Key Benefits for Auditing Firms and Their Clients
COST EFFICIENCY AND TIME SAVINGS
Dramatically Reduced Audit Costs
Automation of routine tasks and real-time access to auditable data in a verifiable format significantly decrease the need for manual reviews, cutting costs by increasing productivity of auditors.
Streamlined Reconciliation Processes
Enterprise Blockchain-based reconciliation and AI-driven analysis increases the accuracy and speed of the audit workflow.
Elimination of Seasonal Work Peaks
Triple Entry Accounting enables continuous audits, distributing the audit activities evenly throughout the year. Seasonal spikes that burden staff and resources are avoided.
Tailored Benefits for SMEs
Studies have shown that SMEs pay more in audit fees than large enterprises in proportion of their profits. This is related to auditors overhead and more advanced systems at the larger enterprises. ABENDUM’s TEA solution curtails these costs through automation and real-time data reconciliation, helping SMEs maintain positive revenue margins. By extending the accounting records to triple entry format, SMEs are better prepared for future due diligence processes as a stakeholder or auditor can quickly audit the interim or annual financial statement.
ENHANCED AUDIT QUALITY AND ACCURACY
Superior Audit Quality
The synergy of blockchain and AI delivers unmatched accuracy and security. Data stored in a secure, immutable Enterprise Blockchain system ensures precise, trustworthy audits, while AI swiftly analyzes large datasets to detect irregularities and uncover deeper financial insights.
Real-Time Audits with Continuous Monitoring
Firms can now offer clients real-time auditing services, featuring Continuous Audit capabilities. Blockchain technology safeguards data integrity in real-time, while AI continuously identifies trends, risks and discrepancies.
Automated Full Population reconciliation of accounts with external parties
Moving beyond traditional sample-based testing, Full Population reconciliations can match entire accounts with an external party, providing auditors with massive amounts of the best type of audit evidence.
EMPLOYEE SATISFACTION AND RETENTION
Reduced Employee Turnover
By automating repetitive and time-consuming tasks, auditors can focus on complex, engaging work, leading to higher job satisfaction and lower turnover rates.
STRENGTHENED CLIENT RELATIONSHIPS
Enhanced Client Trust
With a more seamless data sharing process and real-time updates, auditing firms can build stronger, more trustworthy relationships with their clients, emphasizing openness and dependability in every audit process.