Tech News: EY and AuditBoard release Dynamic Risk Assessment and Testing Automation

Tech News: EY and AuditBoard release risk assessment tools

Published October 27, 2023 12:03 PM

Updated October 27, 2023 1:06 PM

1 Min Read

EY and AuditBoard release Dynamic Risk Assessment and Testing Automation; Gusto and FreshBooks jointly release of FreshBooks Payroll; and other accounting technology news.

EY and AuditBoard release Dynamic Risk Assessment and Testing Automation solutions

The offices of Ernst & Young LLP in London

Simon Dawson/Bloomberg

Audit and risk solutions provider AuditBoard has collaborated with Big Four firm Ernst and Young to release a pair of solutions for internal audit and IT audit teams. One, Dynamic Risk Assessment, combines AuditBoard's connected audit and risk management platform and proprietary data-driven risk assessment capabilities from EY. DRA helps organizations determine a risk-informed audit plan using internal and external risk indicators. Teams can expand risk assessment methodology to include qualitative, financial, operational and external factors and third-line results to generate data-driven insights through a calculation created together by EY US and individual organizations. The other solution is Testing Automation. Leveraging AuditBoard's automation workflows and a marketplace of standard EY analytics to automate the testing of controls, the combined solution provides a foundation for controls monitoring to transition the effort from third-line into second- and first-line functions. The announcement took place at AuditBoard's annual Audit & Beyond conference in San Diego.

Gusto and FreshBooks jointly release FreshBooks Payroll

Payroll solutions provider Gusto is deepening its alliance with FreshBooks through the anticipated joint release of FreshBooks Payroll. Scheduled for release in January and available exclusively to U.S.-based customers, FreshBooks Payroll will be an embedded, full-service payroll solution that small business and medium-sized owners can add to their monthly subscriptions. Gusto will provide its technology to fuel the back-end of FreshBooks Payroll, effectively embedding its own product into FreshBooks.

Bitwave rolls out Enterprise Payments

Digital finance solutions provider Bitwave introduced Bitwave Enterprise Payments, an institutional crypto payments product. The solution is integrated with Coinbase and developed as part of Bitwave's membership in the Coinbase Partner Network. Finance teams can now directly initiate, send and record crypto payments from their custodial account to vendors. One of the key features is a pricing engine that calculates prices for specific products and services based on given criteria. This feature can support different invoice denominations and allow automated pricing rules for vendors. The platform supports token-based invoices, including complex tax and reporting treatments such as marking-to-market, over-the-top derivatives and embedded derivatives.

Expensify enables personal payments, bill splitting

Expense management solutions company Expensify announced its entry into the personal payments space with functionality that allows users to send and receive money, split bills between individuals and groups, and chat, all within the New Expensify app. Expensify tested an early version of bill splitting in New Expensify at the Money20/20 conference in Las Vegas. The company reimbursed groups of attendees who used the app to split their bill for dinner or drinks.

DataSnipper rolls out AI-enabled financial statement suite

DataSnipper, an automation solutions provider, debuted a Financial Statement Suite, which analyzes financial statements and helps perform and document financial statement procedures, while allowing for professional judgment. The new product boasts a range of improved AI features, including the ability to automatically verify the mathematical accuracy of the figures in financial statements; review the internal consistency of the amounts in the financial statements and cross-reference the data; and compare two financial statements when checking for prior-year consistency.

Rightworks demos OneSpace Firm Premier cloud solution

Accounting-focused cloud solutions provider Rightworks (formerly Right Networks) gave attendees a first look at its new OneSpace Firm Premier cloud solution at the CCH Connections User Conference 2023. The software allows users to build a customized, managed cloud application and infrastructure experience with one-click sign-on to every application their firm uses. Features include the ability to fully manage protection for firm and client data, three years of backup data, and endpoint detection response with ongoing monitoring. Firms can connect all of their clients in OneSpace with document sharing across staff and clients, as well as access tools that streamline processes and remote work collaboration, and leverage the Rightworks Connect Suite.

