting out […]

What is Blockchain and why is it important?

April 23, 2021

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By: Vlad Petskel Back in 2008, a cryptocurrency known as Bitcoin brought many new opportunities for online transactions. While Bitcoin sparked change in the financial world with a new form of digital currency, it’s the blockchain technology behind it that can potentially cause huge waves of disruption in several industries. What gives blockchain so much […]

The Complete List of JE Tests

October 20, 2019

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Why Do We Have To Do It? Because AS 2401 (PCAOB), AU-C 240 (ASB), and ISA 240 (IAASB) say so. Okay, but why should we do it? Why Should We Do It? The regulators are using analytics to uncover financial statement fraud. Therefore, we need to use it so we aren’t left at a disadvantage. […]

Duplicate Invoice Analytics

May 5, 2019

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Duplicate invoices should be identified as part of your audit analytics program to determine if the company being invoiced is paying for services or products they’ve already paid for. The company sending the invoice could be doing it maliciously to get paid twice for the same work performed or product sold or it could be […]

What is Audit Analytics?

December 5, 2018

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According to Investopedia, “data analytics is the science of drawing insights from raw information sources.” Additionally, “internal audit is the examination, monitoring and analysis of activities related to a company’s operations, including its business structure, employee behavior and information systems.” With definitions like that it comes as no surprise that so few of us, in […]

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