Auditors are currently under enormous regulatory pressure to audit companies' ever-increasing reporting requirements. At the same time, audits are expected to be increasingly in-depth and detailed, ensuring nothing escapes the auditor's attention. The industry is facing increasingly stringent legal liability obligations, making it increasingly difficult to handle audit engagements cost-effectively and without increased personal liability risk.
This challenging regulatory development is compounded by an increasingly severe shortage of skilled workers. According to a 2022 survey by the Frankfurter Allgemeine Zeitung (FAZ), over 33 percent of auditors are older than 60, and 75 percent of audit firms are suffering from an acute shortage of skilled workers. In addition, the training period for new auditors, even after completing their studies, is still very long and requires years.
The AUDAVIS platform combines data analytics, AI, and industry expertise to co-pilot auditors throughout the entire audit process. AUDAVIS automates the preparation and AI-supported pre-assessment of complex ERP and accounting data, allowing auditors to save up to 60% of working time – a real game changer, especially in times of severe skills shortages in the industry. In addition, AUDAVIS ensures a full audit of all accounting data, replacing the statistical sampling procedures often used previously and identifying particularly conspicuous transactions, allowing auditors to delve deeper into these areas and apply their professional expertise in a targeted and effective manner. AUDAVIS thus significantly reduces the liability risk of overlooking a particularly serious error in the financial data.
In addition, in the second evolutionary step, AUDAVIS will also become interesting for companies as continuous auditing activities for CFOs and internal auditors.
Otrek Wilke
