AuditBoard unveils analytics, annotation and AI features

Cloud audit platform AuditBoard added new features to its software that provide capabilities in analytics, annotation and artificial intelligence. These new features, announced Monday at the Institute for Internal Auditors' conference, are intended primarily for corporate risk, compliance and assurance teams — including internal audit and SOX functions — to improve collaboration with stakeholders, improve efficiency and surface insights.

The new AuditBoard AI Core feature, which is trained on information regarding audit, risk and compliance, can look at data and generate insights and suggestions from it, as well as automate workflows like report summarization, issue creation and mapping. The solution integrates into existing workflows for practitioners.

A new analytics feature aims to support audit testing by streamlining analyses and improving audit execution. The feature offers cases tailored for use by internal audit and SOX teams, as well as an analytics workflow builder to make custom analytics accessible. 

The new annotate feature can be used by internal audit, SOX and control teams for expedited testing. The software integrates tick marking, referencing and markup capabilities for audit workpapers to use in the evidence collection process, which can be run directly within the platform.

"Internal audit and SOX teams are increasingly being asked to do more with less, and are looking for the right technology to drive efficiency," said Evan Fitzpatrick, chief product officer at AuditBoard, in a statement Monday. "We're excited to provide these new platform innovations to help them effectively meet the challenge of rising levels of risks, regulations, and business requirements."

This is the first new product announcement from AuditBoard since October, when it announced the availability of its dynamic risk assessment feature, which helps determine a risk-informed audit plan using internal and external risk indicators. It also added a testing automation feature that automates the testing of controls to provide a foundation for controls monitoring. Both solutions were developed in collaboration with Big Four firm EY.