The number of accounting scandals is amazing. Most result in re-stating the accounts and some in major scandals. The issue of regulatory oversight is frequently in the press. However, even with enforcement increasing and getting penalties higher, a new accounting issue is never far behind. It continues to get worse. Just look at the impact on […]
enhancing professional judgment with faster results and deeper insights MindBridge is bridging the gap between human and artificial intelligence by enhancing professional judgment across multiple industries. Recent advancements in artificial intelligence have enabled a new class of converged analytics to analyze financial transaction flows and better detect anomalies – unintentional mistakes/errors and intentional. Using algorithms […]
MindBridge Ai Auditor is a revolutionary approach to analyze financial transactions to detect anomalies – unintentional and intentional – by automating manual processes and providing a risk-based assessment to help organizations ensure compliance and minimize their exposure to financial loss and liability. MindBridge Demystifying AI — Unlocking the Black-Box Syndrome Key Benefits: MindBridge AI […]
On June 16th, after months of talking to awesome clients like yourself, we are happy to announce that we will soon be offering an in-app support (complete with in-app chat) feature to get you all the help you need to use the MindBridge Ai-Auditor effectively! Soon, you’ll log in to your accounts, and you will […]
Machine learning is the subfield of computer science. computers have the ability to learn without being explicitly programmed It evolved from the study of pattern recognition and computational learning theory in artificial intelligence. Data scientists construct algorithms that learn from the data and adapt over time. The focus is statistical learning. Machine Learning deals with predictions and […]
MindBridge Ai-Auditor Local Yes. The MindBridge Ai-Auditor local on site installation is possible. The setup is a little involves, so your IT would work closely with experts at MindBridge AI. The minimum requirements to deploy the MindBridge Ai-Auditor in your environment are: 6 vCPU, 24 GB RAM 3 disks OS – 16 GB ○ Data […]
Are there any specific accounting packages that MindBridge Ai-Auditor cannot recognize the data set?
Technically, No. We’re able to ingest exports from most accounting software programs into the MindBridge Ai-Auditor and use it in our financial risk assessment services. However, some data massaging might be needed to have them conform to some requirements. Memo Account Number Account Description Posted Transaction ID Debit Credit If anything fails during upload, we’ll […]
What does machine learning mean in the context of MindBridge AI-Auditor? Can you tell me what specifically MindBridge AI-Auditor does?
The MindBridge Ai-Auditor machine learning translates every incoming GL into a language the machine understands (the 5 account mapping feature). Because of this translation, the machine is able to understand the monetary flows within a GL and identify unusual transactions. Traditional CAAT tools don’t do that, they simply scan numbers in isolated (for example show me […]
MindBridge Ai-Auditor Internal Audit We are an authorized agent of MindBridge Analytics Inc. We would be pleased to help you get a license for the MindBridge Ai-Auditor Internal Audit. As machine learning consumes large amounts of computing power, the license is based on the expected number of general ledger transaction that you would test. This […]
Yes. CAS 240 is the Canadian Audit Standard that deals with the risk of management override of control. This standard needs to be met in all financial audits regardless if the auditor’s risk assessment gives concern for such an override or not. This risk is unpredictable and requires special audit considerations. The main approach suggested in […]
A prudent safeguard is always to consult experts. The MindBridge expert system — MindBridge Ai-Auditor — has been built in collaboration with audit professionals and engaged multiple experts in the field to augment its ability to find unusual and incorrect financial patterns. Generating a risk score that combines the “expert analysis” with transaction flow analysis, […]
Below is a comparison of MindBridge versus traditional audit analytics tools. Criteria Traditional Audit Analytics Tools MindBridge Winner Coverage of testing 100% of known areas of interest 100% of known and unknown cases MindBridge Proven usage Trusted, but outdated technology Breakthrough technology, with growing evidence of its effectiveness Tie (MindBridge positioned to surpass) Knowledge curve […]
Yes. The financial statement fraud case study shows how traditional audit techniques missed the fraud and MindBridge Ai-Auditor detected it. Download the Case-study-Financial-Statement-Fraud.pdf You can learn about how we use advanced financial compliance analytics to conduct a financial risk assessment in audit, internal audit and financial due diligence for merger and acquisition work. You may find […]