At SCG, we use MindBridge AI, an artificial intelligence and machine learning audit platform that enables auditors to implement data analytics on their audits.
MindBridge published a case study on our use of MindBridge in May 2022. This article summarises the article and includes a link to download the full case study.
Factors that led to our adoption of MindBridge
We started our journey into data analytics with CaseWare IDEA, but these difficulties led us to consider MindBridge:
- It’s difficult for a small data team to assist with many ongoing audits.
- Identifying risk within large data sets requires individual skills.
- AI not going away. We wanted to get in early and become familiar with AI data tools.
How we started
We started on a small scale. Working with the MindBridge support team, we developed an approach that allowed our audit team to become familiar with the power of MindBridge AI at a reasonable pace.
Once we ingest data, MindBridge does the analysis, and risk scores the transactions. As the process is quick, the audit team soon has the results to assess risk, plan, execute and report on the audit.
Some benefits of using MindBridge AI are:
- Time spent on analysing the data has reduced considerably.
- Confidence in our work and output using the tool because of how thoroughly it works.
- We are enhancing our capacity to use data in our audits.