Partnerships and Integrations

Tax solutions provider Vertex, Inc. announced at its 2023 Vertex Exchange conference a partnership with Pagero, a global network for the exchange of invoices and other business documents. The joint offering enables tax, finance and IT departments direct access to data for CTC, unlocks e-invoice clearance, real-time reporting and Peppol access for electronic B2B and B2G compliant document and data exchange. … Accounting and payroll software provider IRIS Software Group (IRIS) announced a strategic partnership with QuickFee, a leading payments solution provider for accounting firms. The partnership includes both QuickFee Connect and QuickFee Finance which provides e-invoicing and online payment options through integration with IRIS practice management solutions and a pay overtime option. Following a successful early-release program for select firms, the partnership is now generally available to IRIS customers. … Big Four firm KPMG is expanding its alliance with IBM to help enable business transformations for clients implementing SAP S/4HANA across the energy and utilities industry. IBM Consulting and KPMG are working together to bring their combined consulting, operations, tax, risk and finance experience to the ERP implementation process to help energy and utilities companies automate and manage core business processes for optimal performance. … Climate tech company Greenly, which offers carbon accounting solutions, now integrates with global small business platform Xero as a Xero App Partner. By becoming a Xero App Partner, Greenly can integrate with clients' accounting data. … ReconArt, an account reconciliation and financial close management solution provider, and 3RP Group, an Oracle NetSuite consultancy group based in the U.K., announced a partnership. The integration incorporates the entire reconciliation lifecycle in one tool: data import, transformation and enrichment, matching and exception resolution, reporting and analytics, account certification at period end, task management and journal entries back to the GL. … Payment solutions provider Bill (formerly Bill.com) announced new purchase order automation for Intuit QuickBooks Desktop customers. With this update, SMBs and accountant customers of Bill using Intuit QuickBooks Desktop software (including QuickBooks Enterprise, QuickBooks Premier and QuickBooks Pro) now have the ability to view purchase orders, as well as match and pay invoices in one workspace. … Identity protection and fraud protection platform iDenfy is partnering with CocaBit, a Lithuania-based cryptocurrency exchange platform. The newly integrated ID verification software will limit CocaBit's exposure to fraud and help meet its regulatory obligations.

Other news

Payments software provider Modern Treasury unveiled its AI Reconciliation Suggestions tool to handle cash reconciliations for customers. With Reconciliation Suggestions, an AI algorithm makes suggestions in ambiguous cases when the core Modern Treasury reconciliation engine, which is entirely deterministic, can't proceed because it can't achieve 100% certainty. In these cases, the AI technology narrows down reconciliation choices for a human to review and make. … R&D and tax credit intelligence software provider Boast hired of Shahed Khalili as chief product officer. Prior to joining Boast, he served as vice president of product at Galvanize (now Diligent), a SaaS company that builds software for security, risk management, compliance and audit professionals, where he led the product management and design teams. … Principal Financial Group chairman, president and CEO Dan Houston received the 2023 Ray Lillywhite Award today from the Employee Benefit Research Institute at the Defined Contribution West Conference in San Diego. … Top 20 firm Eide Bailly has been recognized as Oracle NetSuite's 2023 North American Partner of the Year. The news was shared at SuiteWorld 2023 taking place in Las Vegas. This is the sixth year Eide Bailly has been awarded North American Partner of the Year. Eide Bailly has also previously been awarded Worldwide Solution Provider Partner of the Year. … Top 20 firm EisnerAmper has again earned ClearlyRated's "Best of Accounting 5-Year Diamond Award" for excellence in client service. Diamond Award winners have won the Best of Accounting Award for at least five years in a row. EisnerAmper has earned the Best of Accounting for Client Satisfaction designation every year since 2017. EisnerAmper received satisfaction scores of 9 or 10 out of 10 from 76.4% of clients, significantly higher than the industry's current average. More than 1,000 clients participated in EisnerAmper's survey, measuring key service drivers such as responsiveness, being proactive, forward thinking, understanding the client's goals, ROI and others. The findings were then benchmarked against other accounting firms nationally to arrive at the award winners. … ADP launched API Central, a human capital management solution that enables businesses to easily and securely connect their ADP workforce data across their HR and business systems using standard APIs and tools. … Gravity, a cloud accounting software company, announced new AI-enhancements that allow its engine to convert PDFs of vendor bills into the Gravity Vouchers system to reduce the need for manual data entry or corrections. The interface allows finance teams to review and make any necessary adjustments to the extracted data.