It’s no secret that automation is transforming industries across the globe, however, Internal Controls over Financial Reporting (ICFR) advisory has yet to catch up. ICFR has remained a manual and time-consuming process, which is highly inconvenient for both clients and auditors. Not only does this old-school approach take many hours of tedious work, but it also fails to provide engaging or rewarding experiences.
But this is all about to change.
We’re proud to introduce "Alethia" – an innovative AI-based software tool developed by our team of experts. Alethia is set to revolutionize the landscape of ICFR advisory by streamlining the auditing process and delivering faster, more effective results.
Alethia is designed to empower auditors and internal audit professionals in their evaluation of internal controls. This cutting-edge AI software simplifies the review process of intricate data and forms and quickly determines whether controls have functioned effectively or not. Alethia is set to be a game-changer for professionals who have been working on ICFR for years, affording them more time for productivity and growth.
Let’s dive into the benefits of Alethia for ICFR professionals:
Efficiency Redefined
Nobody likes being audited. But what if we could make the process quick and painless? Alethia transforms the auditing process, making it faster and more effective than ever before, reducing days of of grueling work to a matter of seconds. ICFR professionals know that cutting back on these laborious hours could free up their time for more engaging work.
Automated Reviews of Unstructured Data
Alethia has the ability to review unstructured data, such as PDF invoices, promptly and efficiently. It searches for and identifies exceptions, eliminating the need for auditors to painstakingly review and analyze individual reports.
Focus on Analysis
With Alethia handling preliminary work, professionals can invest their time analyzing results and assessing control deficiencies, rather than identifying them initially.
Cost Savings
General audit cost savings can amount to tens of thousands of dollars – and that’s a hefty price to pay for time-consuming and monotonous tasks. Alethia offers a solution that not only saves thousands of dollars but also countless hours of work by adopting an AI-driven approach.
Decision Point Advisors with Alethia vs Competitors
Decision Point Advisors, powered by Alethia, is ready to outshine competitors in the ICFR advisory field.
Alethia comprehensively addresses a wide range of risk assertions, including:
Accuracy and Valuation
Existence
Completeness
Rights and Obligations
Presentation and Disclosure
We’ve noticed that AI solutions designed by our competitors typically focus only on fraud risks, leaving a variety of other critical aspects unresolved. Recognizing this gap in the market, we set out to fill it. What was once a multi-week process can now be accomplished in a matter of days with Alethia, providing us with a significant advantage in the market
As we venture further into the age of automation, Alethia is leading the way, transforming ICFR advisory into a faster, more efficient, and comprehensive process.
The future of ICFR stands on the brink of a remarkable transformation, with AI poised to revolutionize every facet of this field. In the next five years, we anticipate a sweeping wave of automation that will reshape ICFR processes entirely. The exponential growth in computing power, driven by pioneers in the AI movement, is propelling us towards a future where efficiency, accuracy, and effectiveness in ICFR will reach unprecedented levels. We’re thrilled to be at the forefront of this exciting transformation with the launch of Alethia.
Alethia is set to launch near the end of its development in Q4 2023, meaning this software will be available for use in 2024. For inquiries or interest, please don't hesitate to reach out to info@dpadvisors as it will be offered as purchasable software for internal audit shops and firms.
With Alethia by your side, the future of auditing has never looked better