Robotic Audit Automation
The most powerful solution for automating substantive audit tests
Robotic Audit Automation
The most powerful solution for automating substantive audit tests
WHY ROBOTIC AUDIT AUTOMATION?
Eliminate repetitive work
Save costs
Consistent quality
Eliminate repetitive work
Save costs
Consistent quality
Eliminate repetitive work
Save costs
Consistent quality
THE AUDIT PROCESS
In order to issue an audit opinion, auditors perform a wide variety of audit procedures. Substantive tests of details is an essential procedure for obtaining and documenting sufficient appropriate evidence on which the audit opinion is based. To perform these tests lots of unstructured data, like documents, emails and images are collected, processed into digital audit files, and reconciled with the selection before the auditor can review the result. This labour-intensive process of extracting, processing and reconciling data is time consuming, costly, and restrains operational flexibility.
THE AUDIT PROCESS
In order to issue an audit opinion, auditors perform a wide variety of audit procedures. Substantive tests of details is an essential procedure for obtaining and documenting sufficient appropriate evidence on which the audit opinion is based. To perform these tests lots of unstructured data, like documents, emails and images are collected, processed into digital audit files, and reconciled with the selection before the auditor can review the result. This labour-intensive process of extracting, processing and reconciling data is time consuming, costly, and restrains operational flexibility.
Tests of details
“Up to 80% is automated by Robotic Audit Automation”
HOW DOES IT WORK?
HOW DOES IT WORK?
RobotX has developed Robotic Audit Automation, an intelligent and secure solution that is capable of extracting, processing and reconciling any document to any selection with unprecedented speed whilst adhering to stringent quality standards, on an industrial scale. Robotic Audit Automation eliminates the time-consuming, repetitive and low judgment work that takes up to 80% of the time spent on tests of details procedures while enabling professionals to be more efficient in the work that remains. Using Robotic Audit Automation in the audit process is ISA compliant and adheres to the highest security, quality, and confidentiality standards.
RobotX has developed Robotic Audit Automation, an intelligent and secure solution that is capable of extracting, processing and reconciling any document to any selection with unprecedented speed whilst adhering to stringent quality standards, on an industrial scale. Robotic Audit Automation eliminates the time-consuming, repetitive and low judgment work that takes up to 80% of the time spent on tests of details procedures while enabling professionals to be more efficient in the work that remains. Using Robotic Audit Automation in the audit process is ISA compliant and adheres to the highest security, quality, and confidentiality standards.
Start
New tests are initiated by the auditor using a secure and intuitive portal. All tests are pre-configured to comply with ISA requirements and are customizable by the auditor to meet every audit need. The documentation to be tested is securely uploaded using a quick process that requires no pre-work from either the auditor or the audit client. New tests can be started 24/7 and takes only a minute to complete.
RobotX Audit System
The uploaded documents are classified and extracted by the machine learning OCR engine. Next, the documents are processed and linked to the selections using our advanced proprietary algorithms. Once the supporting documentation is matched with the selections, the required assertions are tested with our leading proprietary audit technology before the results are ready for review by the auditor.
Review
Upon completion of the testing, the work is ready for review by the auditor. RobotX provides a fully documented test file, containing ISA compliant audit evidence that is easy to review and integrate into existing audit files. Using Robotic Audit Automation, auditors focus entirely on evaluating the audit evidence, following up on anomalies and thus increasing the overall quality of the audit and all the while saving time.
1. Start
New tests are initiated by the auditor using a secure and intuitive portal. All tests are pre-configured to comply with ISA requirements and are customizable by the auditor to meet every audit need. The documentation to be tested is securely uploaded using a quick process that requires no pre-work from either the auditor or the audit client. New tests can be started 24/7 and takes only a minute to complete.
2. RobotX Audit System
The uploaded documents are classified and extracted by the machine learning OCR engine. Next, the documents are processed and linked to the selections using our advanced proprietary algorithms. Once the supporting documentation is matched with the selections, the required assertions are tested with our leading proprietary audit technology before the results are ready for review by the auditor.
3. Review
Upon completion of the testing, the work is ready for review by the auditor. RobotX provides a fully documented test file, containing ISA compliant audit evidence that is easy to review and integrate into existing audit files. Using Robotic Audit Automation, auditors focus entirely on evaluating the audit evidence, following up on anomalies and thus increasing the overall quality of the audit and all the while saving time.
THE PLATFORM
THE PLATFORM
The RobotX platform comprises several elements that are built on industry-leading cloud computing technology with scalability in mind. The innovative audit applications are purpose-built to provide superior performance, system reliability, and data safety. The layered security model provides world-class protection for all areas of the product including network security, server security, process security, and application security.
The RobotX platform comprises several elements that are built on industry-leading cloud computing technology with scalability in mind. The innovative audit applications are purpose-built to provide superior performance, system reliability, and data safety. The layered security model provides world-class protection for all areas of the product including network security, server security, process security, and application security.
Interactive portal
The RobotX portal is the single point of contact for the auditor. It is where new tests are started, progress can be tracked and results are downloaded. The portal is designed to give the auditor complete control with an easy-to-use interactive process.
Smart OCR technology
Documents sent to the server are automatically classified and sorted before the relevant data is extracted. Supervised machine learning techniques give RobotX the ability to continuously improve its classification and extraction algorithms. Quality is safeguarded with advanced confidence thresholds that continuously monitor and validate every step. This process results in the possibility to classify and extract documents on a massive scale while ensuring the highest quality standards.
RobotX MatchMaker
The RobotX MatchMaker consist of a two-step process. First, the unstructured unsorted documents are linked to the selections. Then, the audit as configured by the auditor in the portal is executed. The proprietary audit technology of RobotX consists of advanced self-learning algorithms and a purpose-built workflow-driven operator application for quality control. The RobotX MatchMaker is capable of quickly and accurately handling an enormous quantity of selections in a fraction of the time it takes a human to perform these tasks.
Interactive portal
The RobotX portal is the single point of contact for the auditor. It is where new tests are started, progress can be tracked and results are downloaded. The portal is designed to give the auditor complete control with an easy-to-use interactive process.
Smart OCR technology
Documents sent to the server are automatically classified and sorted before the relevant data is extracted. Supervised machine learning techniques give RobotX the ability to continuously improve its classification and extraction algorithms. Quality is safeguarded with advanced confidence thresholds that continuously monitor and validate every step. This process results in the possibility to classify and extract documents on a massive scale while ensuring the highest quality standards.
RobotX MatchMaker
The RobotX MatchMaker consist of a two-step process. First, the unstructured unsorted documents are linked to the selections. Then, the audit as configured by the auditor in the portal is executed. The proprietary audit technology of RobotX consists of advanced self-learning algorithms and a purpose-built workflow-driven operator application for quality control. The RobotX MatchMaker is capable of quickly and accurately handling an enormous quantity of selections in a fraction of the time it takes a human to perform these tasks.