In recent years, the audit technology space has rapidly expanded and has witnessed aa rise in the number of audit technology companies out there and the expansion of offerings these firms are providing. Now in 2021, the competition and diverse range of solutions at hand are leading the way to providing technology solutions for every audit, instead of some audit firms being left out of the benefits in technology, which has historically been the case. This is great news for the profession, both in terms of paving the way to the provision of better quality services and increases competition across the sector.
However, the challenge now is identifying which audit technology company can provide the right tools for your audit. And it’s easier said than done!
Our comparison guide gives a comprehensive insight into Engine B’s selection of next-generation audit technology solutions and how they differ from other audit technology providers’ offerings.
If you’re short on time, we’ve broken down some key points for you to help you better understand what makes Engine B unique.
Engine B extracts the full General Ledger! Most audit technology companies only extract a subset of the ledger. With Engine B, you have all the ledger data you need for an audit. We also extract a full ERP system including sub-ledgers like accounts payable and receivable which allows multi-way matching of transactions to invoices, purchase, or sales orders and similar. This enables controls or business-process focused audit at the click of a button.
Engine B allows the direct plug-in of other tools and analytics on top of data. Our commitment to making the audit market better and more competitive is built into Engine B such that our tools are designed to work openly with other tools, including Microsoft Power BI. That means you can use the tools you already use on top of Engine B if you like them.
Engine B uses the ICAEW supported data model right now, though we are working with other providers to make this more widespread. That means auditor changeover is easier and you know the model we use is complete.
You can find out more about our partnership with the ICAEW here.
Engine B’s Audit Common Data Models and Audit Knowledge Graphs are unique in that they enable the interrogation and analysis of both structured, such as names, dates, ERP systems, and unstructured data, such as PDFs, contracts, invoices etc. Unstructured data extraction companies exist, but they don’t also extract structured data, so you need something to connect it up to your audit data.
We’ve saved the best point ‘til last. The design of Engine B’s product suite is based on experience and we develop all our audit tech products through working collaboratively with auditors. We know from first-hand experience what the pain points are in audit, and why quality is so hard to deliver. We know that audit quality won’t be possible until every auditor has fast, easy, reliable access to client data in a useable format. If you have to spend 60% of your audit time preparing and matching up data to other evidence, you can’t possibly focus on significant judgements. And if you don’t have data until late in the audit cycle, you can’t get a well-evidenced view of the risks.
Rather than innovating alone, Engine B continues to work with partners including the UK’s leading audit firms, Microsoft, academic institutions and is supported by the Institute of Chartered Accountants in England and Wales (ICAEW).