A4 Services in Malta has been working on developing and implementing new audit automation software. Company Director Cleven D’amato, who is leading the project, shares details.
This software is designed to streamline and automate the audit process for businesses, helping them save time and improve the accuracy of their audits.
One of the key features of this software is a user-friendly workflow management system that allows auditors to easily track and manage their tasks. This includes features like task assignments, deadlines, and progress tracking in one convenient location. The workflow management system is intuitive and easy to use, making it simple for auditors to stay organized and on top of their workload.
In addition, the software includes image-to-text recognition capabilities that allow users to take pictures of documents, receipts, invoices, and other physical records and have the text automatically extracted. This eliminates the need for manual data entry, saving time and reducing the risk of errors. The image-to-text recognition is highly accurate and can handle a wide range of document types and languages.
Another useful feature is the ability to perform bulk extractions of data from multiple sources. This can save a significant amount of time, especially for audits that involve large amounts of data. With the bulk extractions feature, auditors can quickly and easily gather the data they need from various sources, such as databases, spreadsheets, and online portals.
In addition to these core features, the software also includes a
range of other tools and capabilities that are designed to support the audit process. These include:
- Automated data import and integration: The software can import and integrate various types of data from multiple sources, saving time and reducing the risk of errors that can occur with manual data entry.
- Streamlined testing and analysis: Automated testing and analysis tools can quickly identify errors, discrepancies, and anomalies in financial data, reducing the time and effort required for manual review.
- Customized reporting: The software can generate customized reports and presentations to summarize audit findings and recommendations, saving time and effort that would otherwise be spent on manual report creation.
- Collaboration: Features such as task assignment, document sharing, and real-time updates can facilitate collaboration and communication among audit team members, improving efficiency and productivity.
- Reduced risk of errors: The software can help to reduce the risk of errors and inconsistencies that can occur with manual processes, improving the accuracy and reliability of audit results.
- Increased speed and flexibility: The software can process large amounts of data quickly and adapt to changing conditions, allowing audits to be completed faster and with greater flexibility.
- Mobile accessibility: The software is designed to be accessible from any device, including smartphones and tablets. This allows auditors to access the software from anywhere, at any time.
We are also attempting to add a KYC feature currently in the works.
The KYC feature will allow us to easily and efficiently verify the identity of our clients, ensuring compliance with industry regulations.
Overall, we believe that this audit software has the potential to significantly improve the efficiency and effectiveness of the audit process for businesses of all sizes and industries.
The software remains in the development stage. Therefore we still have some way to go before introducing it to the alliance. Nevertheless, we are providing a brief update on what we are currently working on and how members of BOKS can benefit in the near future.
If you want to learn more about this initiative, please get in touch with Cleven D’amato at [email protected].
