Why are our audit fees rising and how can I make it stop?
My audit fees keep increasing – is it worth it?
Too much risk
Most audit and accounting teams come to a point where internal sampling of financial transactions is insufficient. Sample sizes of 4-8% of financial transactions are just too little, exposing an organization to too much risk.
Making a decision
When an organization decides it needs to more broadly monitor its financial data, it typically pursues one of two options: it seeks to either build its own audit monitoring using commercially available analytics tools or turns to a purpose-built application.
Only for the brave
To build a financial risk discovery and monitoring platform requires deep domain and technological expertise. For teams that seek to build such, they quickly discover that preparing their financial data for analysis—it’s cleansing and preparation—is difficult and tricky.
Even the brave fail
When combining data from multiple sources, including their ERP, T&E, Treasury and banking statements, and geographies, it becomes even more difficult. Teams may spend years and dedicate multiple team members to such an effort which becomes costly and inefficient. And when team members leave, their knowledge and expertise to manage the system, may leave with them.
Time is money
For this reason, more and more audit and accounting teams are choosing purpose-built financial risk discovery and monitoring platforms. While many of these solutions promise out-of-the-box anomaly detection and monitoring, none of these can deliver without considerable setup and data preparation. This means time to value is delayed.
AI can’t do it alone
More and more of these solutions are basing their controls and monitoring on machine learning technologies and AI instead of domain expertise. While Supervizor loves AI and has rapidly deployed and continues to deploy numerous incremental AI controls and techniques in our platform, our customers rely on our audit and accounting expertise and modelling of more than a million financial transactions that allow us to understand over 97% of all transactions, regardless of their source or geography, after just the first analysis. And this changes everything
The quickest time to value
Supervizor was built by audit and accounting experts and is the only solution available today that automatically recognizes transactions and classifies them by accounting type to create a single, unified ledger across multiple ERPs and geographies. This means there is minimal setup and no data preparation or cleansing. In other words, Supervizor provides the quickest time to value so your audit team can find risk in your financials almost immediately.
The broadest risk coverage
Also, and unique to Supervizor, is the breadth of risk that can be monitored for and detected—and one that is constantly growing. Spanning AP, AR, Treasury, T&E, compliance, banking details and numerous other transaction sources, Supervizor offers more than 350 out-of-the-box AI and rules-based controls which look for specific risk types. And this grows daily as more and more transactions are analyzed for risk across new data sources and geographies. These capabilities make Supervizor the most comprehensive financial discovery and monitoring solution available.
Find risk before risk finds you™ with Supervizor.
My audit fees keep increasing – is it worth it?
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