Thomson Reuters partners with Inflo for audit data analytics
Thomson Reuters has partnered with Inflo to expand the data ingestion and analytics capabilities of its Enterprise Cloud Audit Suite. This move is in step with a recent anticipatory push from the profession to stay ahead of how technology is changing audit.
The partnership aims to provide auditors with up-to-date, cutting-edge technology in the field and, according to Thomson Reuters, to “prepare firms for the future of audit.”
Inflo offers data ingestion, data analytics and artificial intelligence software designed by auditors — the company was co-founded by CEO Mark Edmondson, who began his career at PwC. Inflo’s aim is to enhance the value of the audit in the eyes of the client and broader stakeholders by delivering “depth of analysis and unique business insights.”
“In the last few years you’ve heard your work will be automated,” Jon Baron, managing director of the professional segment, tax and accounting for Thomson Reuters, said Thursday during the company’s annual user conference, held Nov. 7-9. “You won’t be automated; your work will be augmented.”
The major impact of automation and AI on the audit profession is now recognized as unavoidable. Some experts expect the audit profession as we know it to be eliminated within a decade, while others anticipate that technology will shift an auditor’s job from data gathering to advisory.
“Partnering with Inflo takes our already robust Enterprise Cloud Audit Suite to the next level, providing audit firms with the tools they need to execute effective, high-quality audits while freeing up time to focus on valuable, client-focused activities,” stated Scott Spradling CPA, vice president of the Audit and Accounting Segment with the Tax Professionals business of Thomson Reuters. “The data ingestion alone, using advanced robotic process automation and backstopped by Inflo’s expert data science team, will transform the profession’s use of data analytics by solving the data ingestion hurdle for firms of every size.”
“We have a deep specialty in accounting technology and incorporating emerging technologies such as artificial intelligence appropriately into services such as audit makes it easy for firms to embrace revolutionary capabilities to replace and enhance traditional techniques,” added Mark Edmondson, president and CEO of Inflo. “Our partnership in the U.S. with Thomson Reuters is set to empower the accounting profession by immediately making available a very exciting audit solution that combines trusted content and workflow with new, innovative techniques to reimagine the future of audit.”
For more information on the Thomson Reuters Enterprise Cloud Audit Suite, visit https://tax.thomsonreuters.com/site/cs-professional-suite/audit-in-the-cloud/.