AlgoAudit

Why AlgoAudit

Auditors face a number of challenges when performing audits manually These challenges can include:

Large volumes: Businesses are generating more and more transactional data. The knock on effect of this can be audit samples that grow larger and larger. Continuing to audit transactions in a manual way not only requires more effort, but can also lead to lower margins on audit engagements.
Time constraints: A perennial problem that all auditors face is that the required audit informationa and evidence is not always provided timeously by their audit clients. This results in a situation where auditors spend a lot of time waiting, then suddenly receive documents at the last minute, putting pressure on audit teams to conclue audits timeously. Not only is this stressful for all involved, but can compromise the quality of the audit.
Attention to detail: It can be difficult for junior auditors to pay attention to detail that is in the audit documents. This is exacerbated by the monotonous nature of the work involved in reviewing documents, as well as the volumes involved and the aforementioned time pressues. Discrepancies in this process could lead to lower audit quality and ultimately to financial mistatements.

Given all these challenges, Algonomix has built a subscription-based product AlgoAudit, which aims to assist auditors in dealing with these challenges by automating certain aspects of the audit process. Specifically, AlgoAudit automates the review of audit documents / evidence such as invoices. It does this by leveraging artificial intelligence to extract pertinent information from audit documents, and then using data analytics to recalculate amounts and highlight documents with errors on them. To see AlgoAudit in action, see the demo video below.

AlgoAudit demo

AlgoAudit pricing

Package	Pages per Month	Monthly Fee
Bronze	25	R225
Silver	50	R350
Gold	200	R1 000
Platinum	500	R2 000
Diamond	2 000	R7 000

Please note: Each package includes one user. Additional users can be added for R100 each within the same package.

Click the button below if you are ready to sign up.